Question 1

What is the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is an informal estimate of how much you might be able to borrow, based on self-reported information. Pre-approval is a formal process where a lender verifies your income, employment, credit, and assets and issues a conditional commitment for a specific loan amount. Pre-approval is far stronger when making an offer on a home.

Question 2

Does pre-qualification affect my credit score?

Accepted Answer

RATECORE's pre-qualification uses a soft credit inquiry — this does not affect your credit score. A formal pre-approval from a lender will involve a hard inquiry, which may temporarily lower your score by a few points. Multiple hard inquiries for mortgage purposes within a 14–45 day window are typically counted as a single inquiry by the credit bureaus.

Question 3

How long is a pre-approval valid for?

Accepted Answer

Most Canadian lenders hold a pre-approval rate for 90–120 days. During this window, your rate is protected if rates rise. If rates fall before you close, most lenders will honour the lower rate. After expiry, you'll need to reapply and your rate may change based on current market conditions.

Question 4

What documents do I need for pre-approval?

Accepted Answer

Typically you'll need: two years of T4 slips or NOAs (Notice of Assessment), recent pay stubs, employment letter, 3 months of bank statements, a list of assets and liabilities, and photo ID. Self-employed borrowers usually need 2 years of business financial statements and T1 generals. RATECORE mortgage professionals will tell you exactly what's needed for your situation.

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