Read your pre-approval letter: expiry, conditions and what could void it
Enter what your letter says and the reader works out the rest. A TD letter dated 2026-10-01 holds its rate 120 days, to 2027-01-29; a 2027-01-15 closing falls 14 days inside it. A $575,000 price with $57,500 down needs $534,578 once the $17,078 insurance premium is added: $14,578 over the $520,000 approved.
Figures as of 2026-11-02.Pre-approval letter reader
Type in what your letter says. See when the hold ends, whether closing fits inside it, the conditions to clear and what could void it.
- Rate hold ends
- 2027-01-29
- Days left from today
- 88
- Closing vs hold
- 14 days inside
- Price minus down payment
- $517,500
- Insurance premium (3.30%, added to the loan)
- $17,078
- Mortgage needed, premium included
- $534,578
- Against the amount on the letter
- $14,578 over
- Minimum down payment
- met ($32,500)
- Payment at the held rate (30 years)
- $2,548/mo
- Qualifying rate at final approval
- 6.02%
Conditions to clear, and what to send
- Confirm incomeEmployment letter and recent pay stubs (salaried), or two years of T1 Generals and Notices of Assessment (self-employed, commission).
- Verify down paymentAbout 90 days of statements for every account holding the down payment and closing costs, with large deposits explained.
- Satisfactory appraisalNothing from you up front: the lender orders it after your offer. If it comes in below the price, the gap is cash.
What could void it
The 120-day hold ends before closing
Your income, debts or credit change before final approval
New debt, a job or income change, or a credit score drop before funding
A property the lender won't finance, or an appraisal below the price
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.
Hold ends 2027-01-29 (88 days from today). Closing falls 14 days inside it. Mortgage $534,578 including a $17,078 insurance premium is $14,578 over the pre-approved amount.
Assumptions & sources
Assumptions
- Expiry = date on the letter + hold length. Lender hold periods are from each lender's own page, read November 2, 2026; your letter governs.
- Under 20% down, the CMHC premium (4.00%, 3.10%, 2.80% or 2.40% by loan-to-value, plus 0.20% on a 30-year amortization) is added to the mortgage, and the payment includes it.
- Payment uses semi-annual compounding; qualifying rate = the higher of the rate + 2 points or 5.25% (OSFI; Department of Finance for insured).
- Minimum down payment: 5% of the first $500,000, 10% above; 20% at $1,500,000 or more.
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 — 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 .
How does this calculator work?
The reader adds the hold to the letter's date (or uses the lender's stated period from its own page), compares your closing date with the expiry, checks the mortgage you need against the amount on the letter and the minimum down payment, and lists each condition with the document that clears it. The "what could void it" list combines the lender's own stated conditions with what every lender re-checks before funding.
| Lender and date | TD, 2026-10-01120 days |
|---|---|
| Approved amount | $520,000 |
| Price / down payment | $575,000 / $57,500 |
| Closing | 2027-01-15 |
| Hold ends | 2027-01-29 |
| Closing vs hold | 14 days inside |
| Price minus down payment | $517,50010% down, so the loan is insured |
| Insurance premium | $17,0783.30%: 3.10% + 0.20% for 30 years |
| Mortgage needed vs the letter | $534,578 vs $520,000$14,578 over |
| Payment at the held rate | $2,548/mo4.02%, 30 years |
| Qualifying rate at final approval | 6.02% |
Open this example in the calculator →Computed November 2, 2026.
Frequently asked questions
What does 'subject to' mean on a pre-approval letter?
It lists the conditions the lender still needs to clear before a final approval: usually income confirmation, down-payment verification and a satisfactory appraisal of the property.
Is a pre-approval letter a guarantee?
No. The FCAC says a pre-approval doesn't guarantee your mortgage; the lender re-checks your file and the property before final approval.
Primary sources
- Financial Consumer Agency of Canada — Getting a mortgage pre-approval (rate lock 60 to 130 days) (effective October 15, 2025). 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 .
- OSFI — Minimum qualifying rate for uninsured mortgages (Guideline B-20). Checked .