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In Canada, a pre-approval is a process in which a lender evaluates a potential borrower's creditworthiness and financial situation to determine how much money they would be willing to lend for a mortgage. Pre-approvals are typically valid for a certain period of time, usually between 90 and 120 days, and are subject to certain conditions being met.

To get a pre-approval, a potential borrower usually needs to provide the lender with information about their income, employment, assets, debts, and other financial details. The lender will use this information to calculate the borrower's debt-to-income ratio, which is a measure of their ability to make mortgage payments.

A pre-approval is not a guarantee that a lender will lend the borrower a certain amount of money, but it does give the borrower a good idea of how much they may be able to borrow and can help them narrow down their search for a home. It can also give the borrower an advantage when making an offer on a home, as it shows the seller that the borrower is financially qualified to purchase the property.

It's important to note that a pre-approval is not the same as a mortgage approval, which is the final step in the mortgage process. A mortgage approval is only issued once a lender has thoroughly reviewed all of the borrower's financial information and approved the loan.

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