Banks, monolines, credit unions and alternative lenders don’t read income, credit or property type the same way. One decline doesn’t predict the next answer.
Documents before comparison
Two years of notices of assessment, recent proof of income, proof of your down payment. Get these together before you compare, because the delay usually comes from someone else’s desk.
Property and price
Your offer is only as good as the recent sales behind it. When there aren’t many comparables in Longueuil, the appraisal can come in under your price. You cover that gap in cash. The mortgage won’t.
Income and down payment
Before any numbers, a lender wants proof of income, where the down payment came from, everything you already owe, and what’s left each month after the bills. Buyers skip that last one more than any other.
Conditions compared
Everybody compares rates because it’s easy. On a purchase, the real differences sit elsewhere: the penalty if you break the term, how much you can prepay each year, and whether the mortgage can follow you to your next home.
Documents before submission
Get the file complete the first time and you save weeks. In Longueuil like everywhere else, it’s almost never the analysis that slows things down. It’s the employer who doesn’t call back, the bank that sits on it, the appraiser who’s running late.
To prepare
What to gather.
Property type
Affordable monthly budget
Income documents
Available down payment
Closing deadline
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.
Which lenders can assess this kind of file?+
Depends on your income, your credit and the property. Banks, monolines, credit unions and alternative lenders each have their own rules, so a no from one tells you nothing about the next.
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.
