Plan your mortgage before you shop

How pre-approval works

1. Gather your documentsLenders usually ask for proof of income, identification, your savings for the down payment and details of your debts.
2. Meet a lender or mortgage brokerThey check what you may be able to borrow and what the payment would be.
3. Ask what the pre-approval depends onIt is usually based on the information you give and on a rate that may be held for a set time. It is not a promise to lend.
4. Shop with a number in mindWe plan your search around the budget you set with your lender.

Questions to ask a lender

• How much could I borrow, and what is the monthly payment?
• What rate is it based on, and how long is it held?
• What is the minimum down payment for the price I am considering?
• Is mortgage insurance needed, and what does it cost?
• What are the penalties if I break the mortgage early?
• What happens at renewal?

Check current rules at the source

Mortgage rules and rates change. See the Government of Canada and the Financial Consumer Agency of Canada at canada.ca for current information, and ask your lender.

We are not mortgage brokers, lenders or financial advisors. This page is general information.

How we work with lenders

OPEN: do you receive any fee or benefit from a lender or mortgage broker you introduce? RECO requires disclosure. Confirm wording with the brokerage

Frequently asked questions