Getting a mortgage pre-approval

What's the advantage of a pre-approval?

Applying for pre-approval for a mortgage loan is the first step in the process. Pre-approval is a way to demonstrate your borrowing capacity and guarantee your interest rate, and it certifies that National Bank will lend you the money for the purchase.

How do I get pre‑approved?

You can apply for a pre-approval when you meet with a mortgage advisor, or you can start the process online.

Get pre-approved

Prequalification or pre-approval—what's the difference?

Before you buy a home, your mortgage advisor can give you a general idea of how much you can borrow based on your income, without any commitment from the financial institution. This is called a prequalification.

A pre-approval, on the other hand, establishes your borrowing capacity based on a number of factors, including your credit score. The pre-approval offered by National Bank establishes a mortgage amount for which you qualify, and guarantees an interest rate for 180 days. A pre-approval is a commitment made by the Bank to the client.

5 good reasons to get pre-approved

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You'll know your price range

By pinpointing the maximum amount you can borrow, you can visit properties within your price range and have a better idea of the homes you can afford.

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You can budget for your monthly payments

Once you know which properties you can afford, you can calculate monthly mortgage payments and determine whether your downpayment is going to be enough.

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You're protected against rate increases

The interest rate offered with your pre-approval is guaranteed for 180 days, so you can focus on finding your ideal home without worrying about rate increases.

Tip

Did you know that you can make a downpayment through National Bank online? Ask your notary—it's as easy as paying a bill online! (Quebec only)

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You'll increase your negotiating power

A pre-approval shows the seller of the property that you're a serious buyer. It proves that your financial situation is stable and gives you leverage when negotiating a price. It can also give you an edge over other potential buyers.

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You're under no obligation to take out a loan

A pre-approval guarantees the amount you can borrow, but it doesn't mean you've committed yourself in any way. So don't hesitate—applying for a pre-approval is free, and an advisor can even come to your home to help you submit your application.