A preapproval based on verified documents tells you the real budget and holds a rate for several months. A quick online estimate gives you neither, and won’t stand up to a competing offer.
Ceiling versus comfort
The most a lender will approve and the payment you can live with are rarely the same. Fix the second one first, then treat the approval as a limit, not a goal.
Cut conditions after the offer
Every condition you keep protects you; every one you drop makes your offer more attractive. Shortening the financing window is normally safer than removing it.
Documents to gather
What the lender will ask for.
Goal of the file
Income and paperwork
Debts and credit
Property or security
Timeline
Lender options
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.
