The lender is approving the property just as much as you. Type of building, condition and use can decide which lenders can even take the file, and that can happen before your income gets a look.
Give the lender something to read
Gather what actually describes the property: leases if any, taxes, condition and title records. When the building is well documented the file moves. When it isn’t, the lender guesses.
Don’t stop at the payment
Add municipal and school taxes, insurance, heating and maintenance to the mortgage payment. Many lenders also want a reserve still sitting in your account after closing.
Documents to gather
What the lender will ask for.
Property use
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. Collected before the offer, they make a five-day financing condition workable. Collected after, they add weeks.
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.
