Getting a Pre-approved Mortgage

Easily the two biggest questions that we receive on a daily basis in real estate is when should I get a pre-approval and what exactly is a pre-approval?

While both are excellent questions, let us see if we can clear the air on exactly what Pre-Approval is!

Contact Information

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Personal Information

When filling out your personal information please provide all fields marked with an (*) asterisk.
Years / Months
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Years / Months

Consent and Privacy Agreements

Collection and Use of Personal Information

I/We understand that Mortgage Alliance ("MAC") collects personal information in accordance with and for purposes detailed in its privacy policy available on "Privacy Policy", including to provide the services requested, better understand my/our financial needs and determine how Mortgage Alliance and its affiliated companies including Multi-Prêts, Mortgage Intelligence Inc. and Invis Inc. (the "M3 Mortgage Group") may be of service to me/us. The type of information collected and related purposes include:

  1. a) Data such as name, address, contact numbers, email contact, income, employment, age, net worth, investment objectives, insurance coverage and banking information;
  2. b) Unique identifiers: such as social insurance, driver's license, passport numbers, etc. (as authorized by law); used to fulfill regulatory and other governmental obligations as well as to confirm and/or authenticate my/our identity;
  3. c) Information from a consumer reporting agency or other source, which may include account information and/or information about my/our creditworthiness to help determine a mortgage or related products for my/our needs and to establish or verify my/our credit.
Sharing of Personal Information:

I/We the undersigned understand that Mortgage Alliance may share my personal information as detailed in its Privacy Policy, including with its brokers or anyone acting as an agent on its behalf ("Authorized Agent"), including as follows:

  1. a) Mortgage Alliance may share my/our personal information to credit bureau agencies, financial institutions, private investors, insurance companies, etc. to determine my/our eligibility for products and services.
  2. b) Mortgage Alliance may share my/our personal information to Authorized Agents or entities within the M3 Mortgage Group, as needed for the provision of services or products requested and/or as detailed in its Privacy Policy.
  3. c) Mortgage Alliance shall use my/our social insurance number as an aid to identify me/us with credit bureau agencies and financial institutions and for credit history file matching purposes.
  4. d) Subject to my/our right to withdraw consent detailed in the Privacy Policy and optional consents provided in this Consent and Privacy Agreement, Mortgage Alliance may use my/our information to conduct surveys on the quality of its products and services or to provide me/us with offers for additional products and services that they feel may be of interest to me/us.
Credit Bureau Consent:

I/We the undersigned, declare the information provided in the mortgage application is a true and complete representation. I/We understand that it is being used to determine my/our credit worthiness and to evaluate my/our request for credit. I/We authorize Mortgage Alliance or their designate to obtain a credit report. I/We acknowledge that the completion of a credit application may take time and it might entail additional credit reports. I/We authorize Mortgage Alliance to exchange such credit information or obtain additional credit reports for up to six (6) months from the date signed below for the purpose of securing credit or other products and services with potential mortgage lenders, insurance companies, Authorized Agents or other service providers.

Sharing for Insurance Products and Services:
  1. a) Life Insurance. I/We authorize Mortgage Alliance to share my/our contact details including name, phone number, email address and mortgage file to insurance agent and brokerage firm duly authorized by Mortgage Alliance, so that they can collect the necessary information to offer me/us competitive life insurance products tailored to my/our needs and which I/We can accept or decline at any time.
  2. b) Home/Auto Insurance. I/We authorize Mortgage Alliance to share my/our contact details including name, phone number, email address and mortgage file to the property and casualty insurance agent and brokerage firm duly authorized by Mortgage Alliance from, so that they can collect the necessary information to offer me/us highly competitive home and auto insurance products tailored to my/our needs and which I/We can accept or decline at any time.

