5 Pre-Approval Tips

January 6, 2022 | Posted by: Sherry Corbitt

To get a mortgage, you have to first qualify for one. Getting a pre-approval can assist you in this process and make your buying experience much better. Of course, when you are getting a pre-approval, there are several things to keep in mind.

Pre-approval First

During a mortgage process, there are many steps and things required. Unfortunately, many homebuyers put their pre-approval to a later stage in their mortgage, which is a mistake. You must complete your pre-approval first, before anything else. The primary purpose is to see how much of a loan you can qualify for on a home. It would not make any sense to do this later since you want to know what you should be looking for from the start. It would certainly be a waste of time to find this out later, once you have committed to a house, you cannot afford.

Have Your Documentation Ready

Although getting your pre-approval is the first step, you want to prepare for it. The underwriter will require documentation and information for them to complete the pre-approval. This documentation can include T1/T4s, pay stubs, employment letters, bank statements, etc. When you have this prepared, it will help speed up the process. The underwriter will also notice your organization and know that you are serious about getting a mortgage.

Review Your Credit Score

An underwriter will want to know what your credit score is, as this will depend on whether you get a mortgage or not. Of course, if you are meeting for your pre-approval shortly and your score is low, there is not much for you to do. Ensure that you know your credit score before you go for a pre-approval. If your score is low, there is no point in going for a pre-approval, as there will be limitations as to what mortgage you can get. Instead, take this time to focus on fixing your credit over the next couple of months. Although this may delay you from getting a mortgage, it will be worth it. You will have a much higher acceptance chance and much more mortgage options.

Know Your Mortgage Options

It is vital to have a rough idea of what type of mortgage you want before your pre-approval. Indeed, you will not be 100% sure of what you can get before the pre-approval, yet you will want to know to prepare for your mortgage. Unfortunately, you will not have enough time to figure this out after your pre-approval and before you choose a lender. Knowing what mortgage you want should include whether you want a fixed or variable rate, an open or closed mortgage, and what payments frequency you wish to make. Having these few things prepared will help make your mortgage a smooth process.

Find a reasonable pre-approval rate

You need to start looking around for lenders after you know how much you can get. Every lender offers different mortgages with different rates. Some of these rates will be higher or lower, depending on the mortgages that they offer. To ensure that you get a lower rate, there are a few things that you must keep in mind. When you go to speak with a lender, show them your pre-approval. This will immediately assist them in knowing how much of a loan you can apply for. They will try to find a reasonable rate that will work for you since they can tell that you are serious. Do not worry if a lender is not offering you a good pace. Many other lenders out there will have a rate that will work perfectly for you.

Overall, when you keep a few things in mind before, during, and after your pre-approval, you can feel confident when getting your mortgage.

If you have any questions about your pre-approval, please reach out to me!
Sherry Corbitt, Mortgage Broker


-Brown, Jordann (2019). The Do’s and Don'ts of Getting a Mortgage Pre-Approval. Ratehub. Retrieved from https://www.ratehub.ca/blog/the-dos-and-donts-of-getting-a-mortgage-pre-approval/

-Educators Financial Group (2021). Home-Buying 101. The 4 Essential Pieces of Pre-Mortgage Homework. Retrieved from


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