Mortgage pre-approval in Canada: get ready, get it, keep it
A pre-approval is a lender's conditional estimate after it checks your credit and documents, with a rate held for 60 to 130 days (FCAC). Every lender applies the federal stress test (today, payments at 6.12% or more) and the minimum down payment; insured mortgages must also fit CMHC's 39% and 44% debt limits, and uninsured lenders set their own. Check every test against your target price before you apply.
Pre-approval readiness check
Every test a lender runs, applied to the price you're aiming for, with the fix for anything that fails. Nothing leaves your browser.
- Down payment (pass)
$50,000 meets the $37,500 minimum for $625,000.
- Cash to close (pass)
You have $68,000; down payment plus about $9,607 of closing costs (including $1,932 sales tax on the CMHC premium, paid in cash) needs $59,607.
- Stress test at 6.12% (pass)
GDS 36.4% (limit 39%), TDS 40.4% (limit 44%).
- Credit score (pass)
705 is comfortably above CMHC's 600 minimum (one borrower, insured).
- Down-payment history (pass)
Funds have sat in your accounts about 5 months; lenders typically ask for 90 days of statements.
- Employment (pass)
30 months in your job, past a typical 3-month probation.
Mitey's next step
Gather your documents, then ask two or three lenders for a pre-approval with a rate hold. Until closing, avoid anything on the what-breaks-it list.
Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.
Ready to apply: 6 pass, 0 to watch, 0 to fix. Maximum price about $666,700.
| Income ↓ / Down → | $30K | $50K | $70K | $90K | $130K |
|---|---|---|---|---|---|
| $105K | $505K | $524K | $546K | $565K | $614K |
| $120K | $550K | $596K | $619K | $637K | $675K |
| $135K | $550K | $667K | $690K | $708K | $746K |
| $150K | $550K | $737K | $756K | $779K | $817K |
| $165K | $550K | $750K | $826K | $850K | $887K |
Your saved scenarios
Saved in this browser only. Nothing is sent to us.
Assumptions & sources
Assumptions
- Stress test: payments at the greater of your rate + 2 points or 5.25% (OSFI; Department of Finance for insured), within GDS 39% and TDS 44% (CMHC). Half of condo fees count.
- Down payment: 5% of the first $500,000, 10% of the rest; 20% at $1,500,000 or more. CMHC premium added under 20% down.
- Closing costs: land transfer tax for your location plus our estimates for legal, title insurance and inspection.
- Credit: CMHC requires at least one borrower with a score of 600 for an insured mortgage; lenders set their own bars.
- Funds history (90 days), probation (3 months) and two-year income history for self-employed or variable income are typical lender practices, labelled as such.
- This is not a pre-approval. Only a lender can issue one, after checking your credit and documents.
Sources
- OSFI — Minimum qualifying rate for uninsured mortgages (Guideline B-20). Checked .
- Department of Finance Canada — Statement on the insured mortgage stress test (effective December 12, 2023). Checked .
- CMHC — Calculating GDS / TDS. Checked .
- CMHC — Homeowner mortgage loan insurance: Purchase (eligibility). Checked .
- Department of Finance Canada — Mortgage reforms in force: $1.5M insured price cap, 30-year amortization (effective December 15, 2024). Checked .
- Financial Consumer Agency of Canada — Getting a mortgage pre-approval (rate lock 60 to 130 days) (effective October 15, 2025). Checked .
How long do lenders hold your rate?
