Borrowing capacity comes down to two ratios: what the housing costs against your income, and what all your debts add up to. With a condo, the fees go into the math, and that shaves off more capacity than most buyers expect.
Documents before comparison
Two years of notices of assessment, your latest 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 thin fund worries the lender, and it should worry you too.
Required document
The document has to be current, legible and consistent with the rest of the file. A statement missing a page, or a name spelled differently than on your notice of assessment, and the Lévis file goes back for clarification.
What gets verified
Names, dates, balances, where the money came from: all of it has to match from one document to the next. An unexplained deposit is the most common reason a file in Lévis stalls at verification.
Differences to explain
An unusual amount, a missing page or two records that disagree will draw questions, so explain them up front. A gift, a bonus or a transfer between your own accounts is fine once it’s documented, in Lévis like everywhere else.
Delivery deadline in Lévis
The lender’s calendar, the insurer’s and the notary’s all have to line up. It’s nearly always the last link that delivers a confirmation after the condition has already expired.
To prepare
What to gather.
Document to replace
Available supporting records
Income consistency
Transaction history
Explanation letter
Lender documentation 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.
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.
