In today’s fast-paced digital world, many financial institutions advertise “instant” or “60-second” mortgage pre-approvals.
While these tools might seem convenient, it’s important to understand what they actually represent — and what they don’t.
At Canadian Mortgage Professionals, we believe in setting realistic expectations based on factual information and a full review of your financial situation. Here’s what every homebuyer should know about mortgage pre-approvals.
The Truth Behind Quick Online Pre-Approvals
Many bank websites and mobile apps offer fast pre-approval tools. These can:
- Provide a very rough estimate of what you might qualify for
- Use self-declared information only (like income and debts)
- Skip the document collection process entirely
- Often don’t include a credit bureau check
As a result, these pre-approvals can feel reassuring — but they aren’t based on verified information, which means they do not guarantee approval down the line.
What a Proper Mortgage Pre-Approval Should Include
Most mortgage lenders follow a defined process that allows you to:
✔️ Know the maximum mortgage amount you may qualify for
✔️ Estimate monthly mortgage payments
✔️ Lock in an interest rate for 60 to 130 days (depending on the lender)
This process may be referred to as prequalification, preauthorization, or pre-approval, and it can vary slightly from one lender to another. However, a full pre-approval typically includes:
- A review of your personal and financial details
- Submission of relevant documents (e.g. pay stubs, tax returns)
- A credit check to understand your debt obligations and repayment history
- A detailed look at your down payment sources
- Consideration of current interest rates and the stress test
Even with this information, it’s important to remember: a pre-approval is not a guarantee of final mortgage approval. Changes in your financial situation, the property details, or lender guidelines can impact your actual approval when the time comes.
Why It Matters
Fast online estimates might help you start thinking about affordability — but they shouldn’t be the foundation of major decisions like making an offer on a home. Without reviewing your full financial profile, including your credit history and documentation, no lender can offer an accurate or reliable pre-approval.
How We Help
At Canadian Mortgage Professionals, we take a thorough, personalized approach. We review the right documents, pull your credit history with your permission, and help you understand exactly where you stand — so you can move forward with confidence.
Want to take the next step toward a true mortgage pre-approval? We’re here to help you do it right.
Get in touch today to book your appointment.
