A lender approves the property as much as the borrower. Type of building, condition and intended use decide who can take the file, sometimes before your income even gets a look.
What the lender asks to see
The reserve fund balance, the reserve fund study, recent meeting minutes, and any special assessment already announced. A building that has planned its repairs reassures. One that keeps pushing them back doesn’t.
Count every cost, not just the payment
The mortgage payment is only part of what you’ll pay. Add municipal and school taxes, insurance, heating and upkeep. Many lenders also want money left in your account after closing.
Documents to gather
What the lender will ask for.
How the unit will be used
Type of building
Appraisal and comparables
Income or leases
Down payment or equity
Lenders that will consider it
Frequently asked
Can a low reserve fund get my mortgage declined?+
Yes, even with strong personal credit. The lender is weighing the risk of a surprise special assessment landing on top of your payment. Ask for the reserve fund study and the recent minutes before you make an offer.
What documents do I need to gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Add the certificate of co-ownership and the syndicate’s financial statements. Have them ready before you make an offer, or a short financing window becomes unrealistic.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
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.
