A pre-approval tells you — and any seller you're negotiating with — what you can afford. It holds a rate while you house-hunt and flags any credit or paperwork issues early, while there's still time to fix them.
Mortgage Pre-Approval at a glance
Guide
Rate hold
Cost to you
Credit check
Turnaround
Figures are general guidelines; your options depend on your situation.
Clear communication at every step, so you always know what's happening next.
Start online or by phone — it takes about 15 minutes.
We look over income, down payment and credit details with you.
We secure a pre-approval and rate hold with a suitable lender.
You get a clear budget and we're on standby when you write an offer.
A few key points we'll walk through with you before you make any decisions.
Final approval happens once you have an accepted offer and the lender reviews the property. Keep your finances steady until closing.
Avoid new car loans, credit cards or big purchases while you're pre-approved — they can change what you qualify for.
You'll qualify at the higher of 5.25% or your contract rate plus 2%. We factor this in from the start so there are no surprises.
Don’t see your question here? Give us a call — we’re happy to talk it through.
There's one credit inquiry, which usually has a small, short-lived effect. We manage it so you're not hit with multiple checks.
If rates go down, you generally get the lower rate. If they go up, your held rate protects you.
Usually ID, recent pay stubs or an employment letter, T4s or Notices of Assessment, and proof of your down payment. We'll send you a simple checklist.
This page is for general information only and isn’t financial advice. Mortgage rules, program limits and lender requirements change and depend on your situation; all financing is subject to lender approval. Koru Financial Group Inc. — FSRA Brokerage #12726.