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
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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 .
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