3852 Finch Ave E #209, Scarborough, ON M1T 3T9, Canada
Brokerage #13763
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Brokerage #13763
Mortgage pre-approval a conditional confirmation from a lender that you qualify to borrow up to a certain amount at a specific interest rate, based on your income, credit, and savings. It tells you your budget before you start shopping, and locks in your rate for up to 120 days. lendsimpl compares 50+ lenders with a single credit check. FSRA Brokerage #13763.
5.0 on GoogleFSRA Brokerage #13763Toronto & Ontario-wideTakes about 30 seconds · No cost to compare your options · No obligation
Takes about 5 minutes. You'll share basic details: your income, employment, and how much you've saved for a down payment. Nothing is submitted to a lender yet at this point.
Your broker will tell you exactly what's needed for your situation — no guessing. For most employed people it's recent pay stubs, last 2 years of tax slips, a letter from your employer, and 3 months of bank statements showing your down payment.
A full pre-approval requires a hard credit check, which causes a small, temporary dip in your score. In Canada, each lender that pulls your credit counts as a separate inquiry — having multiple brokers apply on your behalf can compound that. lendsimpl does one pull and uses it to shop 50+ lenders for you.
Your broker reviews your full picture and submits to the lender most likely to approve you at the best rate — not just whoever is first on a list. One application, one credit pull, multiple lenders evaluated.
The letter confirms your maximum purchase price and locks in your interest rate for up to 120 days while you shop for a home. If rates go up before you close, you're protected at your locked rate. If rates drop, you can ask your lender to match the lower rate — though this depends on the lender's policy and is not automatic.
When you go to your bank for a pre-approval, they only check their own products. A broker submits your application to multiple lenders and finds whoever offers the best rate and terms for your situation.
Going to three banks directly means three credit checks. A broker does one pull and uses it to compare dozens of lenders — protecting your credit score while giving you more options.
Banks can often take several business days and only check their own products. Through a broker, most straightforward pre-approvals come back within 1–3 business days — but the biggest variable is how quickly you can get your documents together.
Mortgage brokers in Ontario are typically paid by the lender you're placed with, not by you. You get the broker's expertise and lender relationships throughout your application.
If a major bank declines you, a broker can help figure out what the issue was — though banks don't always give a specific reason. From there they can identify whether a credit union, alternative lender, or private lender is a better fit.
lendsimpl is licensed by FSRA (Ontario's financial regulator) under Brokerage #13763. You can verify this at fsrao.ca. Every broker you work with also holds their own individual FSRA licence.
5.0 on Google
Verified reviews
1–3 Business Days
Typical turnaround once documents are submitted
Up to 120 Days
Rate hold while you shop for a home
50+
Lenders compared with a single credit check
FSRA Licensed
50+ lender network
Going to three banks directly means three separate credit checks. A broker submits your application with a single credit pull and compares dozens of lenders — protecting your score while giving you more options, including lenders that don't take walk-ins.
You'll be talking to
Tissa RatnayakeLicensed Mortgage Broker
Anne XavierLicensed Mortgage BrokerNot a call centre, real people, individually FSRA-licensed.
You're protected at your locked rate for up to 120 days. Even if rates rise before you close, you keep the rate from your pre-approval.
Most lenders allow you to request a lower rate if the market drops before you close — but this isn't automatic. It depends on the lender's policy, and you or your broker needs to ask.
If you haven't found a home within 120 days, your broker can renew the pre-approval. This requires a fresh credit check, but it's routine if your situation hasn't changed.
lendsimpl is a Financial Services Regulatory Authority of Ontario–licensed brokerage. Every mortgage agent is individually licensed.
5.0/5 average rating on Google
“Damien Atapattu made my mortgage process completely stress‑free. He prepared all documents ahead of time and clearly understands lender, lawyer, and appraisal requirements. A friendly, energetic professional who gets results.”
Aruna Bandaranayake
Google review · 5 mo ago
“Highly recommend! Damien took a lot of time to explain the terms thoroughly. He is very knowledgeable and trustworthy. Looking forward to working with him again!”
