A lender approves the property as much as the borrower. Building type, condition and intended use decide who can take the file, and sometimes that happens before your income is even looked at.
What the lender wants to see
Both leases, the rent you really collect, and which of the two units will be yours. Living in the building is often what separates an easy file from one that stalls.
The budget past the payment
The payment is only part of it. Municipal and school taxes, insurance, heating and upkeep add to it, and many lenders want a reserve left in your account after closing.
Documents to gather
What the lender will ask for.
How you’ll use the property
Type of building
Appraisal and comparables
Income or leases
Down payment or equity
Eligible lenders
Frequently asked
Does the second unit’s rent count toward qualifying?+
Only in part. Lenders typically use 50% to 80% of the rent, rarely all of it, to leave room for vacancy and upkeep. The exact percentage varies by lender, and that changes how much you can borrow.
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 current leases and records of rent actually collected. 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.
