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.
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 Longueuil file.
Property records in Longueuil
Depending on the property, the file in Longueuil 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 Longueuil 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 use
Building type
Appraisal and comparables
Income or leases
Down payment or equity
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.
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.