I/We are aware of or will discuss with our agent/broker/associate:

  1. a) How a variable rate mortgage and its' applicable mortgage payment may increase without notice within the term of the mortgage. This may affect the ability to make mortgage payments
  2. b) How terminating or prepaying a mortgage prior to maturity term may involve prepayment penalties. How different mortgage products can vary with various prepayment options
  3. c) How changes in my/our employment (eg. reduced income), credit, liabilities, etc. may affect the ability to make mortgage payments in the future and changes prior to closing could affect I/us not qualifying for the mortgage.
  4. d) The amount of monthly mortgage payment of PI&T will be discussed with my agent based my/our current personal financial obligations (include condo fees if applicable)
  5. e) The benefits of creditor mortgage protection.
  6. f) The inherent risks associated with mortgages. The agent has evaluated my/our needs to assist in determining the most appropriate mortgage including to offer to assist in preparing a budget.
Canada Anti-Spam Legislation:

I/We authorize Mortgage Alliance, affiliated entities part of the M3 Mortgage Group and authorised agents to keep in touch with me/us via electronic messaging in order to provide me/us with content and provide insightful information on mortgages, finances, etc. I/We wish to be kept informed and consent to the receiving of these informative electronic communications. I/We understand that I/we can withdraw consent at any time.

I/We understand that even if I/We do not provide my/our express consent to receive promotional communications, I/We may still be contacted, if authorized under applicable anti-spam legislation, for example if I/We have recently entered into a transaction with Mortgage Alliance (and therefore, Mortgage Alliance has my/our implied consent) as well as for transactional purposes such as contacts for customer service and/or product or service information, status updates or renewals, reminder notices or answers to my/our questions or inquiries.

Ongoing Commitment:

I/We have read the Privacy Policy available at, and understand that the collection, use and disclosure of my/our personal information by Mortgage Alliance will be done in accordance with such Privacy Policy.

I/We agree that a photocopy or electronic copy of this Consent and Privacy Agreement has the same value as the original one.

I/We have read, understood, and received a copy of this Consent and Privacy Agreement.

By clicking the "Send Button" you are agreeing to the following Consent and Privacy Agreements noted above.

What is Pre-Approval?

In the simplest terms pre-approval is the process of having a bank or lender investigate your credit history and current financial circumstances to determine if you are a suitable candidate for them to offer you a mortgage / loan.

To break that down a bit further a bank / lender is taking into consideration your current financial situation which will include things such as:

  1. Assets -- Any current properties, vehicles, cash of items of significant value that you own.
  2. Debts -- Any open loans that your currently have regardless of size or purpose.
  3. Credit Card Debt -- Checking your credit card history to see if there is an amount being carried or paid off monthly.
  4. Income -- Current income to decide your income to debt ratios.
  5. Job History -- Length of time at your current job.
  6. Self Employed -- If you are self employed they want to understand more about you and your business.
  7. Credit Score -- Checking your credit history to determine risk.

Your lender of choice will review all of the above considerations and explain to you their concerns or interests based on each of these points.

They can often give you advice in advance of a full application of a mortgage to try and make the process as easy as possible when you have found your dream home! But what is all of this for? Once a bank can determine your credit fitness they will be able to give you an idea of what they would be comfortable lending you.

When should I get a Pre-Approval?

Without question this should be the first step in your home buying process, as this will form the search of your home.

Upon completion of the pre-approval your lender will give you an idea of how much they would be comfortable loaning you and at what percent they would want to loan it to you at. This is important as it:

  1. Gives you a Budget -- This will tell you what you can afford which will help us to form a realistic search and save you from falling in love with a house well above your price range.
  2. Offers Insight -- The pre-approval will give you insight into the realities of owning your home, including tax and monthly breakdowns for your mortgage.
  3. Brings Opportunity -- Having a pre-approval can significantly shorten your conditional period for financing as the bank would normally have to approve you and then the home. Being that they know you, they can often shorten the timeline significantly and save you money!

Have any further questions about Mortgages, the Pre-Approval Process, or how to get started today? Just give us a ring at (877) 606-5467 today and please note all information, given or shared in regards to your financial situation will be held strictly confidential.

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