The HBP lets you take up to $60,000 out of your RRSPs for a first purchase, tax-free, and repay it over fifteen years. What the lender asks for as proof.
A preapproval built on verified documents shows you the real budget and locks a rate for several months. A quick online estimate does neither, and it won’t count for much against a competing offer.
Maximum is not the same as comfortable
What a lender approves and the payment you can live with are rarely the same number. Pick the second one first. The approval is a ceiling, not a target.
Cut conditions after the offer, carefully
Every condition you keep protects you, and every one you drop makes your offer look better to the seller. Shortening the financing period is usually safer than dropping it entirely.
Documents to gather
What the lender will ask for.
Goal of the file
Income and documents
Debts and credit
Property or security
Target 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. Gather them before the offer and a five-day financing condition works. Do it afterward and you’re adding 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.
