What Is a Mortgage Pre-Approval?
A mortgage pre-approval is a lender’s written estimate of how much money you may be able to borrow for a home purchase, based on your income, credit profile, debts, and financial stability.
In simple terms:
It shows your maximum purchase price
Locks in a potential interest rate
Strengthens your offer to sellers
Helps you shop with confidence
Unlike online calculators, a true pre-approval involves a professional review of your finances and lender guidelines.
Why Mortgage Pre-Approval Matters Before Buying a Home
Know your real budget
Stronger purchase offers
Protection from rate increases
Faster closing process
How Our Mortgage Pre-Approval Process Works
Step 1: Free Consultation
Step 2: Financial Assessment
Step 3: Lender Comparison
Step 4: Pre-Approval Issued
What Documents Are Needed for Mortgage Pre-Approval?
To ensure accuracy, lenders typically require:
Government-issued ID
Recent pay stubs or proof of income
Employment confirmation
Credit history (we help pull this)
Bank statements
Down payment confirmation
Don’t worry — we guide you through every document requirement.
Mortgage Pre-Approval vs Mortgage Approval
| Pre-Approval | Final Approval |
|---|---|
| Based on financial review | Based on property + finances |
| Before home purchase | After offer is accepted |
| Estimates borrowing power | Confirms final mortgage |
| Strengthens your offer | Required to complete purchase |
A pre-approval does not guarantee final approval, but it puts you in a much stronger position.
Who Should Get a Mortgage Pre-Approval?
A mortgage pre-approval is ideal if you are:
A first-time home buyer
Planning to buy in the next 3–6 months
Self-employed or contract-based
Unsure how much home you can afford
Shopping in a competitive real estate market
Why Choose Sandhu & Sran Mortgages?
What sets us apart:
Access to multiple Canadian lenders
Expert guidance for complex income profiles
Transparent, honest advice
No obligation consultations
Support from pre-approval to closing day
We work for you, not the banks.
Frequently Asked Questions
Q1. How long does a mortgage pre-approval take?
In most cases, we can complete a mortgage pre-approval within 24–48 hours, depending on documentation.
Q2. Does mortgage pre-approval affect my credit score?
A credit check may cause a small, temporary impact, but it’s minimal and worth the benefit.
Q3. How long is a mortgage pre-approval valid?
Most pre-approvals are valid for 90 to 120 days, depending on the lender.
Q4. Can I get pre-approved with low credit?
Yes. We work with lenders who offer solutions for low or rebuilding credit profiles.
Q5. Is mortgage pre-approval free?
Yes. Our mortgage pre-approval service is 100% free with no obligation.