A pre-approval is a lender’s written statement of how much they will lend you, at what rate, for how long, based on verified income, down payment and credit. It is not a guarantee of final approval on a specific property, but it changes everything about how you shop.
Why Roni starts here
- You know your real ceiling, including the federal stress test, which qualifies you at a higher rate than you will actually pay.
- Your rate is held, usually for 90 to 120 days, which protects you if rates move while you search.
- Sellers take you seriously. In a multiple-offer situation, a pre-approved buyer with a short financing condition wins ties.
- Problems surface early. A credit blemish, an undocumented gift, or a probation period is fixable in week one, not on day five of a condition period.
What the lender looks at
| Factor | What it means for you |
|---|---|
| Income | Salary, hourly with history, self-employed with two years of returns, or newcomer programs with alternative proof. |
| Down payment | Amount, source and 90 days of history. Gifts need a letter. |
| Credit | Score and history. Newcomers can use alternative credit evidence. |
| Debt ratios | Your housing costs and total debts as a share of income, tested at the stress-test rate. |
| Property | Final approval depends on the specific home, its appraisal, and for condos the building’s financial health. |
Bank or broker?
Both can work. A mortgage broker shops several lenders and is useful for newcomers, self-employed buyers and anyone with a non-standard file. Your own bank may offer relationship pricing. Roni will introduce you to brokers who respond quickly and explain things in Russian or Ukrainian where that helps, and he will coordinate the paperwork so the condition period is calm.
Watch: why pre-approval matters
Get pre-approved this week
Send Roni a note with your timeline. He will connect you with a lender the same day.