What is Rate Hold (Mortgage Rate Hold) in Canadian mortgages?
A lender's commitment to honour a quoted rate for a set period (typically 90-120 days) while the borrower arranges financing. Protects against rate increases during purchase negotiations.
What is the Rate Hold limit for Canadian mortgages?
Typical hold: 90-120 days from rate sheet date
Rate Hold example
Worked example
Broker submits deal on May 1 with 120-day rate hold. Buyer closes August 29 — within the rate hold window.