A preapproval on verified documents gives you a real budget and holds your rate for several months. A quick online estimate doesn’t, and it carries no weight against a competing offer.
Budget for the payment, not the max
The biggest amount a lender will approve is rarely the payment you want to carry. Settle on the payment first. The approval is a ceiling.
After the offer, trim with care
Conditions you keep protect you. Conditions you drop make the offer stronger. A shorter financing window is usually a safer move than dropping it.
Documents to gather
What the lender will ask for.
Goal of the file
Income and paper trail
Debts and credit
Property or security
Deadline
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. Gathered before the offer, they keep a five-day financing condition realistic. 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.
