St. Thomas & Southwestern Ontario
Mortgage Pre-Approval in St. Thomas, Ontario
A pre-approval tells you what a lender is prepared to consider before you write an offer on a St. Thomas home — and it tells your realtor you're a serious buyer in a market where well-priced listings move quickly.
Here's what actually goes into one, what it does not guarantee, and the mistakes that cost buyers deals.
Nandan Bajani · Licensed Mortgage Agent | Ontario · The Mortgage Firm Inc.
St. Thomas, Ontario — Daily Update
Compare Today's Mortgage Rates
As of September 18, 2026
2.25% overnight rate held steady, prime near 4.45%, but rising bond yields (5-year GoC near 3.65%) are pushing fixed rates higher
2-Year
Fixed
4.09%Lowest
Big 6 Bank
Variable
—
3-Year
Fixed
4.19%
Big 6 Bank
Variable
3.84%
Canadian Lender
5-Year
Fixed
4.24%
Canadian Lender
Variable
3.40%Lowest
Canadian Lender
Rates shown are for insured mortgages (down payment under 20%). Conventional/uninsured pricing may differ — contact me for your exact rate.
Source: Ratehub.ca public rate table. Rates shown are examples from a public table and are subject to qualification and change.
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 overtime or shift premiums are 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
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 St. Thomas market
Minimum down payment is 5% on the first $500,000 of purchase price, 10% on the portion between $500,000 and $999,999, and 20% at $1,000,000 or more. Entry-level pricing in St. Thomas has historically sat below London, which is part of why the market draws a steady stream of first-time buyers and London commuters. Budget separately for closing costs — legal fees, title insurance, adjustments and Ontario land transfer tax; St. Thomas has no additional municipal land transfer tax.
5%
First $500,000
10%
$500,000–$999,999 portion
20%
$1,000,000 or more
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. In a competitive segment of the St. Thomas market, some listing agents will ask which one you're holding.
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
Financing a vehicle or furniture before closing — it changes your debt ratios
Changing jobs, or moving from salaried to variable/shift income, 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.
Are mortgage rates different in St. Thomas than in London?+
No. Rates are set by lenders nationally and depend on your file — credit, down payment, income type, property type and term — not on which Ontario city you buy in. What can differ is which lenders are comfortable with a specific property.
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.
Does overtime income count toward my mortgage qualification?+
Often yes, if you have a consistent history — commonly two years — and the documentation supports it. Some lenders average the variable portion, others require a longer track record.
Do I need 20% down to buy in St. Thomas?+
No. Insured mortgages allow 5% down on the first $500,000, subject to qualifying and mortgage default insurance premiums.
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 St. Thomas
A short conversation is usually enough to know what's realistic. No obligation, no pressure.