A lender approves the property along with the borrower. Type of building, condition and use can decide which lenders take the file, at times before your income gets any attention.
Document the property
Collect what describes it: leases if any, taxes, condition and title records, and here the insurance report and repair invoices. A well-documented building moves faster than one the lender has to guess about.
Budget beyond the payment
Add municipal and school taxes, insurance, heating and maintenance to the mortgage payment. Many lenders also expect a reserve to remain in your account after closing.
Documents to gather
What the lender will ask for.
How the property is used
Building type
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. Get them before the offer and a five-day financing condition works. Get them after and you 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.
