This time the property is the one under review, not you. A lender wants to know whether the problem is contained, what the work will cost and whether the value holds once it’s done. Several decline until the work is finished. Others finance and hold back an amount until it is.
What to collect before comparing
The inspection or expert report, detailed quotes for the work, and the location certificate. If damage is involved, add the insurance report and proof of repairs already made. That file will decide the answer more than your income will.
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 La Tuque file.
Property records in La Tuque
Depending on the property, the file in La Tuque 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 La Tuque 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 condition
Required repairs
Appraisal and comparables
Insurance availability
Municipal records
Lender property rules
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.
Will a lender finance a property with a known problem?+
It depends on how big the work is and what it costs. Several lenders finance with a holdback until the work is done. Others say no until it’s settled. The expert report and the quotes decide, more than your income does.
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.
