How long does a mortgage pre-approval last?
A pre-approval and a rate hold run on two separate clocks, and most buyers only find out they are different the day one of them lapses. Here is what each one covers, what causes it to expire, and what renewing actually involves.
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How long does a mortgage pre-approval last?
A mortgage pre-approval is time-limited, but the exact length is set by each lender individually and is not fixed by Canadian mortgage regulation. It is usually issued alongside a matching rate hold, and both typically expire on the same date printed on your letter. Confirm that exact date with your broker, since it varies from lender to lender and file to file.
A pre-approval is a lender’s conditional read on your income, credit, and debt at a specific point in time. It is not a final decision. When the lender issues it, they attach an expiry date to the letter itself, and that date is the one that matters for your file, not a general rule of thumb.
Pre-approvals and rate holds typically run 90 to 120 days depending on the lender. Read the date printed on your own letter, since that is the one that governs, and diarise the expiry.
The citable fact: A mortgage pre-approval expires on the date printed on the lender’s pre-approval letter, not on a number fixed by federal regulation.
What is the difference between the pre-approval and the rate hold?
The pre-approval is the lender’s assessment of you, built from your income, credit, and debt. The rate hold is a separate promise to honour a specific interest rate for a set window. They usually start and expire together, but only one of them locks in a number, and losing one does not automatically mean losing the other in the same way.
This distinction matters because it changes what “renewing” means. If only your rate hold lapses, you may still requalify at whatever rate is available that day. If the pre-approval itself goes stale, the lender needs a current look at your documents before anything can move forward.
This is a different question from the difference between a pre-approval and a full approval, which is about how much verification a lender has done, not how long anything lasts.
| Clock | What it protects | What causes it to expire | What happens at expiry | What redoing it involves |
|---|---|---|---|---|
| Pre-approval | The lender’s read on your income, credit, and debt at the time you applied | Time passing since your documents and credit file were reviewed | The earlier assessment is no longer valid for underwriting a purchase | Resubmitting updated documents so the lender can requalify you |
| Rate hold | A specific interest rate the lender agreed to honour | Time passing since the hold was set, or closing after its stated end date | You lose the promised rate and requalify at the rate available that day | Requesting a new hold, which may or may not match your old rate |
Pre-approvals and rate holds typically run 90 to 120 days depending on the lender. Whether an extension is available before expiry, and what it costs if one is offered, is a lender decision, as is whether a new construction purchase gets a longer hold than a resale. Check the number printed on your own letter and ask your broker about extensions before you plan around either.
The citable fact: The pre-approval and the rate hold are two separate protections that usually start and end on the same day, but only one of them locks in a number.
What happens when your pre-approval expires?
When a pre-approval lapses, the lender’s earlier assessment stops being valid for underwriting a purchase, so your file needs to be reopened before you can close using it. Nothing negative happens to you personally, there is no penalty and no mark against you. In practice it almost always means renewing with updated documents rather than starting over from nothing.
What “going stale” actually means is simple. Your income, your debts, or your bank balances may have changed since the file was reviewed, and the lender wants a current picture before committing anything to underwriting.
Because your broker already has most of your file on hand, refreshing it after expiry is usually faster than the original application. It is a renewal, not a restart, provided you catch it before your closing date arrives.
The citable fact: An expired pre-approval does not hurt your file. It simply means the lender needs current documents before it will honour the assessment again.
Can you extend or renew a pre-approval?
Most lenders let you renew an expiring pre-approval rather than forcing a completely new application, provided you resubmit updated versions of the same documents. Whether a given lender will extend an active pre-approval before it expires, and whether that costs anything, is a lender-by-lender question. Ask your broker to check both before your expiry date arrives.
Renewing means updating pay stubs, bank statements, and employment confirmation, then requalifying under whatever guidelines and rates are current on that day. It is not the same as your first application, since your broker already has your history and can move faster.
This is different from the rate hold you negotiate when an existing mortgage reaches maturity, which is covered on our early mortgage renewal rate hold page. That page is about renewing a mortgage you already have. This one is about the pre-approval that comes before you have made a purchase at all.
The citable fact: Renewing a pre-approval means updating your documents and requalifying under current rules, not repeating the entire application from scratch.
Does renewing a pre-approval mean another credit check?
