What a lender is actually reviewing
When lenders evaluate your mortgage application, they’re primarily assessing your ability to repay the loan. Your income, debts, credit history, down payment source and the property all matter. A rate hold or pre-approval is conditional: the property and your circumstances still need a final review. Ask what has already been verified and what remains outstanding.
Separate the minimum from your comfortable budget
Canada’s minimum down payment is price-dependent. A qualifying insured purchase below $1.5 million can have a down payment below 20%; eligibility and insurer requirements still apply. At $1.5 million or more, plan at least 20%. Add closing costs and an emergency reserve instead of using all available savings for the down payment. The payment worksheet distinguishes monthly cash costs from qualification ratios.
A practical order of operations
Check your credit reports, assemble income evidence, trace the down payment and request a written lender review before an offer. Record expiry dates and conditions. Employment changes, new borrowing or an appraisal shortfall can change the result. A financing condition is a contract decision to discuss with your real estate and legal professionals.
A question worth asking
Does this website pre-approve me?
No. Our tools organize assumptions. A lender or appropriately licensed mortgage professional must review an actual application.
Check the source
Primary references checked October 28, 2026. Rules and product availability can change; confirm the requirements for your actual transaction.