With a condo, the lender isn’t only financing your unit, it is sizing up the syndicate. A thin contingency fund can sink an otherwise strong application.
The certificate of co-ownership, the financial statements, the reserve fund study and recent meeting minutes. A building that puts off its repairs worries a lender as much as a shaky credit file.
Plan the full monthly cost
Condo fees count in your debt-service ratios just like a loan payment. High fees shrink what you can borrow, whatever the purchase price.
Request documents early
Depending on the file, you may need the declaration, minutes, budget, reserve fund and insurance. Get them early and you avoid last-minute conditions.
Documents to gather
What the lender will ask for.
Condo fees
Reserve fund
Insurance
Unit size
Co-ownership documents
Full monthly budget
Frequently asked
Which documents should I request before buying a condo?+
The certificate of co-ownership, financial statements, reserve fund study, minutes from recent meetings and proof of insurance. They reveal litigation, arrears and deferred work long before the lender does.
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.