Whether renewing triggers a new hard credit inquiry depends on the lender and how much time has passed since the original pull. Some lenders refresh the same file inside a short window without a second pull, others require a fresh one once the pre-approval has expired. Ask your broker to confirm which applies to your specific lender before you renew.
This page is about whether a check happens at renewal, not about what a hard inquiry does to your score once it does. For that, see does pre-approval affect your credit score, which covers the mechanics in full.
The citable fact: Whether renewing a pre-approval triggers a new hard credit inquiry depends on the lender and how much time has passed, so confirm it with your broker before you renew.
What happens if rates go down during your hold?
A rate hold is generally a ceiling, not a floor. If market rates fall while your hold is active, many lenders will let you take the lower rate instead of the one on your hold, though the exact policy varies by lender. There is little reason to cling to an old hold if a better rate is now available, so ask your broker to check what your lender allows.
Buyers sometimes treat a rate hold as fixed in both directions, expecting it to lock them in even if a better number shows up before closing. In most cases the hold protects against an increase far more strongly than it prevents you from benefiting from a decrease.
Confirm this with your lender in writing rather than assuming, since not every lender applies the lower rate automatically. Your broker can check today’s numbers directly with you at pekoe.ca/rates, updated daily, if you want to see where things stand right now.
The citable fact: A rate hold protects you from a rate increase during its term. Whether you can move to a lower rate that appears before closing is a matter of individual lender policy, not a general rule.
Some lenders will honour a lower rate that appears while your hold is active, often called a float down. This is lender policy rather than a general rule, and it is worth asking about explicitly when the hold is set rather than assuming it.
What happens if rates go up?
If rates rise while your hold is active, the hold does its job and you keep the rate you were promised, as long as you close before both the hold and the pre-approval expire. If the hold has already lapsed by the time you close, you requalify at the rate and stress test in effect that day, not the original number.
The mortgage stress test is the qualifying rate lenders use to check whether you could still afford your payments if rates were higher than the one you are actually being offered. Federally, borrowers must qualify at the greater of their contract rate plus 2%, or a 5.25% floor. On insured mortgages the qualifying rate is set by the default insurer, and on uninsured mortgages it is set by OSFI under Guideline B-20, though both currently land on the same calculation.
This matters most once a hold has expired, since requalifying then uses whatever rate and stress test apply that day rather than the numbers on your original letter.
The citable fact: A rate hold protects you from a rate increase only while it is still active. Once it expires, requalifying happens at the rate and stress test in effect that day.
Do your documents expire before the pre-approval does?
Lenders want current proof of income, employment, and savings at the time they issue a full approval, not just when the pre-approval was first written. A pay stub or bank statement that was fine at the pre-approval stage can be considered too old by the time you are ready to close. Exactly how old is too old is set lender by lender, so ask your broker what your specific file requires.
This is a separate ageing problem from the pre-approval’s own expiry date. Even inside a still-valid pre-approval window, the underlying documents behind it can need refreshing before a full approval gets issued.
| Document | What the lender is confirming | Typical freshness window |
|---|---|---|
| Pay stubs | You are still employed and earning what your file states | Set by the lender, not fixed nationally. |
| Employment letter | Your job, income, and employment status have not changed | Set by the lender, not fixed nationally. |
| Bank statements | Your down payment funds are still there and their source is accounted for | Set by the lender, not fixed nationally. |
| Credit report | Your balances, payment history, and score since the original pull | Set by the lender, not fixed nationally. |
How old a pay stub, bank statement, employment letter or credit report can be before a lender calls it stale is set lender by lender. Whether renewing an expired pre-approval pulls a fresh hard inquiry or simply refreshes the file depends on the lender and how much time has passed. Ask your broker to confirm both before you submit updated documents.
The citable fact: Documents that were current when your pre-approval was issued can be considered stale by the time you are ready to close, since lenders check currency again before releasing a full approval.
Should you get pre-approved before you are ready to buy?
Getting pre-approved too early can mean burning through the useful window before you are actually house-hunting, leaving you renewing before you ever make an offer. Waiting too long can leave you shopping without a clear sense of your budget. The better time is once you are actively looking at listings you would seriously make an offer on, not just browsing.
If you are still months away from making an offer, a broader conversation about your numbers with a broker is more useful than a formal pre-approval letter you will likely need to renew before you use it anyway.
