A decline is an internal policy call. It says nothing final about your file. Still, get the exact reason: a blown ratio, a miscalculated income and an ineligible property each send you down a different road. Without the reason, you’re starting over blind.
Documents before comparison
The reason for the decline in writing, if you can get it, and the file as it was submitted. Add your notices of assessment, income proof and proof of down payment. Count the credit checks already run, too. Pile up enough of them and they start to hurt.
Property and price
Your offer is only as good as the recent sales behind it. When there aren’t many comparables in Québec, the appraisal can come in under your price. You cover that gap in cash. The mortgage won’t.
Income and down payment in Québec
Your income proof, the source of your down payment, your debts and the monthly budget you can carry: the file in Québec starts there.
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 Québec 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.
Financing goal
Income records
Current debts
Property or security
Required timing
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.
Does one bank’s decline close the door elsewhere?+
No. Every lender has its own policy, and a decline doesn’t show on your credit report. But you do need the exact reason. Without it, shopping around just means starting over blind.
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.