| Lender | Rate hold | Credit check | Online | Conditions noted |
|---|---|---|---|---|
| RBC Royal Bank | Up to 120 days | Online pre-approval is a soft check; the full credit pull comes with the mortgage application | Yes | The rate guarantee expires if the mortgage isn't funded within the period |
| TD | 120 days | No impact on your credit score when you apply online | Yes | Subject to all conditions; you can ask to have the rate lowered if rates fall |
| CIBC | Up to 120 days from the certificate date | Involves a credit check, which may impact your score | Yes | Fixed rates only; provided your financial situation doesn't change |
| BMO | 130 days | Not confirmed (BMO's pre-approval page didn't load for us) | Yes (digital pre-approval, per BMO's 2020 release) | BMO extended its rate guarantee from 90 to 130 days in March 2018 (From BMO's own newsroom; its current pre-approval page timed out, so check the figure with BMO.) |
| Scotiabank | Not stated (its article says lenders typically hold 60–130 days) | May be a hard credit check, which can affect your score | Yes (eHOME) | Not a guarantee of funds; final approval follows once you choose a home |
| National Bank | Up to 120 days from receipt of the application (the same page also says 90) | Not stated | Yes | To apply online you must own one property or less in total; property in Canada outside the territories (National Bank's page gives both 120 and 90 days; ask which applies to you.) |
| nesto | 150 days, with one float-down if rates drop | Soft check at submission; hard check once you decide to proceed (nesto FAQ) | Yes (online lender and broker) | Other conditions and restrictions apply |
| Desjardins | Typically 3 to 6 months; the pre-approval is good for 6 months | Requires a credit check (Equifax or TransUnion) | Members can apply online | The rate holds only while your situation and financing stay the same; choosing a different mortgage type loses it (Countdown uses 3 months (90 days), the low end of Desjardins' range.) |
| ATB Financial | 120 days for a resale, 180 for a new build | Not stated | Not stated | Final approval depends on an appraisal, down payment check and title report (From a 2021 ATB article; check the current figure with ATB.) |
Read your own letter · Count down your hold · Rate holds explained
What can break a pre-approval before closing?
Which other tools help you get pre-approved?
Next questions, answered on other MITEY sites
- Plan the budget, city taxes and comfort level: MortgageAffordabilityCalculator.ca.
- Check the qualifying rate in detail: mortgage stress test calculator.
- Compare the big banks' mortgage terms: BankMortgages.ca.
- Read deeper guides on qualifying rules by province and lender: MortgagePreApproval.ca.
- Already own and want to borrow against it instead? RefinanceCalculator.ca and Revalued.ca. Planning retirement income? RetirementPlanner.ca.
Frequently asked questions
How do I get pre-approved for a mortgage in Canada?
Apply to a lender or broker with ID, proof of income, statements for your down payment and details of your debts. The lender checks your credit, applies the stress test and debt ratios, and gives you a maximum amount and usually a rate hold. It isn't a guarantee.
How long does a mortgage pre-approval last?
As long as its rate hold: 60 to 130 days depending on the lender (FCAC). RBC, TD, CIBC and National Bank state up to 120 days, BMO 130 and nesto 150.
What's the difference between pre-approval and pre-qualification?
Pre-qualification is a quick estimate from what you tell a lender; a pre-approval checks your credit and documents and usually holds a rate. Lenders use the terms differently, so ask what was checked.
Is there such a thing as instant mortgage approval?
No. Some lenders give a quick online pre-approval, but the amount depends on verified income, debts and down payment, and final approval only comes after an accepted offer and a property review.
Primary sources
- Financial Consumer Agency of Canada — Getting a mortgage pre-approval (rate lock 60 to 130 days) (effective October 15, 2025). Checked .
- OSFI — Minimum qualifying rate for uninsured mortgages (Guideline B-20). Checked .
- Department of Finance Canada — Statement on the insured mortgage stress test (effective December 12, 2023). Checked .
- CMHC — Calculating GDS / TDS. Checked .
- CMHC — Homeowner mortgage loan insurance: Purchase (eligibility). Checked .
- CMHC — Home Start: 30-year amortization for first-time buyers and new builds. Checked .
- RBC Royal Bank — Getting pre-approved (rate guaranteed up to 120 days; online is a soft check). Checked .
- TD — Mortgage pre-approval (rate held 120 days; no score impact online). Checked .
- CIBC — Mortgage pre-approval (up to 120 days from the certificate date, fixed rates). Checked .
- BMO — BMO extends mortgage rate guarantee period for home buyers (90 to 130 days) (effective March 6, 2018). Checked .
- Scotiabank — How do I get a mortgage pre-approval online? (Advice+ article, April 2021) (effective April 9, 2021). Checked .
- National Bank — Mortgage pre-approval (rate guaranteed up to 120 days). Checked .
- nesto — 150-day rate lock (one float-down permitted). Checked .
- Desjardins — Mortgage pre-approval (rate typically guaranteed 3 to 6 months). Checked .
- ATB Financial — 6 things you need to know about mortgage pre-qualification and pre-approval (October 2021) (effective October 22, 2021). Checked .