top of page


A mortgage pre-approval is an essential step in the home buying process. It can help you save time, avoid disappointment, and position yourself as a strong buyer in a competitive market. 

Some Useful Information

Imagine finding your perfect home, only to discover it's outside your budget. This is where mortgage pre-approval comes in – a powerful tool that empowers first-time homebuyers and experienced buyers alike in Canada.

Think of it as a green light from a lender. Based on your financial situation, credit history, and other factors, a mortgage pre-approval estimates the maximum loan amount you qualify for. While not a guaranteed mortgage, it provides a clear picture of your affordability range.

You'll Know Your Budget

With a mortgage pre-approval, you'll have a clear understanding of how much you can afford to borrow. This can help you focus your home search on properties that fit within your budget, saving you time and frustration.

You'll Be Taken Seriously As A Buyer

When you submit an offer on a home, sellers want to know that you can actually afford to buy it. A mortgage pre-approval shows that you have already taken the steps necessary to secure financing and are a serious buyer.

You'll Have More Negotiating Power

If you're in a competitive real estate market, a preapproval can give you an edge over other buyers. Sellers are more likely to choose a buyer who has a pre-approval, as it shows that they are more likely to secure financing and close the deal.

You'll Have A Better Understanding of Your Monthly Payments

With a mortgage pre-approval, you'll have a clear idea of what your monthly mortgage payments will be based on the amount you're approved to borrow. This can help you budget and plan for your future expenses.

You'll Save Time

Getting a mortgage pre-approval is a relatively quick and easy process that can save you time in the long run. You'll have all the necessary documentation and information ready when it's time to apply for a mortgage, which can speed up the underwriting process.



At Swivel Mortgage Group in Markham, we're committed to helping our clients achieve their homeownership goals. Our team of mortgage experts can guide you through the preapproval process and help you secure financing for your dream home


Contact us today for a free consultation and let's turn your dream of homeownership into a smooth and successful reality!

