Buying
Pre-approval
A lender's conditional commitment to lend you up to a specific amount at a specific rate, typically valid for 90–120 days.
A pre-approval is a lender's preliminary review of your finances — income, credit, debts, and down payment — that produces a maximum mortgage amount and a rate hold. The rate is locked for typically 90 to 120 days, meaning you're protected from rate increases while you shop for a property. If rates drop, you usually get the lower rate.
A pre-approval is NOT a guarantee of funding. The lender still has to underwrite the specific property (appraisal, title) and re-verify your income and credit close to closing. If your situation has changed — new debt, job change — the approval can be revoked.
Getting pre-approved through a mortgage agent (versus a single bank) means a single credit pull is shopped across multiple lenders, so you see options from several A Lenders and the best rate hold available.
Source: FCAC — Mortgage pre-approval