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.
Available equity
You can generally refinance up to 80% of the property’s value, minus what you still owe. On a Lévis home worth $500,000 with $250,000 outstanding, that’s roughly $150,000, before you factor in the penalty for breaking the current term.
Penalty and fees in Lévis
Before comparing two monthly payments in Lévis, add up what the switch costs: the penalty, legal fees, appraisal and the new loan’s fees. A lower payment that takes six years to pay back those costs isn’t a saving.
Debts or work financed
The interest can become deductible when the money is used to earn income, but only if the paper trail is spotless. A separate account from closing day beats trying to rebuild the trail later.
New payment
A lower monthly payment and a lower total cost aren’t the same thing. Stretching the amortization eases the budget now and adds years of interest. Compare both numbers before you sign anything.
To prepare
What to gather.
Current mortgage balance
Property value
Debts or project to finance
Mortgage penalty
New payment
Available equity
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.
