A rate discussion is most useful when you know what has actually been offered in writing. Record the conditions instead of relying on a headline number.
1. Keep the offer details together
Record the lender, rate type, term, applicable transaction, expiry date and any conditions. Ask whether the arrangement is a rate hold, a conditional pre-approval, or simply an indicative quote.
2. Match the expiry to your timeline
Compare the expiry date with your expected purchase completion. Ask what happens if the property, closing date or application details change. A builder delay or a changed purchase plan may require another review.
3. Ask what happens if pricing changes
Request an explanation of the policy if market rates move before closing. Ask who monitors the file and when you should reconnect. Do not assume a lower advertised rate elsewhere applies to the same product or borrower circumstances.
Questions to bring to our conversation
- What precisely has been held and until when?
- Which changes require a fresh review?
- How are rate decreases handled before funding?
Further reading: FCAC: Mortgage pre-approval. General information; lender requirements and individual circumstances vary.