Step one
Get pre-qualified or pre-approved
Know your number and lock your rate before you book a single showing.
Pre-qualification vs pre-approval
| Pre-qualification | Pre-approval | |
|---|---|---|
| Time | About 15 minutes | 1 to 3 business days |
| Credit check | No | Yes, with your consent |
| Documents | None | Income, down payment, ID |
| Rate hold | No | Usually 90 to 120 days |
| Use it to | Set your search range | Write offers with confidence |
Both are free when you work with a broker. The lender pays the broker when your mortgage funds in most cases; Peter will confirm any fees in writing before you commit.
Apply online now
Ready for the full application? Peter's secure Dominion Lending Centres application takes about 15 minutes.
Pick your starting point and a date
Choose a date and time that suit you. Peter or Sean will confirm by text or email, usually the same business day.
Quick pre-qualification
A 15-minute call. No documents, no credit check.
Full pre-approval
Documents reviewed, credit checked with consent, rate held.
Document checklist
- Government photo ID for everyone on the mortgage
- Recent pay stubs and a letter of employment (salaried)
- Two years of T1 Generals and Notices of Assessment (self-employed, commission or bonus income)
- Proof of down payment: 90 days of statements showing where it came from
- A signed gift letter if family is helping with the down payment
- Details of debts: car loans, lines of credit, student loans, support payments
- If you own a home: current mortgage statement, property tax notice and any listing or sale agreement
Tip: do not open new credit, change jobs or move your down payment around between pre-approval and closing without talking to Peter first.
Rate-hold planner
Enter your pre-approval date to see your key dates.
Questions
How long does a mortgage pre-approval take?
A pre-qualification can take 15 minutes on the phone. A full pre-approval usually takes one to three business days once your documents are in, sometimes longer for self-employed income.
Is my pre-approval rate guaranteed?
A rate hold protects you if rates rise before you buy, usually for 90 to 120 days. If rates fall, a broker can often get you the lower rate. The hold ends on its expiry date, so plan your search around it.
What is the mortgage stress test?
Federally regulated lenders must check that you could afford your payments at a higher qualifying rate: the greater of your contract rate plus 2% or 5.25%. Your pre-approval already includes this test, which is why it is more reliable than an online estimate.