Are you planning to buy a property soon? Apply for pre-approval to lock in your rate and see how much you can borrow.
What does getting pre-approved for a mortgage mean?
When you get pre-approved, you find out how much you can borrow and spend when buying a home. This amount is based on your financial situation, how much you have for a down payment, and what you're planning to buy. Getting pre-approved helps you figure out your borrowing capacity and gives you a head start on your meeting with your real estate broker or the person selling the property.
Benefits of getting pre-approved for a mortgage
- It lets you know the most you can borrow and spend on your future home.
- It gets you 1 step closer to making an offer once you find your dream home.
- It locks in your interest rate
1for a limited time, protecting you from any rate increases.
- It's non-binding, which means you aren't required to take out a mortgage afterwards.
Special mortgage rates
5-year closed fixed-rate mortgage
This rate stays the same for 5 years.
5-year closed reduced variable rate mortgage
This rate varies with the prime rate
How to get pre-approved
1. Review your finances
Before applying for pre-approval, take a look at your current financial situation. Make a detailed list of your income and expenses using our online budget tool.
If you want to figure out how much you can afford to pay for a home based on your income, down payment, financial commitments and other specific factors, these calculators might be useful:
2. Apply for pre-approval
Desjardins members can apply for mortgage pre-approval online. Just log in to AccèsD to get started! Select Home, then set your goal. Fill out the application form and get a quick response.
If you're not a member or you'd like additional support, we're here to help.
Make sure you have the following information on hand:
- Your annual income before taxes, as it appears on your T4 slip
- Your down payment amount and your co-borrower's amount, if applicable
- The approximate purchase price of the property you're interested in
You may need to provide additional information or documents, depending on your plans.
Just got pre-approved? Keep in mind that any major purchases, like a new car or appliances and furniture for your future home, may affect your borrowing capacity. If your situation changes before you apply for a mortgage, you may be granted a smaller loan than the one you were pre-approved for. In some cases, your mortgage application may even be refused.
3. Lock in your mortgage rate
Once you're pre-approved, you'll need to choose a mortgage type to lock in your rate and get your pre-approval certificate. Depending on the type you choose, your pre-approval will guarantee either:
- A fixed rate for a limited time if you choose a fixed-rate mortgage
- A rate spread for a limited time if you choose a variable-rate or annually adjustable-rate mortgage
Your rate is typically guaranteed for 3 to 6 months, as long as your situation and financing stay the same for that period. If your situation changes, contact us to see if it will affect your guaranteed rate.
You can also choose to apply for a different type of mortgage than the one you're pre-approved for—but if you do, you won't be given your guaranteed rate. You'll be granted a mortgage using the rates in effect at that time.
4. Get pre-approved
After you choose your guaranteed rate, you'll receive a certificate and pre-approval letter.
- The certificate lets you know the maximum amount you can pay for your future home.
- The letter contains a detailed explanation of your pre-approval terms. It also contains information on what to do once you've found the home you'd like to buy. Read it carefully.
Your mortgage pre-approval is good for 6 months from the date of issue. Your guaranteed rate is typically good for 3 to 6 months.
You'll still need to undergo a full credit application once you've found a home you'd like to buy. The credit application factors in the real price of the property and your financial situation at that point in time.
Look for a house that is less than your pre-approval amount. That way, you'll have a financial cushion for dealing with any unforeseen expenses, like emergency repairs or interest rate increases. You could also use those savings for other projects.
It might. We use credit reports with Equifax® or TransUnion® to assess your financial situation and trustworthiness. Repeat inquiries on your credit report can hurt your score, such as if you've applied for several pre-approvals or loans in a short period of time.
It depends on your specific situation. Your pre-approval reflects your financial position at the time you obtained it. If your situation changes, your pre-approval may no longer be valid. Contact a mortgage advisor to check if you need a new pre-approval and how your rate guarantee may be affected.
Pre-qualification gives you rough idea of how much you can borrow and does not require a credit check. It happens at the beginning of the process so you have a sense of how much house you can afford and how much you'll need to save for your down payment.
Pre-approval gives you a more specific maximum amount that you can borrow. It requires a credit check. You should get pre-approved when you start to look for your home.
To learn more about these concepts, visit the Autorité des marchées financiers External link, Quebec's regulatory authority.
Are you a member? Log in to AccèsD, select Home, then select your goal. When you apply for a mortgage pre-approval online, you'll get a quick response.
Monday to Friday: 8 AM to 9 PM
Saturday: 9 AM to 6 PM
Elsewhere in Canada:
1-844-626-2476 Canada-wide mortgage services. This link opens your phone app.
We can call you when it's convenient.
Learn more about the homebuying process
Buying a home
Buying a second home
Moving to a new home
Rates may differ if your amortization is over 25 years. Contact an advisor for more information.
Interest rates are recommended by the Fédération des caisses Desjardins du Québec to all its caisses.