A preapproval built on verified documents tells you your real budget and holds a rate for a few months. A quick online estimate does neither, and it won’t help you against a competing offer.
Maximum versus livable
What a lender approves and what you can live with are rarely the same number. Decide the second one first. The approval is a ceiling, not a target.
Trim conditions after the offer, not before
Each condition you keep protects you, and each one you drop makes your offer look better. Shortening the financing window is usually safer than dropping it.
Documents to gather
What the lender will ask for.
Reason for the file
Income and documents
Debts, credit
Property or security
Timeline
Lenders to consider
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Ready before the offer, they make a five-day financing condition workable; ready after, they add weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
