A preapproval on verified documents shows your true budget and locks a rate for several months. A quick online estimate does neither, and a seller won’t give it any weight next to a rival offer.
Set your own ceiling
What the lender approves and what you can comfortably pay are rarely the same number. Fix the second first. The approval is a limit, not a goal.
Conditions: shorten, don’t scrap
Every condition you keep is a protection, and every one you drop makes your bid look better. Cutting the financing window short is usually safer than removing the condition.
Documents to gather
What the lender will ask for.
Goal of the mortgage
Income and papers
Debts, credit history
Property or security
Target date
Lenders available
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. If you have them before the offer, a five-day financing condition can work. If not, expect weeks of delay.
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.
