Mortgage pre-approval Kelowna

Buying a home is an exciting milestone, but for first-time buyers especially, the process can feel daunting. Before you start seriously shopping for a property, one of the most important steps is securing a mortgage pre-approval.

What Is a Mortgage Pre-Approval?

A mortgage pre-approval is an early assessment completed by a lender to determine how much you may be eligible to borrow and under what terms. During this review, the lender evaluates your financial profile to decide whether they can extend a conditional lending offer.

A pre-approval gives both you and your lender clarity. It helps establish your potential borrowing limit and the interest rate you may qualify for. To do this, the lender will review key financial details such as your income, assets, and existing debts (including credit cards, student loans, vehicle loans, or leases).

With a mortgage pre-approval, you can:

• Understand the approximate mortgage amount you may qualify for (this is a guideline, not a guarantee)
• Estimate your future mortgage payments
• Secure an interest rate hold, typically for 60 to 120 days depending on the lender
• Strengthen your offer when purchasing a home, as sellers and real estate agents often require a pre-approval letter to demonstrate financing readiness

To assess your application, lenders will request a range of financial and personal details, including:

• Government-issued identification
• Proof of employment or income
• Evidence that you have funds available for a down payment and closing costs
• Details of other assets you own
• Information about outstanding debts and financial obligations

While it may sound complex, mortgage pre-approval is generally straightforward. As long as you provide accurate information and the necessary documentation, the lender handles the rest. Below is a general outline of how the process works.

Even though lenders will obtain your credit report directly, it’s wise to review your own credit profile in advance. This allows you to spot errors or issues and address them early.

In Canada, you can access your credit reports through Equifax Canada and TransUnion Canada, either online, by phone, or by mail.

You’ll typically need to provide the following:

• Valid identification – A passport or driver’s licence is commonly accepted
• Proof of income – This may include recent pay stubs and an employment letter. Self-employed applicants usually need Notices of Assessment from the Canada Revenue Agency for the past two years
• Proof of down payment – Recent bank statements or investment account statements showing available funds

Your lender will obtain your credit report directly, so you do not need to supply it yourself.

Processing times vary depending on the lender and underwriting method. Traditional reviews may take up to one to two weeks, while lenders using automated systems may issue pre-approvals within days—or sometimes even hours.