Get pre-approved
120-Day Rate Hold & Niagara Mortgage Pre-Approval
Lock in today's rate for up to 120 days, depending on the lender, and find out what you can afford before you make an offer anywhere in the Niagara Region.
Reviewed November 13, 2026 · Indicative figures, OAC
Start your pre-approval
Tell us your goal, municipality, price range and income type. An FSRA-licensed mortgage agent reviews it, checks your numbers against current lender criteria and the stress test, and arranges a rate hold with a lender that fits your file. There is no cost to you for a prime-lender pre-approval.
- Rate hold
- up to 120 days
- Insured 5-year fixed this week
- 4.29%
- Qualifying rate at 4.29%
- 6.29%
- Cost to you (prime lenders)
- $0
Pre-approval & rate review
Get your Niagara mortgage numbers checked
Tell us where you are buying or what you owe. We reply by email, usually within one business day, with options from across the lender tiers.
- A licensed advisor reviews your numbers against A-lenders, Ontario credit unions and alternative lenders.
- Rate holds of up to 120 days on purchases and renewals (lender-dependent).
- On prime files the lender pays the brokerage, so there is no fee to you; any fee on alternative or private files is disclosed in writing first.
- Nothing goes to a lender or credit bureau until you say so.
Prefer email? Write to hello@mortgageniagara.com.
What a pre-approval is, and what it is not
A pre-approval is a lender's conditional review of you as a borrower: your credit report, your income and down payment, and your debt ratios at the qualifying rate. It sets a maximum price and holds a rate, so you can shop with a firm budget and protection against rising rates.
It is not a mortgage commitment. The lender has not yet seen the property, the appraisal, the final documents or, on an insured file, the default insurer's decision. Approval can still change if your job, credit or debts change, or if the property raises issues, such as a cistern, an unlicensed rental unit or an appraisal below the price. Keep a financing condition in your offer unless your agent and lender are confident the file is fully approved.
Worked example: what a rate hold is worth
A first-time buyer pre-approved in November plans to buy in Welland at $485,000 with 5% down, giving an insured mortgage of $480,101.50 over 30 years. The hold locks 4.29%. If rates rise 0.25% to 4.54% before the closing, the hold saves:
| Scenario | Rate | Monthly payment |
|---|---|---|
| With the hold | 4.29% | $2,362.42 |
| Without the hold | 4.54% | $2,431.93 |
| Difference | 0.25% | $69.52 |
Over a 5-year term that is about $4,171. If rates fall instead, most lenders give you the lower rate when you close, so the hold works in one direction only: yours.
Documents checklist by income type
Every file needs government photo ID and proof of down payment. Gather the rest for your income type before your review; it is the single biggest factor in how quickly a pre-approval comes together.
| Income type | Income documents | Notes |
|---|---|---|
| Salaried or hourly (T4) | Recent pay stub; employment letter with title, start date, salary or guaranteed hours; often last year's T4 | Probation periods and contract roles may need more history |
| Self-employed or incorporated | Two years of T1 Generals and Notices of Assessment; for corporations, two years of financial statements and articles | Proof that personal taxes and HST are paid; B-lenders may use 6–12 months of bank statements |
| Hospitality, commission or tipped | Two years of T4s or T1s and Notices of Assessment; employment letter; year-to-date pay stub | Variable income is usually averaged over two years |
| Pension or retired | Pension statement; T4A, T4A(P) and OAS slips; latest Notice of Assessment | Bank statements showing deposits help |
| Rental or investor | Current leases; T1 Generals with rental statements; mortgage and property tax statements for each property | Lenders add back or offset part of the rent |
For the down payment: 90 days of statements for every account it comes from, a signed gift letter from an immediate family member if a gift is involved, and statements for RRSP Home Buyers' Plan (up to $60,000 per person) or FHSA withdrawals. If you are selling a home, the firm agreement of purchase and sale.
Timeline, step by step
- Send the form. A few minutes. Add your calculator link if you have one.
- Review call or video meeting. We aim to reply within one business day to set a time and go through your goal, income and timeline.
- Credit check and documents. With your written consent, a credit report is pulled and you upload the documents above.
- Lender selection and rate hold. Your file is matched to a bank, monoline or credit union, and a rate is held for up to 120 days, lender-dependent.
- Shop and make an offer. Your budget includes closing costs: land transfer tax, legal fees of about $1,850, and the 8% PST on any insurance premium.
- Full approval. After an accepted offer, the lender reviews the property, orders an appraisal if needed, and verifies documents; insured files also go to the insurer.
- Lawyer and closing. Your real estate lawyer receives the mortgage instructions, collects closing funds and registers the mortgage.
Not sure of your budget yet? Run the affordability and stress test calculator first. If you are self-employed, read self-employed mortgages in Niagara; first-time buyers can start with our first-time buyer guide.
Frequently asked questions
How long does a mortgage rate hold last?
Up to 120 days, depending on the lender. Some lenders hold for 90 days or less. If rates fall during the hold, most lenders give you the lower rate at closing; if they rise, the held rate protects you.
Does a pre-approval guarantee my mortgage?
No. A pre-approval reviews you as a borrower, but the lender still has to approve the property, confirm the appraisal and verify final documents, and an insured file needs the insurer's approval. Changes to your job, credit or debts can also affect it.
Will a pre-approval hurt my credit score?
A credit check for a mortgage is a hard inquiry and can lower your score slightly for a short time. Credit is only pulled with your consent, and one broker application can be presented to several lenders.
What rate do I qualify at?
At federally regulated lenders, the higher of 5.25% or your contract rate plus 2.00%. A 4.29% insured 5-year fixed qualifies at 6.29%, with gross debt service up to 39% and total debt service up to 44% on insured files.
Does a pre-approval cost anything?
Not on prime lender files: the lender pays the brokerage a finder's fee, so there is no fee to you. Alternative and private files usually carry a broker fee, always disclosed in writing before you commit.