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Mortgage Pre Approval in BC: Know What You Can Buy
Quick answer: A mortgage pre approval tells you how much a lender will lend, holds a rate for 90 to 120 days and makes your offer stronger. You need proof of income, your down payment history and a credit check. Asim Ali, ranked #4 in the CMP Top 75 Mortgage Brokers in Canada for 2026, compares lenders and can usually pre approve you within one to two business days.
How much could you be pre approved for?
Choose the option closest to you. The income box changes to match how lenders count income at that stage.
Salary from your employment letter counts in full once you are past probation. Overtime and bonus usually need a two year history.
Estimated purchase price
$581,000
Based on our 5 year fixed rate of 4.75% (APR 4.75%, 5 year term), the stress test, debt limits of 39% and 44%, $300 a month property tax and $100 heating. An estimate, not an approval.
Documents for salaried or hourly
- Letter of employment
- Two recent pay stubs
- Two years of T4s if you earn overtime or bonus
- Down payment history for the last 90 days
- Photo ID
How to get pre approved in four steps
- Talk to Asim. A short call covers your income, debts, down payment and the kind of home you want.
- Send your documents. The list for your situation is above, and the full list is in documents needed for a mortgage pre approval.
- Lender review. Asim matches your file to a lender and secures the rate hold.
- Shop with confidence. You get your budget in writing. When you find a home, the lender approves the property and your subjects can come off.
Pre qualification versus pre approval
A pre qualification is a quick estimate from what you tell a lender. A pre approval checks your credit and, with a broker, your documents too, so the number holds up when you make an offer. Sellers and realtors take a documented pre approval more seriously. Read more in understanding mortgage pre approval and how a pre approval affects your credit score.
Pre approval for every kind of buyer
Asim pre approves first time buyers, self employed borrowers, newcomers to Canada, professionals such as doctors and lawyers, and buyers rebuilding credit through B lenders. First time buyers should also read the FHSA and first time buyer guide.
Talk to Asim about your mortgage
Call 604‑591‑3590 now, or send your details and Asim will reply within one business day.
Call Asim now: 604‑591‑3590Book an appointment
Frequently asked questions
How long does a mortgage pre approval last?
Most lenders hold your rate for 90 to 120 days. If rates fall in that time you get the lower rate; if they rise, your held rate is protected until it expires.
Does a pre approval hurt my credit score?
A pre approval needs a credit check, which can lower your score by a few points for a short time. Several mortgage checks within a short period are usually treated like one.
Does a pre approval mean my mortgage is approved?
No. The lender still has to approve the home you choose and confirm your documents. That is why buyers keep a financing subject in their offer, and why Asim checks your documents up front.
How long does it take to get pre approved?
With your documents ready, Asim can usually give you a pre approval in one to two business days.
How much can I get pre approved for?
Lenders qualify you at the stress test rate, the higher of your rate plus 2% or 5.25%, with housing costs up to 39% of gross income and all debts up to 44% for an insured mortgage. The calculator on this page applies those rules.
Want a lender's view of your numbers? Book an appointment with Asim Ali, ranked #4 in the CMP Top 75 Mortgage Brokers in Canada for 2026, or call 604‑591‑3590.