How to get pre-approved for a mortgage in London
Apply to a lender or a mortgage broker with your ID, proof of income, your down payment and your debts. They will likely run a credit check, then tell you the most they may lend.
You might be worried you will be turned down, or fall for a home you cannot afford. A pre-approval tells you before you shop.
This page is general information, not financial advice. Rules here were checked on Canada.ca and OSFI on October 6, 2026. Your broker confirms the numbers for you.
The Bottom Line (Quick Answer)
- Get pre-approved before you shop. It sets your budget and makes your offers credible.
- A lender can hold your rate for 60 to 130 days. A pre-approval is not a final approval.
- The Ken Small Real Estate Team is not your lender. We connect buyers in London, Ontario with mortgage brokers we trust.
The short version
- Apply to a lender or a mortgage broker with your ID, proof of income, your down payment and your debts.
- A lender can hold your interest rate for 60 to 130 days. It depends on the lender.
- Lenders qualify you at a higher rate than the one you will pay.
What is the difference between pre-approval and pre-qualification?
A pre-qualification is a rough estimate based on what you tell a lender. It is useful for a ballpark, but it is not binding.
A pre-approval goes deeper. The lender checks your income, debts and credit. Then it tells you the most you may get, and can hold a rate for a set time.
Lenders use these names differently, so ask which one you are getting.
It still is not a promise. The Government of Canada says it plainly:
“This process does not guarantee your approval for a mortgage.”
What do you need to get pre-approved for a mortgage in London, Ontario?
- ID
Your government photo ID.
- Proof of income
A recent pay stub. If you are self-employed, your Canada Revenue Agency notices of assessment for the past 2 years.
- Your down payment and closing costs
Proof you can pay both. Savings, a gift, or an RRSP under the Home Buyers’ Plan.
- Your debts and other assets
What you owe, and what you own, such as a car, cottage or boat.
Source: Financial Consumer Agency of Canada (new tab).
How long does a mortgage pre-approval last?
A lender can hold your interest rate for 60 to 130 days. It depends on the lender. Ask for the end date in writing, and plan your search around it.
How much do you have to put down?
The minimum depends on the price. Here are the federal rules:
| Home price | Minimum down payment |
|---|---|
| $500,000 or less | 5% of the price |
| $500,000 to $1.5 million | 5% of the first $500,000, plus 10% of the rest |
| Over $1.5 million | 20% of the price |
Source: Financial Consumer Agency of Canada (new tab). The insured-mortgage cap rose to $1.5 million on December 15, 2024 (Department of Finance Canada, new tab).
Put down less than 20%, and you will typically need mortgage loan insurance. It comes from CMHC, Sagen or Canada Guaranty. Twenty percent or more avoids it.
Either way, the cost to buy a house in London is more than the down payment. Budget for closing costs too. London adds no city land transfer tax; only Toronto does.
What is the mortgage stress test?
Lenders qualify you at a higher rate than the one you will pay. That protects you if rates rise.
For an uninsured mortgage, OSFI sets the test rate. It is “the greater of the mortgage contract rate plus 2% or 5.25%” (source: OSFI, new tab).
It means you may qualify for a bit less than the rate alone suggests. Your broker runs the exact number.
We connect you with brokers we trust
We are not your lender, and rates change all the time. So we do not guess at your numbers. We introduce you to mortgage brokers who confirm the real figure. Then we build your home search around a budget you can stand behind.
What does it cost to buy a home with us?
$495 to start. Our 3% commission is paid from the seller’s side of the deal. If a seller offers our brokerage less than 3%, you never pay the difference. It is all in your Buyer Representation Agreement, before you sign.
Fire us any time before you make an offer. Only the $495 retainer stays with us, because that work is done. What it costs to buy a home with us.
When we represent you, any home you buy comes with two things
- A 1-Year Canadian Home Shield SafeClose™ Warranty. Up to $15,000 of protection, with a $100 deductible. Paid for by us. It starts the day you take possession.
- A Love Your New Home Guaranteed or I’ll Sell It For Free certificate. If within 24 months the home isn’t right, we list it for free.
The whole deal, in plain English. The certificate is valid for 24 months from your purchase. Your next home must be of equal or greater value and bought through the Ken Small Team. “Free” covers the listing-side commission only. You remain responsible for the buyer’s agency fee. You receive the certificate at possession. See every guarantee.
Who this is not for
If you want an agent who opens doors and stays quiet, we are probably not your team. We push back on a bad house. We run the numbers out loud. And we will talk you out of a home that is wrong for you.
Looking for a rate quote? That is a broker’s job, not ours. We will point you to one we trust.
What London buyers say about the Ken Small Real Estate Team
★★★★★“All the way from the start of the house search, Ken was there to help at every step. From setting up search criteria that exactly met our needs, to getting viewings scheduled, to providing honest feedback about the properties (which is often rare for most agents); Ken went above and beyond our expectations. 10/10 experience with Ken.”
J H · Buyer · Apr 2023 · via Google
All testimonials and Google reviews are verified, unedited statements from actual past clients of the Ken Small Team.
4.9 average from 14 Google reviews, as shown on our reviews page (October 2026). Read every review →
The honest takeaway
Sellers still take a pre-approved buyer seriously. Get the pre-approval.
Common questions about pre-approval in London
What is the minimum down payment in Canada?
How much money do you need to buy a house in Ontario?
Can you buy a house in Ontario with no down payment?
What’s the difference between pre-qualification and pre-approval?
Does a pre-approval guarantee my mortgage?
Do I need mortgage insurance?
What is the mortgage stress test?
Can Ken help me get pre-approved?
Get pre-approved, then shop with a plan
Book a 15-minute call. We will point you to a trusted broker for pre-approval. Then we build your London home search around a budget you can stand behind.
About Ken Small
Ken Small, REALTOR®, has been a real estate agent in London since 2003. He leads the Ken Small Real Estate Team at Century 21 First Canadian Corp., Brokerage. The office is at 420 York Street, London, ON N6B 1R1. RECO #4727293. We help buyers in London, Komoka, Kilworth, Mount Brydges, Delaware and Dorchester. Meet the team →