Mortgage Pre-Approval
in North York.

North York’s market includes neighbourhoods where well-priced properties move quickly. A Yonge corridor condo near a subway station, a Willowdale townhome priced below market, a Glen Park semi — these properties don’t sit. When you find the right home, you need to move confidently and immediately. That’s what a pre-approval enables. A pre-approval also protects you from rate increases — if you pre-approve today and rates rise over the next 90 days, your held rate applies. If rates drop, you can access the lower rate at closing. The hold always works in your favour.

A pre-approval answers the four questions that matter before you start viewing: How much can you borrow? What will your monthly payment be? Which lender tier qualifies you? And what rate can you hold? Armed with these answers, you can shop North York’s market with real confidence. The pre-approval also identifies any issues before they become closing problems. Discovering a credit issue during the pre-approval process — when there’s time to fix it — is far better than discovering it after you’ve made an offer.

We start with a conversation about your goals, income, debts, and down payment. We pull your credit from both Equifax and TransUnion and review it with you. We collect and verify your income documentation. Then we run your application through lender models — comparing multiple lenders in our network to find the strongest pre-approval available to you. For a standard salaried application with clean credit, this typically completes within 24 hours.

Salaried employees: Recent pay stubs (last 30 days), employment letter confirming salary, position, and tenure, last two years of T4s, last year’s Notice of Assessment. Self-employed / incorporated: Last two years of T1 Generals and Notices of Assessment, most recent 2-3 months of business and personal bank statements, corporate financial statements if incorporated. All applicants: Government-issued photo ID, proof of down payment source, and address history.

Lenders assess your application using a stress test: your qualifying payment is calculated at the greater of your contract rate plus 2% or the federal qualifying rate, whichever is higher. Your Gross Debt Service ratio — housing costs as a percentage of gross income — must fall below roughly 39%. Your Total Debt Service ratio — housing costs plus all other debt payments — must fall below roughly 44%. We run these calculations for you, showing exactly the mortgage amount and monthly payment that keeps you within qualification thresholds.

Self-employed buyers represent a large portion of North York’s professional community — business owners near the Finch commercial strip, consultants and contractors along the Yonge corridor, incorporated professionals in healthcare and technology. B lenders accept bank statement income verification using 12-24 months of business deposits as a proxy for income. Accountant letter programs allow your accountant to certify income beyond what appears on your tax return. For two-year-plus self-employed borrowers with clean credit and a strong down payment, A lender qualification is also possible. Call 905-455-5005 to discuss your pre-approval.