In a competitive market, pre-approval isn't just helpful — it's essential. Without it, you risk losing properties to better-prepared buyers or discovering too late that your budget doesn't match your expectations.
Pre-approval gives you a clear borrowing limit, shows vendors and agents you're a serious buyer, and allows you to move quickly when the right property appears. In hot markets, properties can sell within days of listing — there's no time to arrange finance after finding your dream home.
A few tips: get pre-approval from your preferred lender before you start seriously searching. Understand that pre-approval is conditional and can be withdrawn. Don't make any major financial changes (new credit cards, job changes) during the pre-approval period. And review your pre-approval terms carefully with your broker.