Pre-Approval Guidance

Mortgage Pre-Approvals

Build a working home-purchase budget before house hunting and understand the conditions that remain before final approval.

Overview

Establish a conditional working budget before shopping for a home

A mortgage pre-approval can help estimate a working budget before you shop for a home. It is not a final approval: the lender must still review the borrower, property, documents, and conditions. Some lenders may offer a conditional rate hold, with duration and terms that vary.

A pre-approval review considers income, debts, credit, and down payment to establish a working budget. It is not final approval and remains subject to the property, appraisal, updated documents, lender review, and changes to your finances.

We explain the stress test, discuss down-payment scenarios, review programs that may apply, and identify documents or issues to address before an offer. The resulting range remains conditional and should not replace an appropriate financing condition or final lender approval.

Key Features

Rate Hold Review: Ask whether a lender offers a conditional, time-limited rate hold
Budget Clarity: Establish a preliminary working range based on reviewed information
Conditions Explained: Understand what remains before a lender can issue final approval
Document Review: Identify missing information before submission to a lender
Strategic Guidance: Advice on optimizing your application and down payment

How It Works

Step 1

Initial Consultation

We discuss your goals, review your financial situation, and outline mortgage paths that may suit your needs.

Step 2

Compare Suitable Options

I compare available rates, terms, features, fees, and qualification requirements, then guide you through the application and closing.

Fee Disclosure

On many standard lender-paid files, you may not pay a direct broker fee. Private or alternative financing can involve lender and broker fees, which are disclosed before you commit.

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Multiple Lender Categories
Banks, credit unions, monoline & alternative
Evening & Weekend
Available on your schedule
Client Feedback
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Common Questions

Mortgage Pre-Approvals — Common Questions

Get answers to common questions about this mortgage service.

What's the difference between pre-qualification and pre-approval?
Pre-qualification is generally an informal estimate based on limited information. A pre-approval normally includes more document and credit review, but it is still conditional and is not a commitment to fund a particular property.
How long does pre-approval last?
The validity period and any rate hold depend on the lender and product. If your home search continues beyond that period, your documents, credit, rate, and qualification may need to be reviewed again.
Does pre-approval guarantee I'll get the mortgage?
No. A pre-approval is conditional. Final approval depends on the property, appraisal, updated documents, lender review, and your financial situation remaining acceptable through closing.
Will getting pre-approved hurt my credit score?
A lender or broker may request a credit report, and a hard inquiry can affect a score. The effect varies by credit profile and scoring model, so no point change or recovery period is guaranteed. Ask whether a credit inquiry will be made before consenting.
Can I get pre-approved with less than 20% down payment?
Potentially. For eligible purchases below $1.5 million, the minimum down payment starts at 5% on the first $500,000 and is 10% on the portion above $500,000. Mortgage default insurance, lender qualification, and property rules still apply.
Service Area

Serving Port Coquitlam & Surrounding Communities

Whether you're in the heart of Port Coquitlam or the wider Coquitlam region, I'm here to help with your mortgage needs.

Discuss mortgage pre-approvals

Talk with Milka about suitable mortgage options, their costs, and the conditions that may apply.

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