A preapproval built on verified documents shows you the real budget and holds a rate for several months. A quick online estimate does neither, and it won’t weigh anything against a competing offer.
Maximum versus what you can live with
What the lender approves and the payment you’re comfortable with are rarely one number. Fix the second first. Then the approval is a ceiling, not a target.
Conditions once the offer is in
Each condition you keep protects you, and each one you give up sweetens the offer for the seller. Shortening the financing window is normally safer than taking it out.
Documents to gather
What the lender will ask for.
What the file is for
Income and documents
Debts and credit
Property or security
Target 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. 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.
