It all turns on your ratios once the debts are repaid, not today’s. A tax debt weighs more than a credit card: Revenu Québec and the CRA can register a claim on the property, and most lenders require it to be paid out of the refinance.
Documents before comparison
A list of your debts with exact balances and payments, your latest mortgage statements, and your notices of assessment. If there’s a tax debt, request the official statement of account. It’s the only figure the lender will use.
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 Sainte-Thérèse file.
Property records in Sainte-Thérèse
Depending on the property, the file in Sainte-Thérèse 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 Sainte-Thérèse 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 condition
Required repairs
Appraisal and comparables
Insurance availability
Municipal records
Lender property 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.
Should I pay off my debts before applying?+
Often yes, but not always with your cash. Paying down a card improves your ratios. Emptying your account to do it weakens the down payment. You have to run the numbers on both at once.
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.
