Dropping the financing condition makes your offer stronger, and commits you to buy even if the lender declines. The deposit, and sometimes more, is at stake.
Your preapproval, its date, and above all what it doesn’t cover: the property appraisal and insurer approval. A preapproval assesses you, not a house you haven’t picked yet.
Lenders judge differently
They don’t all accept the same income, finance the same properties or read credit the same way. That’s why one decline says little about the next answer, and why order of submission matters.
Complete file, first time
Send it whole and you avoid the back-and-forth that adds weeks. Income proof, down payment records and property documents ready before submitting is what keeps a short deadline realistic.
Documents to gather
What the lender will ask for.
What the purchase requires
Income and documents
Debts, credit
Property or security
Target dates
Lender options
Frequently asked
Is it risky to buy without a financing condition?+
Yes. Even preapproved, a lender can decline if the appraisal comes in under the price or the property raises concerns. Without the condition you’re still bound to buy: the deposit can be lost and the seller may claim more. Only consider it with a large down payment and a fully verified file.
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. Ready after, they add 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.
