If you're planning to buy a home in Burnaby, Vancouver, or anywhere in BC, a mortgage pre-approval is the single most important step you can take before you start searching. It's not just paperwork — it's your roadmap. It tells you exactly how much you can borrow, what your payments will look like, and locks in an interest rate while you shop.

Here's exactly how the pre-approval process works and what you need to get started.

What Is a Mortgage Pre-Approval?

A mortgage pre-approval is a lender's conditional commitment to lend you up to a certain amount at a specific interest rate, based on a review of your financial profile. It's not a guaranteed mortgage approval — that comes later when you have an accepted offer on a specific property — but it's the strongest signal you can get that your financing is in order before you start making offers.

A pre-approval gives you three key things:

• A confirmed maximum mortgage amount — based on your actual income, debts, and down payment
• A rate hold for 90–130 days — if rates rise while you're shopping, you keep the lower rate
• Credibility with sellers and realtors — in Metro Vancouver's competitive market, a pre-approved buyer is taken seriously

What Do Lenders Look At?

Every pre-approval involves a review of three primary factors:

1. Income

Lenders want to confirm you have sufficient, stable income to support the mortgage payments. Employment income, self-employment income, rental income, pension, and investment income may all be considered depending on how they're documented.

2. Credit

Your credit score and credit history tell lenders how reliably you manage debt. Most lenders require a minimum score of 620–680 for insured mortgages. I'll pull your credit as part of the pre-approval process — this is a "hard pull" but has minimal impact on your score.

3. Down Payment

Lenders will verify the source of your down payment. In Canada, the minimum down payment is 5% for homes under $500,000. Lenders want to see 90 days of account history confirming where the funds came from.

The Mortgage Stress Test

Every pre-approval in Canada includes the federal mortgage stress test. This qualifies you at either your contract rate plus 2%, or 5.25% — whichever is higher. In practice, it means you'll qualify for less than the raw math of your income might suggest. I factor this into every pre-approval so there are no surprises.

Documents You'll Need

• Employment income: 2 most recent pay stubs + most recent T4 + most recent Notice of Assessment from CRA
• Self-employed income: 2 years of T1 General returns + 2 years of NOAs + business registration
• Down payment: 90 days of bank statements showing the funds
• ID: Government-issued photo ID

How Long Does a Pre-Approval Take?

When you work with me, a pre-approval can typically be completed within 24–72 hours of receiving your documents. I submit to multiple lenders simultaneously, which means you get the best available rate without multiple credit pulls.

Pre-Approval vs Pre-Qualification — What's the Difference?

• Pre-qualification is a quick estimate based on information you provide verbally or through an online calculator. No credit pull, no document review. It's a rough idea, not a commitment.
• Pre-approval involves a full credit pull, document review, and a lender's conditional commitment. This is what you need before you start making offers on properties.

Online mortgage calculators give you pre-qualification numbers. I give you a real pre-approval.

How Long Is a Pre-Approval Valid?

Most pre-approvals are valid for 90–130 days, depending on the lender. If you haven't found a property in that window, I'll renew it with an updated rate assessment.

Ready to Get Started?

Getting pre-approved costs you nothing and takes less time than you might think. Reach out today and I'll walk you through the process and get your pre-approval underway — usually within a day or two of connecting.

Call me at (778) 988-8409 or book a free consultation online.