A four-season cottage finances almost like a house if the road is open year-round, the water is drinkable and the heating is permanent. What the lender checks.
Lenders approve the property along with the borrower. Type of building, condition and use decide which of them can take the file, sometimes before anyone looks at your income.
Describe the place well
Pull together what actually describes it: leases if any, taxes, condition and title records. A building that’s well documented moves faster than one the lender has to guess about.
The budget behind the payment
The payment covers only part of the cost. Municipal and school taxes, insurance, heating and upkeep pile on, and many lenders want some reserve left 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
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 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.
