The amount a lender approves and the payment you can live with are rarely the same figure. Set the second one first, then treat the approval as a ceiling rather than a target.
Find blockers before the offer
A collection balance, a late tax filing or an oversized car payment can be fixed in weeks, but only if you find them before making an offer, not during the financing window.
Next documents
Mathieu identifies the documents needed to move from a first estimate to a stronger pre-approval.
Documents to gather
What the lender will ask for.
Goal of the file
Income and documents
Debts and credit
Property type
Preferred timeline
Lender options
Frequently asked
What is the difference between prequalification and preapproval?+
A prequalification estimates capacity from what you declare. A preapproval rests on verified documents and usually holds a rate for 90 to 120 days. It is the second that carries weight against competing offers.
Current rates
Today’s rates, read with their conditions.
These rates are indicative. The one you get depends on your file, the type of mortgage (insured or not) and the lender, and the penalty attached to it matters as much as the number.
Buying, renewing, refinancing or an unusual situation: describe where you are at, even if it is still vague. Mathieu replies with the next steps and the documents to gather.
