Key takeaways
- Pre-approvals in Canada usually last 90 to 120 days.
- A pre-approval is conditional: the lender still approves the property and confirms your documents.
- Pre-qualification is an estimate; pre-approval checks credit and income.
- Shopping several pre-approvals within a short window has a limited credit impact.
What does a mortgage pre-approval do?
It confirms the maximum mortgage a lender will offer, holds a rate, and tells sellers you're a serious buyer. It isn't a final approval; the lender still reviews the property, appraisal and final documents.
How long does a pre-approval last in Canada?
Most rate holds last 90 to 120 days. If you haven't bought by then, ask the lender to renew it; the rate may change.
Pre-approval vs pre-qualification
| Pre-qualification | Pre-approval | |
|---|---|---|
| Credit check | No | Yes |
| Documents reviewed | No | Income and down payment |
| Rate held | No | Yes, 90–120 days |
| Best for | Early budgeting | Making offers |
What documents do lenders ask for?
- Photo ID
- Employment letter and recent pay stub, or two years of Notices of Assessment if self-employed
- Proof of down payment (90-day history)
- Details of debts and assets
Frequently asked questions
Does a pre-approval guarantee my mortgage?
No. Final approval depends on the property, appraisal and confirming your documents.
Will a pre-approval hurt my credit?
A pre-approval includes a credit check. Several mortgage checks in a short period are usually treated as one shopping event.
Can I get pre-approved with more than one lender?
Yes. Bids on MortgageBids.ca let you compare pre-approval terms first, then apply with one or two.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
Sources
- FCAC: Saving for a down payment (checked October 7, 2026)
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