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Mortgage Learning Center

Mortgage Pre-Approval

Mortgage Pre-Approval in Ontario: How It Works & Why You Need It

April 02, 20252 min read

What Is a Mortgage Pre-Approval?

A mortgage pre-approval is a lender’s conditional commitment to loan you a specific amount at a set interest rate for 90-120 days. It’s based on your credit, income, and debt, helping you:
Lock in the best mortgage rates Ontario offers (even if rates rise later).
Shop confidently—sellers take pre-approved buyers seriously.
Budget accurately—know your max home price before house hunting.

How Mortgage Pre-Approval Works in Ontario

1. Check Your Credit Score

Lenders require a credit score of 680+ for the best mortgage loan rates. Use free tools to review your report and fix errors.

2. Compare Current Mortgage Rates

Rates vary by lender. Use Rateshop.ca to compare:

  • Fixed vs. variable rates

  • 5-year mortgage rates in Canada

  • Brokered mortgage loans (often lower than big banks).

3. Submit Documents

Prepare:

  • Proof of income (pay stubs, tax returns)

  • Down payment verification (bank statements)

  • ID and employment details.

4. Get Your Pre-Approval Letter

Once approved, you’ll receive a rate hold and a purchase power estimate.

Why You Need Pre-Approval

1. Secure the Lowest Mortgage Rates Ontario Offers

Pre-approvals freeze your rate, protecting you from hikes. With current mortgage rates in Ontario near historic lows, locking in saves thousands.

2. Strengthen Your Offer

Sellers prioritize buyers with pre-approved mortgage loans—it proves you’re financeable.

3. Avoid Surprises

Pre-approval uncovers issues (e.g., low credit) early, so you can fix them before bidding.

Pre-Approval vs. Final Approval

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How to Get the Best Pre-Approval Deal

  1. Shop Multiple Lenders: Compare mortgage brokers and banks for the best mortgage rates Canada offers.

  2. Ask About Penalties: Some lenders charge fees if you switch later.

  3. Use a Mortgage Calculator: Estimate payments with today’s interest rate for Canada here.

Common Pre-Approval Mistakes to Avoid

Assuming pre-approval = final approval (the property must also qualify).
Letting your pre-approval expire (rates aren’t guaranteed after 120 days).
Making big financial changes (e.g., new loans) before closing.

Next Steps: Get Pre-Approved Today

Ready to lock in Ontario’s lowest mortgage rates? Compare pre-approved mortgage lenders at Rateshop.ca/current-mortgage-rates-Ontario and start house hunting with confidence!

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Sarah Papa

Sarah is a Lead Underwriter as RateShop. Sarah manages her team that is resposible for completing over 400 mortgage transactions a year. She has been working with several nationwide lenders, with expert knowledge in Canadian Mortgage Lending criteria, her focus is on guiding her clients through the difficult choices of fixed and variable rates, terms and helps identify opportunities that save them more money.

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Buying your first home is an exciting milestone, but it can also feel overwhelming, especially when it comes to securing the best mortgage rates. With Canada’s diverse housing market and fluctuating m..

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Canada's Mortgage Rates in 2025: Trends and Predictions

As 2025 begins, the Canadian mortgage market continues to draw attention, with homeowners, buyers, and investors eagerly anticipating the trends that will shape the housing landscape. Understanding mo...

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How to Compare Mortgage Rates in Canada for the Best Deal

When it comes to buying a home in Canada, securing the best mortgage rate is critical to making your investment affordable and financially sustainable. Mortgage rates directly impact monthly payments .

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Understanding Fixed vs. Variable Mortgage Rates in Canada

The decision to choose between fixed and variable mortgage rates is one of the most critical choices Canadian homebuyers face.

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RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.

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