First-Time Buyer Mortgage Planning Guide › Chapter 11
I’ve found the house. Now what?
By Rajiv Verma, Mortgage Broker · Mortgage Architects, FSRA Brokerage Licence #12728 · Updated November 3, 2026
Short answer: a pre-approval is not an approval. Your mortgage is only confirmed once the lender has reviewed your documents and the property. Until closing, your job is to keep your file exactly as the lender saw it.
What’s the difference between pre-approval and approval?
| Pre-approval | Approval | |
|---|---|---|
| What it does | Holds a rate; estimates your budget | Confirms the lender will fund this property |
| Documents reviewed | Often not fully | All income, down payment and property documents |
| Property reviewed | No | Yes (appraisal, condo documents if any) |
Pre-approval in the GTA: what it actually gets you →
Is an online pre-approval the same as a broker review?
No. In CMHC’s 2025 survey, among first-time buyers who shopped online, 71% applied for a pre-qualification or pre-approval online. An online pre-approval usually checks your credit and the numbers you type in. It doesn’t review your documents, your down payment trail, or the property. A full broker review looks at all of it before you make an offer, so there are fewer surprises once you have an accepted offer.
Should my offer have a financing condition?
A financing condition gives you time, typically about 5 business days, to get the lender’s full approval. Without one, you’re committed even if the lender says no. In a competitive market, buyers sometimes skip it. If you’re considering that, talk to me first so your file is fully underwritten before you offer.
Can we make an offer first and sort out the mortgage after? →
What can kill my approval before closing?
- Changing or quitting your job
- Buying a car or furniture on credit
- Missing a payment on any account
- Large deposits you can’t explain
- Co-signing for someone else
Nobody told me this
Lenders can re-check your credit before closing. That new sofa on a store card can change your approval.
What should I check in closing week?
- ☐ Lawyer has the mortgage instructions
- ☐ Home insurance is in place
- ☐ Closing funds (down payment + closing costs) are in one account, ready to transfer
- ☐ Nothing has changed with your job or debts
Should I protect my mortgage with insurance?
Your lender will likely offer mortgage life and disability insurance (creditor insurance) when you sign. This is different from mortgage default insurance (Chapter 5), which protects the lender. Creditor insurance is simple to apply for and can suit some borrowers, but compare it before you say yes. Coverage through the lender is usually tied to that lender and your remaining balance, and terms on health questions and claims can differ from a personal policy. Personal term life and disability insurance belongs to you, can stay with you if you switch lenders, and may cost less depending on your age and health.
Talk to a licensed insurance advisor before closing. If you’d like a referral, ask me.
What should I plan for in my first year as an owner?
- An emergency fund. A common rule of thumb is three to six months of expenses. Repairs show up early.
- Your property tax. Know whether your lender collects it with your payment or whether you pay the city yourself.
- Prepayments. Even a small extra payment each year, within your privileges, cuts interest and time.
- A maintenance set-aside. Furnaces, roofs and appliances don’t warn you.
- Your renewal date. Put it in your calendar now. Your rate and payment can change at renewal, and that’s your chance to review your options instead of just signing.
Frequently asked questions
How long does a financing condition usually last?
Often about 5 business days, but it’s negotiated in your offer.
Can a lender cancel my approval before closing?
Yes, if your income, credit or debts change, or the property doesn’t meet their requirements.
Should I waive my financing condition?
Only after your file is fully underwritten. Talk to me first.
Next up · Chapter 12Special situationsContinue reading →
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Rajiv Verma, Mortgage Broker · Mortgage Architects, FSRA Brokerage Licence #12728 · 15 Gateway Blvd, Unit 201, Brampton, Ontario · Office 289.505.0631 · Direct 647.291.7116
This guide is general education, not personal financial, legal or tax advice. Rates shown are examples as of November 3, 2026, for comparison only, and are not a quote or a commitment to lend. Your rate and approval depend on your application, credit, income, property and lender guidelines. Program rules can change.