A preapproval based on checked documents gives you the true budget and protects a rate for months. A quick online estimate does neither. Sellers don’t give it any weight either.
Your budget is not the lender’s maximum
The maximum approved and the payment you can carry rarely match. Pick the second one first. The approval is then a ceiling, and you’re not obliged to reach it.
Trim conditions with care
Every condition you keep is a protection. Every one you drop makes your offer more appealing. In most cases it’s safer to shorten the financing window than to cut it.
Documents to gather
What the lender will ask for.
Purpose of the file
Income and documents
Debts and credit
Property or security
Timing
Lender options
Frequently asked
What documents do I need to pull together?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Add the certificate of co-ownership and the syndicate’s financial statements. Have them ready before you make an offer, or a short financing window becomes unrealistic.
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.
