Mortgage Pre-Approval in Quebec: What Lenders Check and How to Prepare

A mortgage pre-approval isn’t just a formality—it’s what turns you from “browsing” into a serious buyer. In Quebec, lenders look at your income stability, credit profile, debts, down payment, and the full cost of the property to determine what you qualify for. This guide explains what lenders check, what documents to prepare, and the simplest ways to strengthen your file before you start shopping.

Mortgage pre-approval is one of the smartest first steps you can take before buying in Quebec. It gives you a clearer budget, strengthens your negotiating position, and helps you move faster when the right property appears.

But pre-approval is more than a number on paper—lenders assess your financial picture and your ability to carry the mortgage comfortably. Here’s what they typically look at and how to prepare.

1) Income: Stability Matters as Much as the Amount

Lenders want to see that your income is reliable and likely to continue.

They’ll usually review:

• employment type (salaried vs self-employed vs contract)

• length of employment and consistency

• bonuses/commissions (often averaged)

• other stable income (rental income, benefits, etc., depending on rules)

  
  

How to prepare: gather recent pay stubs, employment letter, and (if needed) T4s/NOAs or self-employment financials.

2) Credit Profile: Your Score and Your Habits

Credit isn’t just the score—it’s the pattern.

Lenders look for:

• on-time payment history

• credit utilization (how much of your available credit you use)

• collections, late payments, or consumer proposals

• overall credit mix and length of history

  
  

How to prepare: pay bills on time, reduce high balances, avoid applying for new credit before your pre-approval.

3) Debts and Debt Ratios: What You Already Owe

Your monthly obligations directly reduce the mortgage you can qualify for.

Typical debts include:

• car payments or leases

• student loans

• personal loans/lines of credit

• credit card minimum payments

• child support or other required payments

  
  

How to prepare: list all monthly payments clearly and consider paying down high-interest balances to improve ratios.

4) Down Payment: Amount and Source

Lenders confirm both the amount and where it comes from.

Common sources:

• savings

• proceeds from a sale

• gifts (with proper documentation)

• RRSP funds (when applicable)

  
  

How to prepare: keep your down payment funds traceable and organized (bank statements matter).

5) The Property Costs: It’s Not Just the Purchase Price

Pre-approval math includes the full monthly housing cost, such as:

• property taxes

• heating costs

• condo fees (if applicable)

• insurance

• any other required fees tied to the property

  
  

Why this matters: two homes at the same price can have very different monthly costs depending on taxes and condo fees.

What to Prepare (Quick Document Checklist)

Having these ready can speed up approval and reduce back-and-forth:

• photo ID

• recent pay stubs

• employment letter (role, salary, start date)

• notice of assessment (if requested)

• bank statements showing down payment

• list of debts and monthly obligations

• for self-employed buyers: financial statements + recent tax filings

  
  

Common Pre-Approval Mistakes to Avoid

• Taking on new debt right before shopping (car, furniture financing, new credit cards)

• Moving money around without clear documentation

• Assuming the max approval = comfortable budget

• Ignoring condo fees and taxes in the monthly payment estimate

• Waiting too long—pre-approvals can expire, and rates can change

Get Pre-Approval Ready (Without the Stress) Request your pre-approval prep checklist / book a consult: