A lender approves the property along with the borrower. Building type, condition and intended use decide which lenders can take the file, sometimes before your income is considered.
Describe the property properly
Pull together what describes it: leases if any, taxes, condition and title records. When the building is well documented, the file moves faster than when the lender has to guess.
See the whole monthly budget
The mortgage payment is only part of what you pay. Municipal and school taxes, insurance, heating and maintenance add to it, and many lenders want a reserve left 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. Before the offer, they make a five-day financing condition workable. After it, 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.
