You’re house hunting wrong without this 15-minute step. 1. Mortgage prequalification takes just 15 to 30 minutes online or over the phone — no hard credit check, zero impact on your credit score, and you walk away knowing your realistic budget range before you book a single showing. → 15-30 minutes 2. On an $85,000 income, a lender’s prequalification estimate works out to roughly $2,575 per month in housing costs — which translates to a mortgage range of $375,000 to $400,000, so you know exactly which listings to filter for. → $375K-$400K 3. If you’re a first-time buyer stacking your down payment inside an FHSA, you can contribute $8,000 per year up to a $40,000 lifetime maximum — knowing your prequalified mortgage range tells you exactly how much you still need to save. → $40,000 4. Prequalification is not a guarantee — it’s different from pre-approval, which involves income verification, a hard credit check, and a rate hold that lasts 90 to 120 days, so treat your prequalified number as a starting point, not a finish line. → 90–120 days Full breakdown 🌐 getwealthy.blog #canadafinance #personalfinance #canadianmoneytalk #moneytips #canada
Certified Financial Planner (CFP) and Chartered Investment Manager (CIM) with over 17 years of experience in Canadian personal finance. Spent 10+ years at one of Canada's Big Five banks, the last 7 focused exclusively on high-net-worth clients. Every guide is written with the same depth I bring to real client work — Canada-specific, CRA-verified, and always free.