The amount, the date and the nature of the account. A forgotten telecom bill doesn’t read like an abandoned card balance. Proof of settlement is often the condition that unlocks the file.
Clean up first, then apply
Some things get fixed in weeks: card utilisation under 30%, a collection cleared. Others need months of clean payments. Knowing which is which sets your application date.
When it goes to an alternative lender
The plan matters more than the rate. What does it cost, how long does it last, and what has to change before you can go back to a conventional lender?
Documents to gather
What the lender will ask for.
Goal of the file
Income and paperwork
Debts and credit
Property or security
Deadline
Lender options
Frequently asked
Do I have to pay collections before buying?+
Almost always. Most lenders make it a condition of funding. Paying and getting written proof beats hoping nobody notices, because the account shows on your credit file either way.
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. Collect them before the offer and a five-day financing condition is workable. Collect 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.
