Mortgage pre-qualification
Kickstart your homebuying journey by answering a few questions and get an estimate on your affordability with a great rate guarantee.
Lock in your 5-Year Fixed Rate with our 130-day mortgage rate guarantee - the longest of any major bank in Canada footnote dagger- Know how much you can afford in a minute
- No impact to your credit score
Why should I apply for a mortgage pre-qualification?
Think of getting pre-qualified as your first step into how much you can potentially afford for a home.
Since this is the first step in your homebuying experience, there’s no hard credit check required to get a general estimate. It’s based on information such as income, assets, and debt.
While this estimate is subject to change, you can lock in your mortgage rate for 130 days with your pre-qualification. footnote dagger
What’s the difference between a mortgage pre-qualification and a pre-approval?
Pre-qualification
If you’re interested in buying a home down the road, this is a quick way of giving you a first look at what you can afford without a detailed review of your financial information or a hard credit check.
Pre-approval
When you’re ready to start house hunting, a mortgage pre-approval provides a clear picture of how much you can borrow based on your credit report and the information you provide.
| Pre-qualification | Pre-approval |
|---|---|
| Get an estimate of what you can potentially afford in a minute | Get a detailed estimate for a specific mortgage amount in less than 10 minutes |
| Lock in your 5-Year Fixed Rate for 130 days footnote dagger | Lock in your fixed rate for 130 days footnote dagger dagger |
| Get pre-qualified based on a quick overview of your personal and financial information without affecting your credit | Get pre-approved based on an in-depth review of your personal and financial information and your credit report |
Learn more about mortgage pre-approvals and pre-qualifications.
How to get pre-qualified for a mortgage
Get your information ready
You’ll have to provide some personal information to help us determine how much you can borrow and at what rate.
Answer a couple of questions
When you’re ready to get started, you can apply online and learn how much you can afford in just a minute.
Get pre-qualified
Find out how much you can afford and what your mortgage payments could look like.
Let’s do this! What do I need to get pre-qualified?
Before you apply, you’ll need to:
- Be a Canadian resident.
- Have reached the age of majority in your province or territory.
- Be applying for a mortgage for a home you plan to live in.
- Be employed for the past two years.
Didn’t meet some of the requirements?
Not to worry. Simply get in touch with your mortgage specialist.
Mortgage pre-qualification F A Qs
Buying a home can be both exciting and a lot to process. Luckily, we’ve broken this down into five steps to help you navigate your journey:
- Pre-qualification: Thinking about buying a home? Learning how much you can afford is a good opportunity to start exploring your mortgage options and find what works best for your needs.
- Pre-approval: If you’re serious about homebuying, you can apply for a mortgage pre-approval and shop with confidence since you know your budget.
- Make an offer: Ready to put a bid on your dream home? Here’s some tips on how to negotiate an offer.
- Close the deal: You’re almost there! Now that your offer has been accepted, get ready to fund your mortgage and prepare for closing costs.
- Manage your mortgage: Congrats, you’re a new homeowner! Take charge of your new mortgage by getting mortgage protection insurance or learn how you can pay your mortgage faster.
Every situation is different. Depending on how long you’ve been in Canada, where you’ve lived, and your financial information, you may still qualify for a mortgage pre-qualification. Visit your nearest branch or get in touch with a Mortgage Specialist for more information.
Yes, you can get pre-qualified by as many lenders as you want.
If you get pre-qualified and rates suddenly increase, we’ll still honour the original lower rate for up to 130 days footnote dagger. You can’t lose!
If you’re interested in buying property down the road but you’re not sure where to start, then apply for a mortgage pre-qualification! It takes just a minute to apply for an estimate of what you can afford and you get a 130-day rate guarantee. Plus, it’s only based on a high-level overview of your financial information and a soft credit check. This means that there won’t be any impact to your credit score.
No. During a pre-qualification, only general financial information will be reviewed, which includes:
- Income
- Debt
- Assets
There may also be an inquiry into your credit report as part of the screening process, though it won’t impact your credit score. This is known as a soft credit check.
A hard credit check, which is when your full credit report is thoroughly reviewed, will happen if you decide to move forward with a mortgage pre-approval.
Helpful mortgage pre-qualification resources
Mortgage Pre-Approval vs. Pre-Qualification
Getting pre-qualified or pre-approved can help you move forward in the homebuying process. Discover the differences and which one is best for you.
Steps to buying a home
Learn about each step of your home-buying journey, from calculating how much you can afford to managing your closing day.
First time homebuyer programs
As a first-time home buyer, you have access to some great incentives, tax credits and resources to help you turn your home-ownership dream into reality.
Ready to get started?
Start your pre-qualification
Thinking of becoming a homeowner? Answer a few questions and learn how much you can afford in just a minute.
Talk to an expert
Let’s chat about your mortgage options. One of our Mortgage Specialists will even come to you!
- Footnote dagger details We guarantee your interest rate for 5-Year Fixed Rate Closed Term mortgage for up to 130 days from the rate guarantee start date. If the mortgage is not funded within the 130-day period, the interest rate guarantee expires. Applicable to residential mortgages only and subject to Bank of Montreal standard lending criteria for residential properties. Longest rate guarantee of any major Canadian bank as of September 5, 2023.
- Footnote dagger dagger details We guarantee your interest rate for the selected fixed rate mortgage type and term for up to 130 days from the rate guarantee start date. If the mortgage is not funded within the 130-day period, the interest rate guarantee expires. Applicable to residential mortgages only and subject to Bank of Montreal standard lending criteria for residential properties. Longest rate guarantee of any major Canadian bank as of September 5, 2023.