Lenders approve the building along with the borrower. Its type, its condition and how it will be used decide which of them can take the file, sometimes before your income comes into it.
Document the property
Bring what actually describes it: leases if there are any, tax bills, condition and title records. A well-documented building moves faster than one where the lender has to guess.
See the whole budget
The mortgage payment is only one cost. Municipal and school taxes, insurance, heating and maintenance come on top, and many lenders want a reserve sitting 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
Eligible lenders
Frequently asked
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.
