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Getting pre-approved for a mortgage may seem like an overwhelming step in the process of buying a home, but it’s the most important step.

A mortgage pre-approval lets you to lock in an interest rate for up to 120 days*. It’s a credible estimate of how much you are eligible to borrow and it shows agents and home sellers you are a serious buyer, and potentially is the difference between winning or losing a bidding war. Though it can take some time, it saves you from applying for a mortgage later when your time and attention is better spent during the closing process of your new home purchase.

What are the benefits?

While a mortgage pre-approval is not mandatory, there are many benefits for home buyers to apply, including:

Find out your mortgage affordability. You will know how much you can spend and lower the risk of placing an offer on a home you can’t afford.

Mortgage financial planning. You can estimate your monthly mortgage payments, then budget and plan your finances ahead of time.

Locked-in interest rate. With Outline Financial*, you can hold your pre-approval interest rate for up to 120 days. 

Show that you are a serious buyer. You can show sellers and real estate sales representatives that you are a serious buyer by getting pre-approved. Not only will this increase your negotiating power, but it will also make your offer more attractive than an offer with a condition on financing.

It’s free and there are no strings attached. There is usually no charge to get pre-approved and it is up to you whether to use the interest rate offered.

Where to start

You can start by seeing what mortgage amount you qualify for by using any of these online calculators from Outline Financial:

Mortgage Calculator

Use this calculator to help you analyze how much your monthly payment will be with different interest rates, the amount of interest you will pay over the term of your mortgage, and your amortization schedule.

Mortgage Qualifier

This calculator provides a good starting point to review the generic affordability guidelines. It is important to note that this does not take into account special lender programs, or underwriting discretion, so please don’t hesitate to contact us to review your particular situation and all available options.

Purchase Financing

Have a property in mind?  Enter the purchase price, interest rate, property taxes and a few other requested items to see how much it will cost to carry your property.  Please note this tool is very conservative.  For a more thorough review, please contact us to get in touch with an Outline Financial team member.

How is Pre-Qualification different?

Getting pre-qualified is a quick and easy way to get a rough estimate of your potential mortgage affordability based on your income/other financial factors. You can get one over the phone or online with only a few details about your financial situation, it’s a convenient step when you’re still in the planning staging of the home buying process.

We’re here to help!

Talking to a real estate or mortgage professional can really help make everything you need clear and less scary. We work with some of the top-rated mortgage companies in the city, so let us know if you are ready to get in touch with someone and start the process!


*120 days is Outline Financials’ rate hold/and standard pre-approval timeline

Outline Financial is one of Canada’s top-rated mortgage and insurance companies offering direct access to rates and product options from over 30 banks, credit unions, mono-line lenders and insurers all in one convenient service. The Outline team was formed by senior level bankers and financial planners that wanted to offer clients choice with an exceptional service experience.