Buyer Tips
Getting Mortgage Pre-Approval: What KW Lenders Want to See
February 19, 2026·By Laura Hewitson
Pre-approval is your ticket to serious house hunting. Here's exactly what you need, how the process works, and what to expect from lenders.
Before you start touring homes, you need to know what you can afford—and sellers need to know you're serious. That's where mortgage pre-approval comes in.
Documents You'll Need
Pre-Approval Checklist
- Government ID: Driver's license, passport, or PR card
- Proof of income: Pay stubs, T4s, Notice of Assessment
- Employment letter: Confirming position and salary
- Bank statements: 3 months, showing down payment savings
- Debt information: Credit cards, car loans, student loans
Credit Score Requirements
- 680+: Best rates and terms
- 650-679: Approved, slightly higher rates
- 600-649: May need alternative lenders
- Below 600: May need to rebuild credit first
The Stress Test
You must qualify at the higher of your contract rate + 2% or the Bank of Canada's qualifying rate (currently 5.25%). This reduces your maximum purchase price but protects you from rate increases.
How Long Pre-Approval Lasts
Most pre-approvals are valid for 90-120 days. Some lenders offer a rate hold during this period.
Ready to Start Your Search?
Once you're pre-approved, the real fun begins. Learn about our buying process.
Helpful Resources