The mortgage pre-approval process in Canada follows a structured sequence designed to assess your financial reliability.

First, you submit an application with details about your income, employment, assets, and liabilities. This is followed by document verification, where the lender reviews supporting documents such as pay stubs, tax returns, and bank statements.

Next, the lender conducts a credit check to evaluate your credit score and repayment history. Based on this information, they assess your borrowing capacity and determine whether you meet their lending criteria.

If approved, you receive a pre-approval letter that outlines the maximum loan amount and often includes a locked-in interest rate for a specified period