- A pre-approval is a lender's conditional yes, based on documents. A pre-qualification is just an estimate.
- Most pre-approvals hold a rate for 90 to 120 days.
- Even with a pre-approval, keep a financing condition in your offer unless your lender says otherwise in writing.
When we start a search together, the very first step is a pre-approval. Not because I need it, but because it tells you what you can spend and makes your offer believable when the right home shows up on a Tuesday night.
Pre-qualified vs pre-approved
Pre-qualification is a quick estimate based on what you tell a lender. Useful for a ballpark, but nobody has checked anything.
Pre-approval means a lender (or a broker on their behalf) has pulled your credit, looked at your income documents and down payment, and confirmed a maximum amount and rate, subject to the property and a final review.
The final approval comes after you have an accepted offer: the lender checks the specific home (sometimes with an appraisal) and re-confirms your situation.
Documents to gather
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Bank or mortgage broker?
Your own bank knows you, which can help. A mortgage broker compares many lenders and is usually paid by the lender, so it typically costs you nothing. Many of my clients get a quote from both. What matters most is a professional who answers the phone in the week your offer is accepted, because financing conditions in Winnipeg are often only a few business days long.
Protecting your approval until closing
- Don't change jobs, or tell your lender before you do.
- Don't buy a car, sofa or anything else on credit.
- Don't co-sign for anyone.
- Don't move large sums around without a paper trail.
- Pay every bill on time. Lenders can re-check your credit before funding.
Does a pre-approval mean I can skip the financing condition?
Usually not. The pre-approval is conditional on the property. If the appraisal comes in low or the lender has questions about the home, you'd want the condition's protection. In competitive situations some buyers waive it after talking with their lender and lawyer. That's a decision to make with eyes open, never in a rush.
What does a pre-approval NOT guarantee?
You're pre-approved and found a home. What should you avoid until closing?
Start with a pre-approval that actually helps
- Reply within 24 hours
- Everything in writing, in plain English or Polish
- Winnipeg and all of Manitoba
Questions people ask
Does a pre-approval hurt my credit score?
A credit check can cause a small, temporary dip. Several mortgage checks in a short window are usually treated like one.
How long does it take?
Often one to three business days once your documents are in. Self-employed files can take longer.
Can I get pre-approved with no Canadian credit history?
Many lenders have newcomer programs. See buying a home as a newcomer.
This article is general information for Manitoba, not legal, tax, mortgage or financial advice. Rules, rates and programs change; figures are estimates as of October 2026. Check your situation with a lawyer, lender or accountant before you act. Adela Strycharz is a REALTOR® with Real Broker Manitoba Ltd. If you already have an agreement with another brokerage, please speak with your own REALTOR® first.