How much mortgage will i get preapproved for

How much can you afford?

Use our calculator to get an estimate on your price range that fits your budget, along with mortgage details.

Let's start with the basics

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Your affordability estimate

Monthly mortgage payment

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Tip: Consider increasing your down payment to to qualify for a maximum purchase price of approximately

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Tip:  Keep in mind you may need to pay other monthly costs as a homeowner, such as home insurance, utilities, phone, cable and internet.

What your purchase price includes

Includes:

Mortgage default insurance4

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Tip: Set aside about 2% to 4% of your purchase price for closing costs.

Next steps

Apply now to get pre-approved or request a call from one of our Mortgage Advisors. They'll guide you through the next steps.

† Calculator applies to residential mortgages only. Results are approximate and for illustration purposes only; do not rely on this information when making financial decisions; visit your CIBC Banking Centre or speak with a CIBC Mortgage Advisor.

Results are based on the information you provide, estimates and assumptions on which pre-filled amounts are based, and interest rates which, for purposes of the calculation, are assumed to remain constant throughout the term. Actual rates may vary and will affect the amount you can borrow.

Advice and resources

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Make an offer on a home

Learn how to start the home-buying process and what to look for in your agreement of purchase and sale.

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Before you’re preapproved for a home loan, work with your lender to verify your financial information and obtain a loan estimate. Let’s walk through each of the steps and review the parts of the process you’ll be responsible for.

Collect Your Documentation

The preapproval process is essentially a mortgage application. This means your lender or loan officer will want to take a comprehensive look at your finances. You should be prepared to provide information on the following:

• Proof of income
• Employment verification
• Proof of assets
• Credit history
• Identification
• Debt-to-income ratio (DTI)

Before starting the preapproval process, you'll want the necessary documentation to ensure the process goes smoothly. Here are a few items you should have on your mortgage preapproval checklist:

• W-2 statements
• Pay stubs
• Bank statements
• License
• Social Security number

Once you've submitted all your information to the lender, you can expect to receive your loan estimate within 3 business days, though this may be much shorter if you use an online mortgage lender. The loan estimate will let you know whether you've been preapproved and for how much.

Know When To Get Preapproved

Preapproval isn't just for your lender. Knowing how much mortgage you can expect to take out is also highly beneficial to you as a buyer, and it can help you narrow down and focus on your best options.

That means the best time to get preapproved is at the start of your home buying journey. If you know you're in the market for a new home, apply for preapproval now to get an early picture of your mortgage options and show agents you're a serious buyer.

Get Your Credit Score Checked

Preapproval usually requires a hard inquiry into your credit. While this may cause your credit score to drop slightly, getting preapproved won’t hurt your credit in a significant way. Subsequent inquiries from other mortgage lenders within the same time period (usually about 45 days) won't affect your score at all.

Receive Your Mortgage Preapproval Letter

When you get preapproved, you usually get a preapproval letter. There are a few reasons the preapproval letter is important. First, real estate agents typically want to see your preapproval letter before they show you houses. This ensures they don’t waste time showing you homes outside your budget.

Second, the preapproval letter is something you can share with the home’s seller when you make an offer. It shows you won’t have problems getting financed for the amount you’re offering.

Understand How Long Preapproval Lasts

Preapproval doesn't last forever. Check your expiration date and keep it in mind as you look at homes. Though it varies from lender to lender, preapproval is typically valid for 60 – 90 days. If you haven't settled on a house, you can request a renewal by giving your lender your most up-to-date financial and credit information.

What determines your pre approval amount?

Is preapproval hard hit?

Does a pre approval hurt your credit?

Can you get more than pre approval amount?