Lenders approve the property along with the borrower. What kind of building it is, what shape it’s in and how you’ll use it decide who can take the file, sometimes before your income comes up.
What the lender looks for
Can you get in year-round? How is it heated? Where does the water come from, and how far are the services? Those answers decide which lenders can look at the file, well before the price does.
Budget for more than the payment
Mortgage payments are only a slice. Municipal and school taxes, insurance, heating and upkeep come on top, and plenty of lenders want a reserve still in your account after closing.
Documents to gather
What the lender will ask for.
Use of the property
Type of building
Appraisal and comparables
Income or leases
Down payment or equity
Lenders open to it
Frequently asked
Can a cottage with no winter access be financed?+
It’s possible, but the lender list shrinks and the down payment required goes up. Year-round access, the type of heating and the water source often weigh more than the property’s value.
What documents do I need to pull together?+
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 zoning, year-round access and proof of services. 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.
