Mortgage Pre-Approval
The 15-minute call tells you what you actually qualify for, what documents you'll need, and what your real budget looks like — before you fall in love with a property you can't finance.
Pre-qualification is an estimate. You tell us your income, we run numbers, and you get a rough idea of what you might qualify for — without anyone verifying anything or pulling your credit. It's useful for early-stage planning but it means very little when you're writing a competitive offer in Richmond's market.
Pre-approval involves actual credit review and income documentation. We pull your bureau, review your pay stubs and T4s (or corporate returns if self-employed), calculate your debt service ratios under the stress test, and match you to specific lenders. The result is a conditional approval letter stating a maximum purchase amount and a locked rate — something a selling agent actually takes seriously.
In a multiple-offer situation, showing up with only a pre-qualification puts you at a disadvantage compared to a buyer with a full pre-approval in hand. Richmond's active markets — Steveston condo listings, freehold townhomes in Ironwood, detached in Thompson — don't always offer time to sort this out after you've found the property you want.
Two things: a rate, and a maximum qualifying amount.
The rate hold is typically 90-120 days. If you find a property and complete purchase within that window, the held rate applies to your final mortgage — even if market rates rise in the meantime. If rates fall, you get the lower rate. The hold protects you from upside risk, not downside.
The qualifying amount tells you the maximum mortgage you can support under the stress test. This is not a guarantee of financing on any specific property. The final approval still requires the property to pass the lender's appraisal and review (particularly important for condos — see the condo mortgage page). Think of pre-approval as confirming your buying power, not as a commitment on any specific deal.
Nothing is required for the first 15-minute conversation — just tell us your situation and what you're trying to accomplish. To move to a conditional pre-approval letter, here's what a standard employed applicant needs:
Self-employed applicants add two years of corporate T2 returns and personal NOAs. Down payment from a gift needs a signed gift letter. RRSP withdrawals under the Home Buyers' Plan need the RRSP statements. We'll give you a specific list after the first call.
You talk to Jensen or Kevin directly — not a support person or intake form. In 15 minutes we cover: your income situation, existing debts, how much you've saved, what you're trying to buy, and your timeline. By the end of the call you'll know whether you have a straightforward file or whether there are factors that need to be worked through before you start looking.
If there are complications — self-employment, limited credit history, a recent credit event — we'll tell you exactly what those mean for your options and timeline. No vague answers.
Jensen or Kevin will be in touch within one business day to book your call. If it's urgent, email [email protected] directly.
The process
Jensen or Kevin calls you. We cover your income situation, down payment, debts, what you're looking for, and your timeline. No documents needed for this conversation.
We send you a specific list of what we need for your situation. You submit digitally. Most clients get this done within a day.
With a standard file, your conditional pre-approval letter arrives within 24-48 hours of document submission. We explain exactly what it says and what it means in practice.
Common questions
A rate (held for 90-120 days) and a maximum qualifying amount based on your income, debts, and credit. It does not guarantee financing on any specific property — the property still needs to pass the lender's appraisal. Pre-approval confirms your buying power; final approval confirms the specific deal.
For standard T4 employment: two years of T4s, recent pay stubs, two years of NOAs, 90 days of bank statements, and photo ID. Self-employed adds corporate returns. We'll give you a specific list after the initial call based on your situation.
15-minute call first, no documents needed. With a clean file and complete documents submitted, most clients have a conditional pre-approval letter within 24-48 hours. More complex files (self-employed, credit events, alternative lender routing) take a bit longer — we'll tell you the expected timeline for your specific situation.
Typically 90-120 days from pre-approval, depending on the lender. If market rates drop during that window, you get the lower rate. If rates rise, your held rate applies. If your search extends past the hold period, we can often renew it — and we'll advise you on whether the current rate environment favours renewing quickly or waiting.