A purchase budget grounded in your finances
A document checklist before you shop
A conversation about possible qualification gaps
Start with a realistic budget
A pre-approval reviews your income, down payment, debts, and credit. Together, these help a lender estimate what you could borrow. Your comfortable monthly budget matters just as much as the maximum amount.
Understand what is conditional
A pre-approval is not a final commitment to lend. The property, appraisal, employment, credit, and other conditions still need to satisfy the lender. Check with Lorika before changing jobs, taking on debt, or waiving financing conditions.
Ask about rate protection
Some lenders offer a rate hold while you shop. Availability and duration vary by lender and product; a rate hold does not guarantee final approval. Lorika will explain what is protected and what still needs review.
Your questions, answered.
How long is a pre-approval valid?
Lender periods vary, often 60, 90, or 120 days. Ask which conditions and expiry date apply to your file.
Can I make an offer without a financing condition?
A pre-approval does not guarantee that a particular property will qualify. Discuss the risk with your mortgage professional and lawyer before waiving a financing condition.