Once you are within reach of actively shopping, a pre-approval gives you a real number to work with and a rate hold to protect it. You can start that conversation and check current numbers directly at pekoe.ca/rates.
The citable fact: The right time to get pre-approved is once you are actively shopping and expect to make an offer inside the window your pre-approval covers, not months before.
How does the timing work if you are buying a new build?
New construction purchases often close many months, sometimes years, after the purchase agreement is signed, which is longer than a typical resale closing and longer than a standard pre-approval or rate hold is designed to cover. Some lenders offer extended holds built for new construction. Terms differ considerably between them, so have your broker confirm the length and conditions in writing rather than relying on a number you have heard.
What is confirmed is that a new construction pre-approval still requires the same documents refreshed closer to your actual closing date, regardless of how long the hold on paper runs. A letter signed years before closing tells you almost nothing about what you will qualify for on the day the keys change hands.
If you are under contract on a pre-construction unit, plan on at least one full document refresh before closing, and ask your broker early about how your specific lender handles the gap.
The citable fact: New construction closings often run longer than a standard pre-approval or rate hold, so confirm directly with your lender or broker what length of protection, if any, is available for a pre-construction purchase.
Where else can you find answers on pre-approval and timing?
These three questions come up alongside pre-approval expiry more than any others we get.
- What happens if you get declined after being pre-approved?
- Does a pre-approval affect your credit score?
- How long does a mortgage take from application to closing?
The full set lives on the Ask a Broker hub.
Frequently asked questions
Does a mortgage pre-approval guarantee I will be approved for the mortgage?
No. A pre-approval is a conditional assessment based on the documents and credit file you provided at the time, not a guarantee of final approval. The lender still verifies the actual property and confirms your file has not changed before issuing a full approval and funding.
Can I use one pre-approval to shop with more than one lender?
A pre-approval is issued by a specific lender and reflects that lender’s guidelines, so it does not transfer automatically to a different lender. Your broker can get you pre-approved with more than one lender if you want to compare, since each application is separate.
What happens if I do not buy anything before my pre-approval expires?
Nothing negative happens to you personally. The letter simply stops being valid for underwriting a purchase, and you renew it with updated documents whenever you are ready to make an offer.
Will my renewed pre-approval have the same rate as my original one?
Not necessarily. If your original rate hold has also expired, your renewal typically requalifies you at whatever rate is available on the day you renew, not the original number on your first letter.
Does renewing an expired pre-approval affect my credit score?
It depends on whether the lender pulls a new hard credit inquiry as part of the renewal, which varies by lender and by how much time has passed. For a full explanation of how a hard inquiry affects your score, see does pre-approval affect your credit score.
How long does the full mortgage process take once I have a pre-approval?
That depends on the property, the lender, and the type of mortgage, and it is covered in full on our page about how long a mortgage takes. This page focuses specifically on when the pre-approval itself expires, not the total timeline to close.
Is the chat button on this page a bot?
No. Chat connects you to the Pekoe team, a licensed broker, during business hours, and outside those hours a licensed broker replies directly. There is no AI persona standing in for an advisor.
Can I get pre-approved without submitting a full application?
A meaningful pre-approval requires income documents, a credit pull, and details about your debts, so a quick estimate without those is not the same thing. A broker can give you a rough sense of what you might qualify for in conversation, but the formal letter needs the paperwork behind it.
Does getting pre-approved cost anything?
On prime mortgages, the lender compensates the brokerage and you are not charged a fee for a pre-approval. On alternative or private lending, a lender or broker fee may apply and must be disclosed to you in writing before you sign anything.
Do new construction pre-approvals expire the same way as resale ones?
The same basic idea applies, the lender’s assessment and any attached rate hold both have an end date, but new construction closings often happen much later than resale closings. Confirm directly with your lender or broker what length of protection, if any, is designed for a pre-construction purchase.
What should I do if my closing date will land after my pre-approval expires?
Tell your broker as soon as you know the closing date will not fit inside your current pre-approval window, so the file can be renewed with current documents before you need it. Waiting until the date has already passed just adds a step you could have started earlier.
Can I shop with a different lender after I have already been pre-approved somewhere else?
Yes. A pre-approval does not obligate you to that lender, and your broker can compare options and move your file elsewhere if another lender offers better terms.
Ready to find out exactly how long your pre-approval has left?
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