July 20, 20263 min read
For many Canadian homebuyers, this question comes up before they are ready to make an offer. Mortgage pre-approvals and rate holds expire. The exact period depends on the lender, and your file can still need to be refreshed even before that date.
What lenders actually look at
Here is what matters most:
- Ask the lender how long the rate hold lasts and whether the pre-approval itself has a separate expiry.
- If your income, employment debts or down payment changes, tell your broker rather than assuming the original numbers still apply.
- When a pre-approval is close to expiring, updated income and asset documents may be required.
- If market rates fall some lenders may allow the lower available rate rather than forcing you to use the held rate, but policies differ.
Treat the expiry date as a reminder to update the file, not as a guarantee that financing remains unchanged.
Want this applied to your own numbers?
Call Phil Cragg at 866-349-4915 or request a written comparison.
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