A preapproval based on verified documents shows the real budget and protects a rate for several months. A quick online estimate does neither, and it means nothing against a competing offer.
Your comfortable payment comes first
The maximum a lender approves and a payment you can live with are rarely the same number. Settle the second first, then treat the approval as a cap, not something to aim for.
After the offer, cut conditions carefully
Keeping a condition protects you. Dropping one makes the offer more attractive. Shortening the financing window is normally safer than removing it entirely.
Documents to gather
What the lender will ask for.
Goal of the file
Income and documents
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. 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.
