A preapproval based on verified documents gives you the true budget and holds a rate for several months. An online estimate does neither, and won’t count for anything against a competing offer.
Approved isn’t the same as comfortable
The most a lender will approve and the payment you can live with are seldom the same figure. Decide the second first. The approval then becomes a ceiling, not a target.
After the offer, drop conditions carefully
Every condition you keep is protection. Every one you remove makes your offer more attractive to the seller. Often the safer move is to shorten the financing window, not to remove it.
Documents to gather
What the lender will ask for.
Goal of the file
Income and documents
Debts and credit
Property or security
Target timeline
Lenders to consider
Frequently asked
What documents should I have ready?+
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. Gathered after, they cost you 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.
