Ongoing litigation, unpaid common charges, refused insurance: the syndicate’s problems become yours at financing time, however spotless your own unit is.
A lender approves the property as much as the borrower. Building type, condition and intended use decide which lenders can take the file. Sometimes it’s settled before your income is even considered.
What the lender wants in hand
The syndicate’s financial statements, any lawsuit under way, the rate of arrears and the building’s insurance coverage. A syndicate in court, or poorly insured, makes several lenders back off.
Keep the full budget in view
The payment is just the start. Municipal and school taxes, insurance, heating and maintenance all add up, and lots of lenders like to see a reserve still in your account after closing.
Documents to gather
What the lender will ask for.
Intended use
Building type
Appraisal and comparables
Income or leases
Down payment or equity
Eligible lenders
Frequently asked
How can I tell the syndicate is a problem before I buy?+
Ask for the certificate of co-ownership, the financial statements, minutes from recent meetings and proof of insurance. Those papers show litigation, arrears and deferred work long before the lender finds them on its own.
Which documents should I 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.
