Rate holds on a pre-approval: how long, and what they cover
A rate hold locks a lender's rate while you shop, for 60 to 130 days by lender (FCAC). From lenders' own pages: nesto 150 days, BMO 130, RBC, TD, CIBC and National Bank up to 120, Desjardins three to six months. It protects you if rates rise; conditions decide whether it survives to closing.
Figures as of 2026-11-03.
What does a rate hold do?
It fixes the rate you'd get if your mortgage funds within the hold, so a rate rise during your search doesn't shrink your budget. It doesn't fix the amount: that still depends on your file staying the same and the home qualifying. And it covers a particular product: CIBC says its guarantee applies to fixed rates, and Desjardins says choosing a different mortgage type than the one you were pre-approved for loses the guaranteed rate.
How long does each lender 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 each row as the lender's own words, dated. Two caveats: BMO's current pre-approval page didn't load for us, so its 130 days comes from BMO's newsroom announcement; and National Bank's page gives both 120 and 90 days, so ask which applies.
Which lenders hold the longest?
| Lender | Days | Note |
|---|---|---|
| nesto | 150 | 150 days, with one float-down if rates drop |
| BMO | 130 | From BMO's own newsroom; its current pre-approval page timed out, so check the figure with BMO. |
| RBC Royal Bank | 120 | Up to 120 days |
| TD | 120 | 120 days |
| CIBC | 120 | Up to 120 days from the certificate date |
| National Bank | 120 | National Bank's page gives both 120 and 90 days; ask which applies to you. |
| ATB Financial | 120 | From a 2021 ATB article; check the current figure with ATB. |
| Desjardins | 90 | Countdown uses 3 months (90 days), the low end of Desjardins' range. |
What is a rate hold worth?
In the worked example below, a half-point rise between pre-approval and closing would have added $142 a month to a $520,000 mortgage, and cut the maximum price from $586,800 to $565,000, because the stress-test rate rises with the contract rate. That second effect matters most for buyers near their limit. Model yours with the rate-hold countdown.
What conditions can end a rate hold?
- The money doesn't move in time. RBC says its guarantee expires if the mortgage isn't funded within the period. Closing day, not offer day, is what counts.
- Your situation changes. CIBC's guarantee applies while your financial situation doesn't change; Desjardins says the same.
- You change the product. Desjardins: a different mortgage type than the one pre-approved loses the rate. CIBC: fixed rates only.
- The property doesn't qualify. A pre-approval hasn't seen the home; an appraisal or property type can still change the answer.
What happens when a rate hold expires?
You can usually renew the pre-approval at the current rate, with an updated credit check and documents. If rates have risen your maximum may fall; if they've fallen it may rise. If you're close to the end of a hold and haven't found a home, a fresh pre-approval from another lender can restart the clock, but each hard credit check is visible on your report.
A buyer pre-approved on September 1, 2026 with a 120-day hold. Rates rose half a point before closing.
| Held rate | 3.87% |
|---|---|
| Rate at closing without a hold | 4.37% |
| Mortgage | $520,00025 years |
| Hold ends | 2026-12-30 |
| Payment at the held rate | $2,699/mo |
| Payment without the hold | $2,841/mo |
| Maximum price, held vs not | $586,800 vs $565,000 |
| The hold is worth | $142 a month$8,509 over a five-year term |
Open this example in the calculator →Computed November 2, 2026.
Key terms
- Rate hold
- A lender's promise to give you a stated rate if your mortgage funds within a set number of days.
- Float-down
- A feature that lets you take a lower rate if rates fall during the hold; nesto says it allows one.
- Funding date
- The day the lender advances the money, usually the closing date. Several lenders' holds must cover it, not just the offer.
What this means for you
Pick your lender with the closing date in mind. If you're shopping in a slow market or buying a new build, the length of the hold can matter more than a few hundredths of a point on the rate: nesto, BMO and ATB (new builds) state longer holds than most. Put the expiry in your calendar the day you get the letter, and count back from your likely closing.
If rates fall during the hold, ask for the lower rate: TD says you can. If your closing might land after the hold, ask about an extension in writing before you make an offer.
Frequently asked questions
How long is a mortgage pre-approval good for in Canada?
Usually as long as its rate hold: 60 to 130 days per the FCAC. Desjardins says its pre-approval is good for six months; most banks hold the rate up to 120 days.
What if rates go down after my pre-approval?
Ask for the lower rate. TD says you can ask to have your pre-approved rate adjusted to the lower current rate; nesto's lock allows one float-down.
Does a rate hold cost anything?
None of the lenders we checked charges for a pre-approval rate hold on its page. Ask if a broker or lender mentions a fee.
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 .
- Department of Finance Canada — Statement on the insured mortgage stress test (effective December 12, 2023). 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 .