A plex in Drummondville: the down payment depending on whether you live in it, the share of rent counted, and the building documents the lender requires.
Rental income changes everything, but no two lenders count the same share: half added to income at one, the full amount netted against expenses at another. Same building, same leases, and two lenders can be tens of thousands apart.
Documents before comparison
Signed leases, the assessment roll and tax bill, the building’s real expenses, your notices of assessment. If some units are vacant or owner-occupied, say so up front. The lender will calculate on market rent, not the rent you’re hoping for.
Property use
What you plan to do with the property counts for more than its price. Live in it, rent it, or both: that changes the down payment required and which lenders can take on a Drummondville file.
Property records in Drummondville
Depending on the property, the file in Drummondville may need leases, tax bills, a location certificate, the condominium declaration, contractor quotes or proof of compliance.
Appraisal and comparables
The appraiser works from recent sales, not the asking price. Where there aren’t many comparables (a rural area, an unusual property), the value used can land under the price you agreed to, and you pay the difference in cash.
Complete property budget
Municipal and school taxes change from one municipality to the next, and they count in your ratios. Put the Drummondville tax bill, heating, insurance and upkeep in your budget next to the payment. The lender does. You should too.
To prepare
What to gather.
Property use
Building type
Appraisal and comparables
Income or leases
Down payment or equity
Eligible lenders
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.
How much of the rent does a lender count?+
Anywhere from 50% to 100% depending on the lender, and sometimes rent is netted against expenses instead of added to income. On the same building, that gap moves your borrowing capacity by tens of thousands.
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.
