Understanding Closing Costs
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Mortgage pre-approval is one of the most important first steps in buying a home. It gives you a clear borrowing limit, strengthens your offer, and shows sellers you are financially qualified.
Simply Approved Mortgages provides fast, structured mortgage pre-approvals backed by verified income, credit, and asset review — not just automated estimates.
Mortgage pre-approval is a lender’s written confirmation of how much you can borrow based on verified income, credit, and assets.
Mortgage pre-approval is a lender’s written commitment stating how much you may qualify to borrow after reviewing:
Credit history
Income documentation
Employment status
Assets and reserves
Debt obligations
Unlike prequalification, pre-approval involves verified documentation and credit review.
Disclaimer: Advertised rates and fees depend on borrower qualifications and market fluctuations.
Understanding the difference is critical.
Prequalification
Estimate only
No verified documentation
Often automated
Pre-Approval
Credit pulled
Income verified
Assets reviewed
Written letter issued
Pre-approval carries significantly more weight with sellers.
At Simply Approved Mortgages, our mission is to make homeownership more accessible and affordable. We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, which is generally lower than typical industry ranges. This structure may help reduce certain costs embedded in mortgage transactions, while allowing us to maintain a strong focus on transparency, responsible loan structuring, and service quality.
Disclaimer: Simply Approved Mortgages complies with all state and federal licensing requirements that we are licensed in.
To get pre-approved, most borrowers will need:
Government-issued ID
Recent pay stubs (if W-2)
Two years of tax returns (if self-employed)
Bank statements
Employment verification
Social Security number for credit check
Additional documentation may be required depending on income type. Use our document checklist below.
Learn More: 👉 Mortgage Document Checklist
Your pre-approval amount is based on:
Credit score
Debt-to-income ratio (DTI)
Income stability
Down payment
Loan type
Stronger credit and lower debt generally increase purchasing power.
Yes — mortgage pre-approval requires a hard credit inquiry. However:
Mortgage inquiries within a short window are typically grouped together
Impact is usually minor and temporary
For credit guidance, review resources from
Consumer Financial Protection Bureau
Pre-approval timelines vary based on documentation readiness.
In many cases:
Initial review: 24–48 hours
Full verification: Several business days
Incomplete documentation can delay approval.
Most pre-approval letters are valid for 60–90 days, depending on the lender and loan program.
If financial circumstances change, updated documentation may be required.
In competitive housing markets, sellers often require:
A valid pre-approval letter
Proof of funds
Verified financing
Without pre-approval, offers may not be considered.
Before applying, you can estimate affordability using:
Learn More: 👉Mortgage Calculator
Learn More: 👉Home Affordability Calculator
For additional consumer protection and mortgage education, review:
We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, generally lower than typical industry ranges. This approach may support affordability while providing access to competitive mortgage options.
Our team of seasoned professionals is dedicated to simplifying the mortgage process, providing personalized solutions, and ensuring you feel confident every step of the way.
We prioritize honesty and clarity. From disclosing every detail upfront to ensuring no hidden surprises, we build trust through our commitment to your financial success.
At Simply Approved Mortgages, our mission is to make homeownership more accessible and affordable. We operate on a lender-paid compensation model, with average compensation of approximately 1.5%, which is generally lower than typical industry ranges. This structure may help reduce certain costs embedded in mortgage transactions, while allowing us to maintain a strong focus on transparency, responsible loan structuring, and service quality.
We provide access to competitive mortgage options across a variety of loan programs and terms. Our approach focuses on responsible loan structuring based on lender guidelines and borrower qualifications. Explore our mortgage solutions to better understand your available options and how they may support your homeownership goals.
Getting pre-approved for a mortgage is easy with our online application process. Fill out our secure application form, and our team will review your details quickly, so you can start your mortgage journey with confidence.
Once your application is received, a dedicated mortgage specialist will contact you to discuss your needs and preferences. We’ll work together to find the best mortgage options that align with your goals.
After reviewing and selecting the ideal mortgage plan, we’ll guide you through the approval process and ensure everything is in place for a smooth closing. Soon, you’ll be ready to move into your new home!
Prefer personal guidance? A licensed loan officer is available to help.
Submit income, asset, and credit documentation to a lender for verification and underwriting review.
While not required, most sellers expect a pre-approval letter, plus you should want to know what you can afford.
Yes. Many lenders offer digital application processes.
No. Final approval depends on property appraisal and full underwriting review.
Take control of your home-Take the guesswork out of your home-buying journey. Use our Mortgage Calculator to estimate your monthly payments and make informed financial decisions.
Start Now:
Simply input your details and see how much equity you could access today. If you have questions or need assistance, our team is here to guide you every step of the way.
Get a free credit score check to understand where you are and how to move forward.
Small changes in your credit score can lead to significant savings on your mortgage.
Stay on top of your credit health with credit monitoring, so you can catch issues early and maintain a strong score.
Discover how your credit score affects your mortgage options and rates. Plus, get personalized offers through our partner services to help you find the best loan for your financial situation.
Powered by our credit monitoring partner at Myfreescorenow.
No credit card is needed to sign up.
Remember that a good credit score can lower your interest rate on your mortgage.
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Reduce your monthly payment or loan term while unlocking the full potential of your home’s equity!