It all turns on your ratios once the debts are repaid, not today’s. A tax debt weighs more than a credit card: Revenu Québec and the CRA can register a claim on the property, and most lenders require it to be paid out of the refinance.
Documents before comparison
A list of your debts with exact balances and payments, your latest mortgage statements, and your notices of assessment. If there’s a tax debt, request the official statement of account. It’s the only figure the lender will use.
Credit event
A bankruptcy, proposal, judgment or collection doesn’t close the file for good. Lenders look at how long ago it was discharged and what you’ve rebuilt since, in Châteauguay like anywhere else in Quebec.
Recent stability in Châteauguay
The lender goes by what it can check itself: payments made on time for several months, balances coming down, credit used without going over the limit. An explanation that leaves no trace on the report doesn’t carry much weight.
Financing cost
An alternative lender costs more than a bank. The question is what that buys you: time to rebuild, or a bridge to a conventional rate. The exit plan matters more than the rate, in Châteauguay as anywhere.
Return to bank financing
A temporary solution is only temporary if the way out is written down: what has to change, by when, and what going back to ordinary financing will cost. Without that, the stopgap becomes the arrangement.
To prepare
What to gather.
Credit report details
Reason for past issues
Current debts
Recent payment history
Available down payment or equity
Lenders that accept the file
Frequently asked
Can the file be reviewed remotely?+
Yes. Phone, email or video call, with documents sent online. We can meet in person if you’d rather, but most files get done without anyone driving anywhere.
Should I pay off my debts before applying?+
Often yes, but not always with your cash. Paying down a card improves your ratios. Emptying your account to do it weakens the down payment. You have to run the numbers on both at once.
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.
