Know what a Canadian lenderwill actually saybefore you apply.
We map your file against the same categories a Canadian underwriter clears — income, ratios, credit, down payment, property, documents — then show you the gaps in plain language. There is no credit pull to start.
Independent, Canada-wide, and not a lender. Applications are completed with a licensed mortgage professional in your province.
Readiness desk · live
Diagnose your file before any lender pulls credit.
We do not collect SIN, banking credentials, or documents through this form. Your inputs stay in your browser unless you choose to start a review.
Live verdict
Needs document cleanup
The underlying file is fine; the paper trail isn't. Clean the dossier before any lender pulls credit.
Friction points
- ●Credit stability: A-lenders generally want a 680+ beacon plus 2 active trades with 24+ months of history.
- ●Income confidence: Salaried income with a permanent letter and recent paystubs is the cleanest read for a lender.
- 5.25%
- Stress-test floor
- 5%
- Minimum down payment
- $1M+
- Insurance threshold
- 13
- Provinces & territories
You qualify at the greater of contract rate + 2% or 5.25%.
On the first $500,000 of purchase price; 10% on the portion above.
Default insurance rules change above the insured price cap.
Land transfer rules and rebates differ in each one.
Rules summarised from OSFI, CMHC and FCAC guidance. Confirm current thresholds for your own file — see how we source and review these figures.
Start where you are
Eight situations, eight different files.
Canadian lenders read the same categories, but they weigh them very differently depending on your circumstances. Pick the one that sounds like you.
What lenders assess
The categories an underwriter clears — in order.
A pre-approval is not a single score. It is a sequence of checks, and the file stops at the first one that fails. Understanding the sequence is most of the work.
- Income — source, stability, provabilityCleared first
- Debt service ratios (GDS / TDS)Hard ceiling
- Credit profile and history depthTier setter
- Down payment amount and sourceInsurability
- Property type, location, conditionRe-checked at offer
- Documentation completenessMost common stall
Order reflects how files are typically worked in Canada; individual lender policy varies and any single category can decline a file on its own.
| Category | What the lender is asking | Common failure |
|---|---|---|
| Income | Is it stable, provable, and likely to continue? | Variable or self-employed income averaged lower than expected. |
| Ratios | Do GDS and TDS fit within policy at the qualifying rate? | Car and credit payments quietly eat the borrowing room. |
| Credit | What does the history and utilisation say about repayment? | A recent missed payment or a thin file with no depth. |
| Down payment | How much, from where, and is it seasoned? | Untraceable transfers or an undocumented gift. |
| Property | Would we lend on this specific property? | Condo status issues, rural acreage, or age restrictions. |
| Documents | Can everything above be evidenced today? | Missing pages — the single most common stall. |
The journey
Pre-approval is the second gate, not the last one.
Knowing what happens after the pre-approval letter is what keeps a financing condition from failing. Here is the sequence, end to end.
An affordability conversation. No underwriting, no rate hold, no weight in an offer.
Documents reviewed and a rate typically held for a set window. Still conditional.
The lender now underwrites the specific property, not just you.
Conditions issued: appraisal, confirmations, and outstanding paperwork.
Conditions satisfied. Instructions go to your lawyer or notary.
Funds advance on closing day and the mortgage registers on title.
Verified reference values
The rate you are tested at is not the rate you are quoted.
Two different numbers decide a Canadian mortgage. The qualifying rate decides whether you are approved. The rate a lender quotes you decides your payment. The published figures below govern the first one.
| Reference value | Published figure | As of | What it governs |
|---|---|---|---|
| Bank of Canada policy interest rate | 2.25% | 2026-07-29 | The overnight rate target. It anchors prime, and therefore variable-rate pricing. |
| Prime rate (Bank of Canada published series) | 4.45% | 2026-07-29 | The reference rate variable mortgages are quoted against, as prime minus a negotiated discount. |
| OSFI minimum qualifying rate | Contract + 2.00% or 5.25% | 2026-07-31 | The rate your debt-service ratios are tested at — the greater of the two. |
We do not publish consumer rate quotes. Your actual rate depends on the lender, term, insurance status and your file, and is confirmed by a licensed mortgage professional.
Run the numbers
Calculators that answer one lender question each.
Each tool states its formula and assumptions, and runs entirely in your browser. Nothing you type is sent anywhere.
Maximum purchase price under GDS/TDS at the qualifying rate.
OpenPayment, interest split, and prepayment scenarios.
OpenThe rate you are tested at and what it costs you in borrowing room.
OpenProvincial and municipal tax, plus first-time buyer rebates.
OpenDefault insurance premium by down payment band.
OpenA structured read of your file across every lender category.
OpenWhere you're buying
Federal rules set the floor. Your province sets the bill.
Land transfer tax, first-time buyer rebates, closing practice, and the regulator overseeing your broker all change at the provincial line.
Guides
The reference library
- Mortgage pre-approval in CanadaThe complete process, documents, and timelines.
- The mortgage stress testHow the qualifying rate is set and what it costs you.
- Pre-approval vs pre-qualificationWhy one holds up in an offer and the other does not.
- First-time buyer in CanadaFHSA, rebates, and the sequence that actually works.
- Renewal and switchingPayment shock, penalties, and the switch window.
Answers
Questions Canadians actually ask
- How long does a mortgage pre-approval take in Canada?
- How long does a mortgage pre-approval last in Canada?
- Does a mortgage pre-approval affect your credit score in Canada?
- What do you need for a mortgage pre-approval in Canada?
- How do you get pre-approved for a mortgage in Canada?
- Can I get a mortgage pre-approval online in Canada?
- Can newcomers to Canada get pre-approved for a mortgage?
- How do self-employed Canadians get a mortgage pre-approval?
How this site is made
Primary sources, dated reviews, published corrections.
Every figure here traces back to the body that sets it. Pages show a review date only when the desk actually re-read them. If we get something wrong, tell us and we will fix it in the open.
Start the file before you start the house hunt.
Answer a short set of questions about your income, down payment, and timing. You will get a structured read on where your file stands and what to fix first — with no credit pull to begin.