🎯 Know what you can afford before you start looking
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Free property estimate →A mortgage pre-approval is the essential first step before house hunting in Quebec. It tells you exactly how much you can borrow, locks in your interest rate for 90–120 days, and shows sellers you're a serious buyer. With the Bank of Canada policy rate at 2.75%, a 5-year fixed at ~3.69%, and a variable at ~3.35% (prime rate 4.45%), getting pre-approved now can protect you from potential rate increases.
🏦 What Is a Mortgage Pre-Approval?
A mortgage pre-approval is a formal commitment from a lender stating the maximum amount they're willing to lend you, based on a thorough review of your financial situation. It involves a credit check, income verification, and document review.
90–120
Days of validity
680+
Recommended credit score
1–3
Business days to obtain
✅ Rate lock — Your rate is guaranteed for 90–120 days, protecting you from increases
✅ Buying power — Know exactly how much you can borrow before house hunting
✅ Seller confidence — A pre-approval letter strengthens your offer
✅ Faster closing — Much of the paperwork is already done
📊 Pre-Approval vs Pre-Qualification
Many buyers confuse these two terms. Here's the critical difference:
Pre-qualification
❌ No credit check
❌ Self-reported information
❌ Informal estimate only
❌ No rate lock
❌ Weak in sellers' eyes
✅ Pre-approval
✅ Full credit check
✅ Verified documents
✅ Formal commitment
✅ Rate locked 90–120 days
✅ Strong with sellers
💡 Key takeaway: always get a full pre-approval before making offers. In a competitive market like Montreal's spring 2026, sellers may not even consider offers without a pre-approval letter.
📋 Required Documents and Credit Score
Gathering your documents ahead of time speeds up the process. Here's what you'll need:
1. 📄 Government-issued ID — Passport, driver's licence, or health card
2. 💰 Proof of income — Recent pay stubs (last 2–3), T4 slips, notice of assessment
3. 📝 Employment letter — Confirming position, salary, and start date
4. 🏦 Bank statements — Last 3 months showing down payment funds
5. 📊 Assets and debts — List of all current debts, loans, and credit cards
Credit score requirements
760+
Excellent — Best rates
680–759
Good — Competitive rates
600–679
Fair — Higher rates
⚠️ Self-employed? You'll need 2 years of financial statements, tax returns (T1 General), and notices of assessment. Some lenders may also require a business licence and bank statements showing consistent revenue.
📅 The Pre-Approval Process Step by Step
Here's what to expect when getting pre-approved in Quebec:
Step 1: 📥 Gather documents — Collect all required paperwork (1–2 days)
Step 2: 🏦 Choose a lender or broker — Compare at least 2–3 options for best rates
Step 3: 📝 Submit your application — Complete forms and provide documents
Step 4: 🔍 Credit check and review — Lender verifies everything (1–3 business days)
Step 5: ✅ Receive pre-approval letter — With your maximum amount and locked rate
Current fixed rate
~3.69%
5-year fixed (March 2026)
Current variable rate
~3.35%
Variable rate (March 2026)
💡 Stress test reminder: even at a 3.69% fixed rate, your lender qualifies you at 5.69% (rate + 2%) or the floor rate of 5.25%, whichever is higher. This affects the maximum amount you can borrow.
💡 Tips to Maximize Your Pre-Approval
Follow these strategies to get the best possible pre-approval amount and rate:
1. 💳 Pay down debt first — Lower your debt-to-income ratio before applying
2. 📊 Check your credit report — Dispute any errors before the lender pulls it
3. 🚫 Avoid new credit — Don't open new credit cards or loans before applying
4. 💰 Save more down payment — A larger down payment increases your buying power
5. 🔍 Shop around — Compare rates from banks, credit unions, and mortgage brokers
⚠️ Credit impact: a pre-approval triggers a hard credit inquiry, which may lower your score by 5–10 points temporarily. However, multiple mortgage inquiries within a 14–45 day window are typically counted as a single inquiry, so don't hesitate to shop around during that window.
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