Mortgage Pre-Approval
A little advice could save you thousands.
What does it take to be pre-approved in BC?

If you're looking to purchase a home in British Columbia, Canada, getting a mortgage pre-approval is an essential first step. Pre-approval is a process where a broker assesses your financial situation and determines how much money you could qualify for based on the information you provide. It's important to note that a pre-approval isn't the same as final approval (those happen once you have an accepted offer), but it does give you a good idea of what you can afford and allows you to start shopping for homes with confidence. Below, we'll discuss why it's important to get pre-approved as soon as possible, how to do it in BC, and why it’s important to work with a mortgage broker.
Getting pre-approved for a mortgage is a critical step in the homebuying process, and it's best to do it as early as possible. Here are a few reasons why:
- Know Your Budget: Knowing how much money you're pre-approved for helps you focus your search on homes that are within your budget. It saves you time and frustration, as you won't waste your time looking at homes that are outside of your price range.
- Efficiency: In British Columbia’s hot real estate market, homes are selling quickly, sometimes with multiple offers. During the pre-approval process, we will work with you to collect a lot of documentation at the beginning, which can make things fast and efficient once you have that accepted offer.
- Address Potential Issues Up Front: During the pre-approval process, questions can arise that are often easily fixable, for example, lower credit or confusing employment. Addressing these issues in advance allows for a simpler financing journey and will lead to the best lending options once you have an accepted offer.
- Get Questions Answered: We will be able to answer your questions and guide you through the mortgage process, making the experience much less stressful and leaving you feeling more educated about your options.
- Secure a Rate Hold: Submitting a pre-approval allows you to lock in a rate hold for 120 days to prevent against rate increases.
Getting pre-approved for a mortgage in British Columbia is a straightforward process. Here are the steps to follow:
- Fill out an application. We have a 2 page fillable application that asks all of the relevant details and gives us a place to start on your file. This will include information about your income, assets, and debts.
- The next step is doing a credit check, which can allow an opportunity to improve your score based on personalized advice.
- This application and credit check will get sent to one of our lenders to secure a rate hold.
- In advance of an accepted offer, it would be very helpful need to provide your broker with some financial documents, such as your tax returns, pay stubs, and a job letter. This ensures that your income is presented to the lender in the most accurate way.
- Go shopping! With a pre-approval in place, now is the time to start looking for your new property in BC with confidence.
The pre-approval process is a commitment-free opportunity to find out how lenders will look at your application, what you can afford, how your credit looks and a great chance to ask any and all questions of your broker. Here are a few tips to help you get pre-approved for a mortgage in BC:
- Check Your Credit Score: Your credit score is a critical factor in securing the best rates for a mortgage. During the pre-approval process, we will check your credit and give you specific advice on how to improve it if that is needed. This can be a very easy way to improve your application.
- Be Honest: When filling out your application, be honest about your financial situation. Lenders will verify the information you provide, so it's best to be upfront from the start.
- Get Pre-Approved before House Hunting: It's best to get pre-approved before you start shopping for homes. That way, you'll know what you can afford and won't waste your time looking at homes outside of your budget.
As independently registered mortgage brokers, we can offer unbiased advice due to the fact that we offer many different mortgage products from different lenders. We not only have access to the banks, but also monolines, credit unions and other kind of financing options here in BC. We reply quickly, are always looking for the best deal for you, but we also consider your file and future financial plan as a whole. Let the broker do the work for you, and best of all, it’s no cost to you!