If the appraisal comes in under the offer price, the lender finances on the appraised value and you pay the gap in cash. Three ways to react before you lose the purchase.
Papers gathered before an offer is on the table are worth far more than the same papers gathered after. With a deadline running, waiting on an employer or a bank is what eats the days.
Make the proof easy to follow
Income, debts, deposits and explanations have to agree. A deposit with no stated source is the number one reason a file stalls at verification.
Send the right things first
Not every document weighs the same. Notices of assessment, proof of the down payment and a current employment letter change the review. A long generic list mostly slows it down.
Documents to gather
What the lender will ask for.
What you want out of the file
Income and paperwork
Debts and credit
Property or security
Deadline
Lender choices
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Gathered before the offer, a five-day financing condition becomes workable. Gathered after, weeks get added.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
