London & Southwestern Ontario
Mortgage Pre-Approval in London, Ontario
A pre-approval tells you what a lender is prepared to consider before you write an offer on a London home — and just as importantly, it tells your realtor you're a serious buyer.
Here's what actually goes into one, what it does not guarantee, and the mistakes that cost buyers deals.
Nandan Bajani · Mortgage Agent Level 1 | Ontario · The Mortgage Firm Inc.
Rates you could hold while you shop
As of October 23, 2026
- Fixed
- 4.34%
- 5-Year term
- Variable
- 3.43%
- 5-Year term
- Prime
- 4.45%
- Bank of Canada
A pre-approval can usually hold a rate for about 90 to 120 days while you look for a home.
Compare all 8 terms & inquire
London, Ontario — Daily Update
Compare Today's Mortgage Rates
As of October 23, 2026
Bank of Canada overnight rate 2.25%, prime 4.45%
2-Year
Fixed
4.39%
Big 6 Bank
Variable
—
3-Year
Fixed
4.49%
Canadian Lender
Variable
3.90%
Alterna Savings
5-Year
Fixed
4.34%
Canadian Lender
Variable
3.43%
Canadian Lender
Rates shown are for insured mortgages (down payment under 20%). Conventional/uninsured pricing may differ — contact me for your exact rate.
Rates are illustrative, change daily and are subject to lender qualification. Source: Ratehub.ca public rate table, as of October 23, 2026.
Plan your numbers
Run Your Numbers
From first call to keys
Your Pre-Approval Journey
- 1
Free consultation
Talk numbers, no obligation
- 2
Gather documents
Income, down payment, debts and identification
- 3
Submit & stress-test
Qualified at the higher rate
- 4
Pre-approval issued
Your number, rate held 90–130 days
- 5
Shop with confidence
Your realtor sees you're serious
- 6
Firm offer & closing
Appraisal, final approval, keys
What a pre-approval is (and isn't)
What it is
A pre-approval is a lender's review of your income, credit and down payment against its guidelines, usually with a rate hold attached.
What it isn't
It is not a final approval. Final approval always depends on the specific property, the appraisal, and your circumstances staying the same between pre-approval and closing.
Documents to have ready
Having these in one folder shortens the process considerably.
Photo ID and confirmation of Canadian residency status
Recent pay stubs and a job letter, or two years of T1 Generals and Notices of Assessment if self-employed
Two years of T4s or NOAs where bonus, commission or overtime income is being used
90-day history of the down payment funds, plus a gift letter if any portion is gifted
Details of existing debts: car loans, lines of credit, credit cards, student loans
How the stress test affects your number
How the stress test affects your number
Federally regulated lenders qualify you at the greater of 5.25% or your contract rate plus 2%. That qualifying rate — not your actual payment — drives the maximum mortgage most lenders will offer.
It's the single biggest reason a pre-approval amount comes in lower than buyers expect.
Down payment and price in the London market
Down payment and price in the London market
Minimum down payment is 5% on the first $500,000 of purchase price, 10% on the portion from $500,000 to $1,499,999, and 20% at $1.5 million or more (default insurance is not available at $1.5 million or more).
Budget separately for closing costs — legal fees, title insurance, adjustments and Ontario land transfer tax, which applies on London purchases (there is no additional municipal land transfer tax here as there is in Toronto).
5%
First $500,000
10%
$500,000–$1,499,999 portion
20%
$1.5 million or more
Pre-approval vs pre-qualification
Pre-approval vs pre-qualification
A pre-qualification is a quick estimate based on numbers you state. A pre-approval involves documents, a credit check and a lender review. Some listing agents in competitive London segments will ask which one you're holding.
Rate-hold countdown
Rate-hold countdown
Check when your current rate hold expires before you plan a closing date.
Enter your pre-approval date to see the expiry date and days remaining.
Common mistakes after you're pre-approved
Common mistakes after you're pre-approved
Financing a vehicle or furniture before closing — it changes your debt ratios
Changing jobs, or moving from salaried to contract, mid-file
Moving down payment funds between accounts without keeping statements
Assuming the rate hold applies to a purchase that closes after it expires
Related reading
Questions people ask
How long does a pre-approval last?+
Rate holds are commonly 90 to 120 days depending on the lender and product. If you're still shopping when it expires, it can usually be re-run with updated documents.
Does a pre-approval hurt my credit score?+
A pre-approval involves a credit check, which is a hard inquiry. One inquiry has a modest effect; repeatedly applying at multiple institutions over a long period has more.
Can I be pre-approved and still be declined?+
Yes. Final approval depends on the property, appraisal value and your circumstances remaining unchanged. That's why financing conditions matter.
Should I get pre-approved before talking to a realtor?+
It's usually the better order. Knowing your realistic range first saves time and avoids falling for homes outside it.
Do I need 20% down to buy in London?+
No. Insured mortgages allow 5% down on the first $500,000, subject to qualifying and mortgage default insurance premiums.
What documents do I need for a mortgage pre-approval?+
Photo ID; a job letter and recent pay stubs (or two years of T1 Generals and notices of assessment if you're self-employed); about 90 days of statements showing your down payment; and details of any debts such as car loans, lines of credit and credit cards. Having these together up front is what makes a pre-approval document-reviewed rather than an estimate.
How long does it take to get pre-approved?+
Usually a few business days once your documents are in. A document-reviewed pre-approval takes a little longer than an online estimate because your income, credit and down payment are actually checked, which is what makes it worth relying on when you write an offer.
Shareable summary
Your pre-approval snapshot
A concise planning summary you can download and show your realtor. It is not a lender-issued pre-approval.
Estimated price range
Not entered yet
Rate used
Not entered yet
Hold expiry
Not entered yet
Use the qualification or payment calculator first to add your latest estimate and rate automatically.
Get a realistic pre-approval number for London
A short conversation is usually enough to know what's realistic. No obligation, no pressure.