  • Income Verification
    Why is income verification more stringent for vacation properties? Vacation property income might be less stable than a primary residence, especially if rented out. Lenders want to ensure you can comfortably manage the mortgage. What documents do I need for income verification? Typically, paystubs, employment letters, and proof of other income sources are required.
  • Property Usage and Location
    Can I rent out my vacation property for short-term stays? Some lenders might have restrictions on short-term rentals. Investment property mortgages might be a better fit. Does the property location impact mortgage approval? Remote or rural areas might pose challenges. Discuss your options with a Swivel Mortgage professional for a clear understanding.
  • Down Payment and Affordability
    Why might I need a larger down payment for a vacation property? Lenders see vacation properties as slightly riskier. A larger down payment reduces their risk and improves your chances of approval.
  • General Inquiries
    What is mortgage refinancing and what are the benefits? Mortgage refinancing involves replacing your existing mortgage with a new one, offering several advantages: Lower Monthly Payments: Secure a potentially lower interest rate, reducing your monthly payments and freeing up cash for other financial goals. Access Home Equity: Unlock the equity you've built in your home to finance renovations, education, or unexpected expenses. Consolidate Debt: Combine high-interest debts (credit cards, personal loans) into a single, lower-interest mortgage payment, potentially saving on interest and accelerating debt repayment. Shorten Loan Term: Refinance to shorten your loan term and pay off your mortgage faster, saving on overall interest and achieving financial goals sooner. Why choose Swivel Mortgage for mortgage refinancing? We understand the complexities of refinancing and offer: Expert Guidance: Our licensed professionals provide clear explanations and personalized service throughout the process. Tailored Solutions: We explore your options to find the best refinance solution for your unique financial situation.
  • The Refinance Process
    What are the steps involved in mortgage refinancing? While the specific steps may vary, the general process involves: Initial Consultation: Discussing your goals and financial situation with a Swivel Mortgage broker. Gathering Documents: Providing necessary documentation to verify your income, assets, and property details. Exploring Options: Swivel Mortgage will compare rates and terms from various lenders to find the most suitable option for you. Application and Approval: Once you choose a lender, we'll guide you through the application and approval process. Closing: Finalizing the refinance and transitioning to your new mortgage. What documents will I need for mortgage refinancing? Required documents may vary by lender, but typically include: Proof of income (paystubs, employment letter), proof of assets (bank statements, investment documents), proof of debts (credit card statements, loan statements), and photo ID.
  • The Basics About Pre Approvals
    What is mortgage pre-approval? A pre-approval is a conditional commitment from a lender in Ontario outlining the maximum loan amount you're likely to qualify for based on your financial situation. It's not a guaranteed approval, but a strong indicator of your borrowing power. Why get pre-approved before house hunting? Pre-approval offers several benefits: Budget Clarity: It helps you identify houses that fit your budget comfortably. Stronger Offers: Sellers prioritize pre-approved buyers, making your offer more competitive. Streamlined Process: Pre-approval simplifies the mortgage application process when you find your dream home.
  • The Process
    What documents do I need for pre-approval in Ontario? Typically, you'll need: Proof of income (paystubs, employment letter) Proof of assets (bank statements, investment documents) Proof of debts (credit card statements, loan statements) Photo ID How long does pre-approval take in Ontario? The timeframe can vary, but it's usually a quick process. At Swivel Mortgage, we aim to deliver your pre-approval efficiently.
  • Additional Considerations
    Does pre-approval affect my credit score in Ontario? Inquiries for pre-approval typically result in a soft credit check, which has minimal impact on your score. How long is a pre-approval valid in Ontario? Pre-approvals in Ontario typically last for 3-6 months, depending on the lender. Contact your lender for their specific timeframe. What happens after I get pre-approved? Once pre-approved, you can confidently start your house hunt and submit offers with your pre-approval documentation. When you find your dream home, you can proceed with a formal mortgage application.
  • The Home Buying Process
    Do I need a real estate agent? Yes! A real estate agent with experience in assisting first-time home buyers can answer your questions, provide valuable market insights, and guide you through the process. What steps should I take before making an offer on a home? Hire a qualified home inspector to assess the property's condition and conduct thorough due diligence by researching the neighborhood (schools, amenities, crime rates).
  • Why choose Swivel Mortgage group as my mortgage broker?
    Our team of experienced and friendly mortgage professionals is dedicated to helping first-time home buyers in Markham, Ontario & Alberta navigate the process smoothly. We understand your needs and concerns and can guide you every step of the way.
  • Government Programs
    What government programs are available to first-time home buyers? The Canadian government offers programs like the First-Time Home Buyer Incentive and the Home Buyers' Plan to help reduce your down payment burden. We can help you determine your eligibility.
  • Pre-Approval and Mortgage Rates
    What is a pre-approval and why is it important? A pre-approval clarifies your budget and strengthens your position in the competitive housing market by outlining the maximum loan amount you qualify for. How do I shop around for the best mortgage rates? Use a Mortgage Brokerage like ours to compare rates and terms from multiple lenders.
  • Budgeting and Affordability
    How much can I afford to borrow? Use a mortgage affordability calculator to estimate your borrowing power based on your income, expenses, and debts. Remember to factor in your down payment, closing costs, and ongoing expenses. What additional costs should I consider when budgeting for a home? Beyond the purchase price, factor in closing costs, home inspection fees, and moving expenses.
  • The Renewal Process
    How far in advance should I start thinking about mortgage renewal? It's wise to begin exploring renewal options 3-6 months before your current term ends. This timeframe allows for a smoother transition and ensures you have ample time to compare rates and make informed decisions. What documents will I need for mortgage renewal? Required documents may vary, but typically include: Proof of income (paystubs, employment letter), proof of assets (bank statements, investment documents), proof of debts (credit card statements, loan statements), and photo ID. What happens after I receive a renewal offer from my current lender? Don't feel obligated to accept the initial offer. Use this as a starting point for comparison. Swivel Mortgage can help you negotiate better rates and terms or explore alternative lenders for potentially more favorable options.
  • Working with Swivel Mortgage
    How can Swivel Mortgage help me achieve my financial goals through mortgage renewal? Our brokers will take the time to understand your long-term financial aspirations. Based on your goals, we can recommend a renewal option that complements your financial plans, potentially saving you money and positioning you for future success. What are the fees associated with working with a mortgage broker for mortgage renewal? Swivel Mortgage typically gets compensated by the lender you choose upon successful renewal. There are usually no upfront fees for our services.
  • General Inquiries
    Should I renew my mortgage with my current lender or explore other options? While renewing with your current lender might seem convenient, it's not always the most cost-effective option. Swivel Mortgage can help you compare rates and terms across various lenders to ensure you secure the best deal for your renewal. What are the benefits of working with a mortgage broker for mortgage renewal? Mortgage brokers like Swivel Mortgage offer several advantages: They can shop around for better rates, negotiate terms on your behalf, align your renewal with your financial goals, explain complex mortgage terms, and guide you through the entire process.
bottom of page