Online Mortgage Pre-Approval

Mortgage pre-qualification can be the first step to pre-approval. It helps you to determine approximately how much you’ll be able to borrow and how much you’ll need for a down payment and closing costs. The mortgage provider won’t review your credit report or verify your financial information when pre-qualifying you. Instead, they’ll estimate how much you might eventually be approved for based on an overview of your finances including your income, assets and debts. While you can get a pre-qualification from a financial institution in minutes, this is only the first step to a much longer process—plus, you’ll need to get a pre-approval regardless.

A mortgage pre-approval is a chance for your financial institution to fully evaluate your financial and credit situation and provide you a more precise dollar amount that you can be approved for. This means you’ll have a more accurate idea of the price you can afford and you’ll have less to worry about during your dream home search. A mortgage pre-approval shows that you’re a serious buyer, helps your real estate agent understand the price range you’re working with and can make the closing process faster—that’s one step closer to your dream home.

Still have questions? Learn more about mortgage pre-qualification and pre-approval.

Yes, the credit check that’s part of our online pre-approval process will show up as an inquiry on your credit bureau report and impact your credit score. This is standard for pre-approval processes with all financial institutions.

Keep in mind, multiple mortgage inquiries within a 45-day period will have that same credit score impact as one mortgage inquiry. This allows you to shop for the best mortgage without the stress of negatively impacting your credit score.

Before you start the pre-approval process, gather the following information and documents—we want the process to be as simple as possible for you.

• Photo ID: this can be government-issued identification, like a driver’s license or passport.
• Proof of income: we’ll need digital documentation that confirms your regular income. This could be a paystub, two months of your most recent bank statements to show direct deposits or a letter of employment. We also need documentation to show your historical pay—this could be a T4 or your final pay stub from the previous year.
• Residential information: you need to be a resident of Canada to bank with us. We’ll ask you to declare your citizenship or permanent residence.
• Employment information: this proves that you have enough funds for a down payment.You’ll be asked to provide two years of employment history.

No. The pre-approval process is the same whether you do it online or in-branch.