Borrowing capacity comes from two ratios: housing costs against income, and total debts against income. On a condo, the condo fees go into the calculation, and that cuts capacity by more than most buyers expect.
What to collect before comparing
Two years of notices of assessment, recent pay stubs, an employment letter and three months of statements for the down payment. For a condo, add the declaration of co-ownership, the syndicate’s budget and the state of the contingency fund. A weak fund worries the lender as much as it should worry you.
Budget and payment
What a lender approves and the payment you can live with are rarely the same number. Set the second one first. In La Tuque, taxes, insurance and heating come on top of the mortgage every month.
Offer conditions in La Tuque
Your offer in La Tuque needs enough time for the lender’s review, mortgage insurance, the appraisal and the documents that will go missing.
Property eligibility
A lender approves the property as much as the borrower. Condition, intended use and anything flagged at inspection or in the title records can stop a La Tuque file that looked fine on the numbers alone.
Funds required at closing
Beyond the down payment: notary fees, tax adjustments and transfer duty. In La Tuque, the welcome tax usually arrives months after the purchase, once the move and the furniture have already emptied the account. That’s why so many buyers forget it.
To prepare
What to gather.
Purchase budget
Verified income
Down payment
Current debts
Property conditions
Financing deadline
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.
What down payment is needed for a first purchase?+
5% on the first $500,000, then 10% on the part above that. Under 20% down, mortgage insurance gets added to the loan. And on a condo, the condo fees count in your ratios too.
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.
