The Mortgage Broker’s Checklist: 7 Things You Should Know Before Getting Pre-Approved

Before you fall in love with a home—or even start browsing listings online—there’s one powerful move that can set the entire tone for your buying journey: getting pre-approved.

But here’s the truth most people don’t tell you…
The quality of your pre-approval matters just as much as having one.

So how do you show up prepared, informed, and empowered?
Let’s break it down.

1. You don’t need 20% down

Let’s start by busting the most common myth.
No, you don’t need 20% down to buy a home in Canada.

While putting down 20% or more means you can avoid mortgage insurance, many buyers qualify with as little as 5% down—not just if it’s your first home. The key is to match your down payment with your goals, your timeline, and your budget. That’s where strategy (and a good broker) comes in.

2. Your credit score opens doors—or closes them

A solid credit score gives lenders confidence.
But what counts as "solid"?
Aim for 680+ to access the most competitive rates, but don’t panic if you're lower. There are still options available—and you might be surprised how small actions (like paying down a credit card) can make a big impact in a short time.

Pro tip: Don’t apply for new credit or make big financial moves (like buying a new car) right before getting pre-approved.

3. Pre-approval ≠ pre-qualification

They sound similar, but they’re very different.

  • Pre-qualification is a quick estimate.

  • Pre-approval is a deeper dive into your actual finances and credit.

A true pre-approval means a broker has done a thorough review of your documents, your credit, and your overall application to be sure it’s truly a fit for a lender once it’s live. In a competitive market, this is your golden ticket—especially when paired with a strong broker advocating for you.

4. Your income isn’t the only thing that matters

Lenders look at more than just how much you make.
They assess your debt load, spending habits, savings, and even the source of your down payment. This is why honesty and transparency are key—you’re not being judged, you’re being set up for success.

A mortgage broker’s role is to help you present your finances in the best light possible.

5. Rate is only one piece of the puzzle

Yes, your mortgage rate matters. But so do the terms, conditions, penalties, prepayment options, portability, and flexibility.

That 0.10% savings could cost you thousands in fees later if the product isn’t right for your situation. A good mortgage is about the whole package, not just the headline.

6. Your documents matter—don’t

wing it

Gather your paperwork before applying. This includes:

  • Two most recent pay stubs

  • T4 or Notice of Assessment (if salaried)

  • 2 years of taxes (if self-employed)

  • ID, proof of down payment, and bank statements

Having everything ready speeds up the process, avoids back-and-forth, and makes you look like a dream client to lenders.

7. You don’t have to do this alone

This is not a DIY moment.

The right mortgage broker doesn’t just get you a loan—they advocate for you, educate you, protect your future self, and make the process feel calm, strategic, and supported.

Whether you're a first-time buyer, a returning homeowner, or planning your next big move, getting pre-approved is about more than a number. It’s the start of building trust, confidence, and a long-term plan.


Let’s take the first step together.

Getting pre-approved isn’t just about checking a box—it’s about laying the foundation for one of the biggest financial decisions of your life. And at Jewels Ferris Mortgages, we don’t take that lightly.

Whether you're a first-time buyer or planning your next investment, we believe you deserve more than just a mortgage rate. You deserve clarity, confidence, and a custom strategy that supports your vision for the future. We’re here to make that happen—with expert guidance, open communication, and a whole lot of care along the way.

Ready to feel empowered in your homebuying journey?
Reach out to Jewels today and let’s get you pre-approved the right way.

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5 Mortgage Myths Every Canadian Needs to Stop Believing