Your bank won’t tell you this before pre-approval. 1. Pre-approval locks your interest rate for 90 to 120 days — so if rates rise while you’re house hunting, you’re protected. That’s not a pre-qualification, which is just a rough guess with zero verification. → 90-120 days 2. Lenders use two key ratios to approve you: your Gross Debt Service ratio must stay under 39%, and your Total Debt Service ratio under 44% — know these numbers before you walk in. → 39% / 44% 3. First-time buyers can stack the FHSA and the Home Buyers’ Plan together — that’s up to $200,000 per couple in tax-advantaged down payment savings, after the HBP limit was raised to $60,000 per person in 2024. → $200,000 4. Bank of Canada research warns that Canadians renewing mortgages in 2026 could see payments jump around 6% — getting pre-approved now lets you lock in today’s rate before that hits. → 6% jump Full guide 🌐 getwealthy.blog #canadafinance #personalfinance #canadianmoney #moneytips #canada
Certified Financial Planner (CFP) and Chartered Investment Manager (CIM) with over 17 years of experience in Canadian personal finance. Spent 10+ years at one of Canada's Big Five banks, the last 7 focused exclusively on high-net-worth clients. Every guide is written with the same depth I bring to real client work — Canada-specific, CRA-verified, and always free.