The Do’s and Don’ts of Mortgage Pre‑Approval in Ontario

Getting pre-approved is one of the first — and most important — steps in buying a home. But here’s the part most people miss: a pre-approval is conditional. It holds a rate and tells you what you can likely borrow, but it isn’t a guarantee. It stays solid only if your income, credit, debts, and down payment stay consistent right up to closing. Here’s how to protect it.

What a pre-approval actually gives you

A real pre-approval does three things: it confirms roughly how much you qualify for, it holds today’s rate for you (usually 90 to 120 days) so you’re protected if rates rise, and it tells sellers you’re a serious, ready buyer. What it doesn’t do is lock in final approval — that comes once there’s an actual property and updated documents.

The Do’s

• Keep your income steady. Stay in your job and keep your pay structure the same through closing. Switching employers — or going from employee to self-employed — can pause everything.
• Pay every bill on time. One missed payment can drop your score and shake the approval. Autopay is your friend right now.
• Keep your down payment where it is. Lenders want to see your funds seasoned in your account. Leave large sums parked and don’t move money around unnecessarily.
• Keep your paperwork handy. Recent pay stubs, T4s or notices of assessment, and bank statements — having them ready keeps things moving.
• Tell me about any change. A new bonus, a gift toward your down payment, a car you’re thinking of buying — loop me in before it happens, not after.

The Don’ts

• Don’t make big purchases on credit. A new car, furniture, or appliances financed before closing can change your debt ratios and sink the deal.
• Don’t apply for new credit. Every new card or loan — and every hard credit check — can lower your score at the worst possible time.
• Don’t change or quit your job. Lenders re-confirm employment before closing. A surprise change can undo a done deal.
• Don’t move large sums around. Big unexplained deposits or transfers create red flags and extra document requests. Keep it simple and traceable.
• Don’t co-sign or take on new debt for anyone. Even helping a family member can count against your ratios.

Why protecting your pre-approval matters

At final approval, the lender re-checks your credit, income, and finances. If something has shifted, they can reduce your approved amount, ask for a pile of extra documents, or — in the worst case — decline the mortgage after you’ve already fallen in love with a home. A little discipline between pre-approval and closing keeps your deal boringly smooth, which is exactly what you want.

Let’s get you pre-approved the right way

I’ll set up a proper pre-approval with a rate hold, walk you through what to do and avoid for your specific file, and stay in your corner all the way to the keys.

Tyler Salmon — Mortgage Agent Level 2 (Ontario & Alberta), License #M21003803. This post is general info, not advice — every file is different, so let’s talk yours through.

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