Buying a home is exciting. It’s also stressful. One of the first steps that can make the process smoother is getting a mortgage pre-approval. Yet many buyers aren’t quite sure what that means or why it matters.

So, what is a mortgage pre-approval? In simple terms, it’s a written confirmation from a lender showing how much money they are willing to lend you and under what conditions. It helps you understand your budget before you start house hunting. More importantly, it shows sellers that you’re serious.

Let’s break down how mortgage pre-approvals work, what you need to get one, and how long the process usually takes.

What Is a Mortgage Pre-Approval?

A mortgage pre-approval is an early assessment of your financial situation by a lender. They review your income, credit history, debts, and savings to determine how much you can borrow. If approved, you’ll receive a letter stating your maximum purchase price and estimated mortgage terms.

This isn’t the same as a final mortgage approval. A pre-approval is conditional. It’s based on the information provided at the time and still depends on factors like the property you choose and a full review before closing.

That said, it’s one of the most important steps a buyer can take before making an offer.

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Why Mortgage Pre-Approvals Matter

A pre-approval gives you clarity. You’ll know your price range and avoid falling in love with homes that are outside your budget. It also helps you move quickly when the right property comes along.

In competitive markets, sellers often favour buyers who are pre-approved. It reduces uncertainty and shows that financing is already in motion.

For buyers, it creates confidence. You can negotiate knowing your numbers are realistic.

What Do You Need for a Mortgage Pre-Approval?

Many buyers ask, “What do you need for a mortgage pre-approval?” The process is straightforward, but lenders will want to see a clear financial picture.

You’ll usually need to provide proof of income. This may include recent pay stubs, employment letters, or tax documents if you’re self-employed. Lenders want to see stable and consistent earnings.

Your credit history is also reviewed. A higher credit score can lead to better interest rates. If your credit needs improvement, knowing early gives you time to address it.

Lenders will also look at your debts. This includes credit cards, car loans, student loans, and lines of credit. They compare your monthly obligations to your income to ensure affordability.

Finally, you’ll need to show proof of savings. This includes your down payment and funds for closing costs. Even if your down payment is gifted, documentation will still be required.

Having these documents ready can speed up the process and reduce stress.

How Long Does It Take to Get a Mortgage?

Another common question is, “How long does it take to get a mortgage?” For a pre-approval, the timeline is usually short.

In many cases, a mortgage pre-approval can be completed in one to three business days. Some lenders can provide same-day results if your paperwork is complete and your finances are straightforward.

The full mortgage process, however, takes longer. Once you’ve made an offer and the property is confirmed, final approval can take several weeks. This includes a full underwriting review, appraisal, and legal checks.

Starting with a pre-approval helps avoid delays later in the process.

How Long Does a Mortgage Pre-Approval Last?

Most mortgage pre-approvals are valid for 90 to 120 days. During that time, the lender may hold your interest rate, protecting you if rates rise.

If your pre-approval expires, you can renew it. Just keep in mind that lenders may recheck your credit and financial details.

It’s also important to avoid major financial changes during this period. New debt, job changes, or large purchases can affect your eligibility.

Pre-Approval vs Pre-Qualification

These two terms are often confused. A pre-qualification is a rough estimate based on basic information you provide. It’s quick but not verified.

A mortgage pre-approval is more detailed. It involves document review and credit checks. Sellers take it more seriously.

If you’re planning to buy, a pre-approval is the stronger option.

Is a Mortgage Pre-Approval Required?

Technically, no. You can view homes without one. But when it comes time to make an offer, having a pre-approval is a major advantage.

In many cases, sellers expect it. It shows you’ve done your homework and are ready to proceed.

For buyers who want a smoother experience, a mortgage pre-approval is strongly recommended.

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Don’t Hesitate to Get Mortgage Pre-Approval in Toronto When Searching for Homes to Buy

A mortgage pre-approval is your financial starting point. It sets realistic expectations, strengthens your offers, and helps you navigate the buying process with confidence. Knowing what you need for a mortgage pre-approval and how long it takes to get a mortgage puts you in control. It turns uncertainty into clarity and helps you move forward with confidence.

If you’re thinking about buying a home, getting pre-approved is one of the smartest first steps you can take.

Ready to buy? Reach out to the experts at Adrian + Andrea at info@adrianandrea.com or call (416) 319-6893 for more information.