Getting pre-approved for a mortgage is one of the smartest first steps you can take before buying a home. It tells you how much you can afford, helps you compare lenders, and gives you confidence when you make an offer.

With online mortgage brokers in Canada, this process is faster and easier than ever. You can complete everything from your phone or laptop, often within minutes, without having to book an appointment at a bank branch.

Step 1: Gather your financial details

Before you start an online mortgage pre-approval, collect the key details lenders will ask for:

  • Your income and job details (recent pay stubs, T4s, or employment letter)
  • Outstanding debts (credit cards, student loans, car loans)
  • Down payment amount and source
  • Approximate purchase price or property range

Having this info ready makes the application go smoothly.

Step 2: Choose an online mortgage platform

Instead of visiting multiple lenders, you can use a digital mortgage broker like Homewise, which compares rates and features from 30+ banks and lenders across Canada.

This saves you time while ensuring you get access to competitive rates and tailored advice from a personal advisor — not a chatbot or call centre.

Step 3: Complete your online application

Online mortgage applications typically take about 5 minutes. You’ll enter:

  • Personal information (name, contact info)
  • Income and employment details
  • Assets and liabilities
  • Home purchase details (estimated price and location)

The platform will then match you with suitable lenders based on your profile.

Step 4: Review your preapproval details

Once your application is submitted, you’ll receive a preapproval letter showing:

  • Your maximum mortgage amount
  • Expected interest rate (fixed or variable)
  • Estimated monthly payment
  • The validity period (often 90–120 days)

This document proves to sellers and realtors that you’re financially ready, which gives your offer an edge in a competitive market.

Step 5: Compare and finalize

Don’t accept the first offer blindly. Compare rates, terms, and conditions from multiple lenders. Look for flexibility (such as prepayment options), rate holds, and whether the product fits your long-term goals.

A good online mortgage advisor can walk you through the differences and help you understand which option makes the most sense.

Step 6: Keep your finances consistent

After you’re pre-approved, avoid big financial changes until you buy. That means:

  • Don’t open new credit cards
  • Don’t finance a car
  • Don’t change jobs if possible

Lenders recheck your file before final approval, so consistency is key.

Key takeaway

Getting pre-approved online saves you time, simplifies the process, and helps you make smarter financial decisions. Platforms like Homewise bring everything together — top lender access, personal advisors, and digital convenience — so you can move forward with confidence.

FAQs

1. How long does a mortgage pre-approval last in Canada?
Most pre-approvals are valid for 90 to 120 days, depending on the lender.

2. Does pre-approval affect my credit score?
A pre-approval includes a soft credit check, which has little to no impact on your score.

3. Can I get pre-approved without a specific property?
Yes, pre-approvals are based on your finances, not a specific home.

4. Is online pre-approval secure?
Yes. Reputable mortgage platforms use bank-level encryption and privacy protection.