Landing at a Glance

• 5-year fixed rates currently range between 3.69% to 4.54% (depending on lender and qualification strength)
• Variable rates continue to adjust with the Bank of Canada
• Lenders are maintaining current stress-test qualification rules
• Approval timelines vary depending on documentation and income type

 

Understanding the Difference

Many buyers believe a pre-approval means their financing is guaranteed. It isn’t.

A pre-approval is a preliminary assessment prepared by a mortgage specialist based on the information you provide (income, debts, and credit score). It gives you an estimate of the purchase price range you may qualify for and can often secure an interest rate for a limited period (typically 60–120 days, depending on the lender).

A true approval is very different. It happens only after a lender reviews all documentation in full:

• The specific property
• The appraisal
• Verified income and employment
• Proof of down payment
• Credit re-confirmation

In other words, pre-approval tells you what’s possible.
Approval confirms what’s real — for a specific property, with verified documentation, under final lender review.

If you’re planning to buy in the next 60–120 days, this is the window where preparation makes the biggest difference. Now is a good time to:

• Review your credit
• Avoid opening new credit accounts
• Keep major purchases on hold
• Ensure income documentation is clean and accessible

A brief conversation with a mortgage specialist now can clarify your true purchase range, identify small adjustments that may strengthen your application, and potentially secure a rate hold.

Preparation done early reduces stress later. Financing is rarely what derails a transaction — lack of preparation is.

If you’re planning to buy this year and want clarity on your true qualification range, reach out — I can connect you with trusted mortgage professionals and help you understand how financing affects your offer strategy.