What Mortgage Pre-Approval Really Means
Pre-approval is often treated as a single number, but it's really a four-step process that helps you understand your financing options before you start house-hunting.
A mortgage pre-approval is not only a conversation about rates — it's the first real step toward understanding your financing options and preparing the information lenders will want to see.
Many buyers treat pre-approval as a single number: how much can I borrow? That number matters, but it's only part of the picture. For buyers in London, St. Thomas, Ingersoll, and across Southwestern Ontario, pre-approval is really a process — one that puts you in a stronger position once you start shopping for a home.
The four-step pre-approval process
At Bajani Mortgage, pre-approval follows a simple, four-step process:
1. Conversation
We start by discussing your goals and your current situation — what you're looking to buy, your timeline, and what matters most to you in a mortgage.
2. Documents
Next, we gather the information lenders need to review your application: income documents, identification, details on savings and down payment, and information on any existing debts.
3. Application
With your documents in hand, we submit your mortgage request to the lenders best suited to your situation.
4. Approval
Once approved, you'll understand the next stage of the process — including what you can comfortably afford — before you start shopping with real clarity.
Why "lowest rate" isn't the only thing that matters
As an independent mortgage brokerage with access to 50+ lenders, Bajani Mortgage looks beyond the lowest advertised rate. Terms, penalties, prepayment privileges, and how a lender treats you at renewal all affect the real cost of a mortgage over time. Part of the pre-approval conversation is making sure the mortgage you're approved for actually fits your plans, not just today's rate.
Common questions about pre-approval
How long does a pre-approval last?
Most pre-approvals are valid for 90 to 120 days, depending on the lender. If you haven't found a home in that window, it can often be renewed with updated documents.
Does pre-approval guarantee my mortgage?
Not quite. Pre-approval is based on the financial information you provide, and gives a strong indication of what you're likely to qualify for. Final approval still depends on the specific property and no material change to your financial situation.
Is getting pre-approved free?
Yes. Working with Bajani Mortgage costs you nothing — as a licensed mortgage brokerage, compensation is generally paid by the lender once a mortgage is funded.
Frequently asked questions
Approval, rates and product availability are set by lenders and depend on individual qualification. Nothing on this page is a guarantee of approval or a specific rate.
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