
Get mortgage-ready before you go home shopping
House hunting is easier when you know your numbers. A mortgage pre-approval gives you a clearer idea of what you may be able to borrow, so you can look at homes that fit your budget and skip the guesswork.

What is a mortgage pre-approval and how does it work
Know your price range
See how much home you may be able to afford before you start seriously shopping.
Estimate your payments
Get a clearer idea of what your future mortgage payments could look like in your budget.
Shop with more focus
Look at homes that better fit your budget, instead of guessing what may work.
Find issues early
Spot possible gaps in your application before you are ready to make an offer.
Move quicker
Be more prepared when you find a home you like and want to take the next step.
What is the difference between pre-approvals vs pre-qualifications
| Features | Pre-qualification | Pre-approval |
|---|---|---|
| What it means | A rough estimate | A more detailed review |
| What it uses | Basic information you provide | Income, debts, credit history, down payment, and documents |
| Credit check | May not include one | Typically includes one |
| Best for | Early "where do I stand?" planning | Getting ready to shop seriously |
| Final approval | No | No |
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Mortgage calculators to plan your next move
Estimate how much home you can afford or calculate your mortgage payments before you buy. Pick a calculator and run the numbers.
What you need to get pre-approved for a mortgage with YNCU
You don't need a perfect folder with every document colour-coded. But having a few things ready can make the process much quicker.
Government-issued ID
Proof of income
Employment details
Recent pay stubs or income documents
Details about your debts
Savings and investment information
Your down payment amount
Where your down payment is coming from
Permission to check your credit history
Proof that you have money set aside for closing costs
If you’re self-employed, the list may look a little different. You may need tax documents, business income records, or other proof of income.

What can affect my final mortgage approval?
A mortgage pre-approval is helpful, but it is not final mortgage approval. Final approval usually happens after you choose a property and your full application is reviewed. Changes to your income, debt, credit score, payment history, rate hold, property value, or application details can affect the final decision. Once pre-approved, keep your finances steady and talk to your mortgage advisor before making a major financial change.
What lenders look at during mortgage pre-approval
Your income
Your income helps Financial Institutions estimate what kind of mortgage payment may be manageable.
Your debts
Credit cards, loans, lines of credit, car payments, and other debts can affect how much you may be able to borrow.
Your down payment
Your down payment affects the size of your mortgage, your monthly payment, and whether mortgage default insurance may apply.
Your credit history
Your credit history helps lenders understand how you have managed borrowed money and repayment success in the past.
Your housing costs
A home comes with more than a mortgage payment. Property taxes, heating, insurance, and condo fees can all affect affordability.
Other closing expenses
Beyond your down payment, you might also need to pay for legal fees, land transfer tax, title insurance, and moving costs among other things.
Okay, does pre-approval lock in my rate?
Commonly asked questions
Get pre-approved before you start seriously shopping for a home. It gives you a clearer budget before you book showings, make an offer, or start comparing homes.
Mortgage pre-approval may include a credit check. A credit check can affect your credit score, depending on the type of check and your credit history. We’ll explain what to expect before you apply.
A mortgage pre-approval may include a rate hold for a set period of time. If that period ends before you buy a home, your lender may need to review your information again.
After you’re pre-approved, you can shop with a clearer budget. Once you make an offer on a home, your lender reviews the property and your full application before final mortgage approval.
Yes. Self-employed borrowers can apply for mortgage pre-approval. You may need different income documents, such as tax documents, business income records, or other proof of income.
That does not mean you are out of options. You may need more time to save, a larger down payment, less debt, or a different price range. We can help you understand what changed and what your next step could be.
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Student financial aid in Canada: Grants, loans and tips
1 The YNCU New Client Payroll Offer (the “Offer”) is available to new Clients who(se): (a) Client Number was created between May 1, 2024 and October 31, 2026; (b) open a YNCU Chequing Account as the Primary Account Holder within 60 days of the date their Client Number was created; and (c) set up payroll direct deposits within 60 days of the date their Chequing Account was opened. A cash Bonus of $250 will be paid to the new Client’s YNCU Chequing Account if the Client switches their eligible automated and recurring payroll direct deposits to their new YNCU Chequing Account, provided that: (i) they deposit the full amount of their payroll direct deposits; (ii) payroll direct deposits total a minimum of $200 on a monthly basis; (iii) the first eligible payroll direct deposit is received in their Account within 60 days of successfully opening the Chequing Account; and (iv) their subsequent eligible payroll direct deposits continue for at least 2 consecutive months. The Bonus will be paid to the Client’s YNCU Chequing Account in the subsequent month following the satisfaction of the Offer conditions. Offer can’t be combined with any other Chequing cash bonus Offers and is limited to one (1) Bonus per Client. By accepting any Offer, you agree to the terms and conditions of this Offer. Full Offer Terms and Conditions, including definitions of any capitalized terms, are available here. Offer may be changed, extended or cancelled without notice.
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