Tommy Ravindran
Google review · 6 mo ago
“Shamal was amazing throughout the whole process. He is very helpful, knowledgeable and patient. If you need a good reliable mortgage broker he is the guy! He will find you the best solution.”
Avy Loc
Google review · 7 mo ago
“Highly recommend. Damien was excellent throughout everything. Walking us through everything step by step. He was extremely well prepared and well versed in everything we needed to get a mortgage at a great rate.”
John Abraham
Google review · 7 mo ago
“I had a great experience working with Damien. He helped me secure a very competitive mortgage rate through Scotiabank and made the entire process smooth and stress-free. He was knowledgeable, transparent, and always quick to respond to my questions. I highly recommend him.”
Rz
Google review · 8 mo ago
“I approached lendsimpl for some financing and was amazed at the quality and time frame of service. Within a matter of days my deal was completed. Thanks to Damien and the team for expediting my business so efficiently. I highly recommend them for your financing needs. Five stars from us.”
Sunrise Meadows
Google review · 10 mo ago
Straight answers on credit checks, rate holds, and what a pre-approval actually promises — so you know exactly what to expect before you apply.
Have a question we didn't answer?
Our licensed broker team is happy to help.
A pre-approval is a conditional confirmation from a lender that says: based on your income, credit, and savings, you qualify to borrow up to a certain amount at a specific interest rate. It's conditional because the lender still needs to approve the actual property you buy. But it tells you your budget before you start shopping — and locks in your rate for up to 120 days.
A pre-qualification is an informal estimate — you answer a few questions online, no documents, no credit check, and no lender commitment. It gives you a ballpark. A pre-approval is the real thing: your income is verified with documents, your credit is checked, and a lender issues a conditional approval with a locked rate.
No — a pre-approval is conditional. The lender still needs to approve the specific property you're buying (they'll check the purchase price, appraisal, and property type). Your income and credit are also re-verified closer to closing.
A full pre-approval requires a hard credit check, which will cause a small, temporary dip in your score. The exact amount isn't something the credit bureaus publish — it varies depending on your overall credit profile and history. Using one broker who shops multiple lenders with a single inquiry limits this to one pull.
Yes. The process is a bit different because your income is documented differently. Major banks typically want 2 years of T1 General tax returns and Notices of Assessment. Alternative lenders may look at 12–24 months of business bank statements instead.
Every lender has to check whether you could still afford your mortgage if rates went up by 2%. So if your rate is 4.44%, they qualify you at 6.44%. This reduces how much you can borrow — typically by 18–22% compared to qualifying at your actual rate. Your housing costs can't be more than 39% of your gross household income, and all debt payments combined can't exceed 44%.
Most pre-approvals in Ontario come with a rate hold of 90 to 120 days. lendsimpl can secure 120-day rate holds through our lender network. If your rate hold expires before you find a home, your broker can renew it — this requires a fresh credit check but is straightforward if your situation hasn't changed.
Not automatically — it depends on your lender. Many lenders will allow you to request a rate adjustment before closing if market rates have dropped, but this is a manual process and varies by lender.
Still have questions?
Straight answers, no pressure.
From downtown Toronto to the GTA and across the province — lendsimpl arranges mortgage pre-approvals wherever you're buying.
Important
How pre-approval costs work
Getting pre-approved comes at no cost for most residential mortgages — the lender pays the broker. Any fees that do apply to your file are disclosed in writing before you proceed, as required by FSRA regulations.
Brokerage disclosure
lendsimpl is an FSRA-licensed mortgage brokerage (Brokerage #13763) providing mortgage pre-approvals for Toronto and Ontario homebuyers. Pre-approval timelines depend on document submission speed and lender turnaround. Rate holds and rate-adjustment policies vary by lender. All qualifying estimates are for general guidance only.
lendsimpl compares 50+ lenders with a single credit pull and locks your rate for up to 120 days. Licensed Ontario brokers, no commitment. FSRA Brokerage #13763.
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