Everything you need to know about mortgage pre-approval in Ontario — including income requirements, credit scores, down payments, and timelines for homebuyers in Ottawa and across Canada.

Getting a mortgage pre-approval in Ontario is one of the smartest first steps when buying a home. Whether you're purchasing in Ottawa or anywhere across the province, pre-approval gives you clarity, confidence, and a competitive advantage when making an offer.

Here’s exactly how the pre-approval process in Canada works — and what lenders look for.

What Is a Mortgage Pre-Approval?

A mortgage pre-approval is a lender’s conditional commitment to lend you a specific amount based on your financial profile. While it is not a final approval, it confirms your borrowing power and strengthens your position with sellers.

In competitive markets like Ottawa and across Ontario, a pre-approval shows real estate agents and sellers that you are serious and financially prepared.

Ontario Mortgage Pre-Approval Requirements

When applying for a mortgage pre-approval in Ontario, lenders evaluate the following:

1. Income Stability

Your employment income, bonuses, commissions, or self-employment earnings are reviewed. Lenders look for consistency and stability.

2. Credit Score

Most lenders prefer a credit score of 680+ to qualify for the best mortgage rates. However, approvals may still be possible below that depending on your overall profile.

3. Debt Service Ratios (GDS & TDS)

Lenders calculate how much of your income goes toward housing and total debt obligations. In Canada, the maximum Total Debt Service (TDS) ratio is generally 44%.

4. Down Payment

Minimum down payment rules in Canada are:

• 5% on homes up to $500,000

• 10% on the portion between $500,000–$999,999

• 20% for homes $1M+

5. The Mortgage Stress Test

You must qualify at either:

• Your contract rate + 2%

• Or the Bank of Canada qualifying rate

Whichever is higher.

How Long Does Mortgage Pre-Approval Take?

With the proper documentation ready, mortgage pre-approvals can often be completed within 24 hours. The timeline depends on how quickly income verification and credit documents are provided.

If you're unsure where to start, you can begin with our ONLINE MORTGAGE CALCULATORS to estimate affordability before applying.

Why Getting Pre-Approved Early Matters

• You know exactly how much house you can afford

• You can lock in a mortgage rate (typically 90–120 days)

• Sellers take your offer more seriously

• You avoid shopping outside your realistic price range

For buyers in Ottawa and across Ontario, being pre-approved can make the difference in a competitive market.

Final Thoughts

If you're planning to buy in Ottawa or anywhere in Ontario, starting with a mortgage pre-approval puts you in control of the process.

You can use our ONLINE MORTGAGE CALCULATORS to estimate your numbers, or CONNECT WITH A LICENSED MORTGAGE AGENT NOW for personalized advice and fast support.