Unlock Your Home buying Potential with a Mortgage Pre-Approval

About Us

Are you ready to buy your dream home in Canada? A mortgage pre-approval is the first step to understanding how much you can afford, securing a competitive interest rate, and showing sellers you’re a serious buyer. At MK Mortgages, we make the pre-approval process fast, simple, and stress-free. Let’s get you pre-approved today so you can shop with confidence!

Best solutions

What is a Mortgage Pre-Approval?

What is a Mortgage Pre-Approval?

A mortgage pre-approval is a written commitment from a lender or mortgage broker that outlines:

  • The maximum mortgage amount you qualify for.

  • Your estimated monthly payments.

  • A locked-in interest rate for up to 120-130 days, protecting you from rate increases.

Unlike pre-qualification, which is a basic estimate, a pre-approval involves a thorough review of your finances, including your credit score, income, and debts. It’s a powerful tool that strengthens your offer in a competitive Canadian housing market.

Best solutions

Why Get Pre-Approved for a Mortgage?

Why Get Pre-Approved for a Mortgage?

Getting pre-approved offers several benefits that streamline your homebuying journey:

  • Know Your Budget: Focus on homes within your price range, saving time and avoiding disappointment.

  • Strengthen Your Offer: Show sellers and real estate agents you’re a serious buyer, giving you an edge in negotiations.

  • Lock in Rates: Secure a competitive interest rate for up to 130 days, even if rates rise during your home search.

  • Reduce Stress: Have confidence knowing your financing is in place before you start house hunting.

  • Improve Your Credit: Identify and address any credit issues early to qualify for better rates.

Documents Needed for Mortgage Pre-Approval

To get pre-approved, you’ll need to provide the following documents to your lender or mortgage broker:

Government Identification

Valid photo ID (e.g., driver’s license or passport).

Financial Information

Bank statements, investment statements, or proof of down payment (e.g., savings or gift letter).

Proof of Income

Recent pay stubs, employment letter, or two years of T1 General tax returns (for self-employed individuals).

Debt Information

Recent statements for loans, credit cards, or lines of credit.

Employment Details

Current employer’s contact information and employment history (minimum 3 years if applicable).

Credit Score

A score of 680 or higher is ideal for the best rates, though some lenders accept scores as low as 600 with higher rates.

The Mortgage Pre-Approval Process

The Mortgage Pre-Approval Process

  • 1

    Submit Your Application: Complete our quick online application or connect with one of our expert mortgage brokers.

  • 2

    Provide Documentation: Share the required financial and personal documents for a thorough review.

  • 3

    Credit Check: We’ll perform a credit inquiry to assess your creditworthiness (this may temporarily lower your score by a few points).

  • 4

    Receive Your Pre-Approval: Get a pre-approval letter detailing your mortgage amount, interest rate, and terms, valid for 90-130 days.

  • 5

    Start House Hunting: Shop for homes with confidence, knowing your budget and financing are secured.

Get Pre-Approved Today!