A lender approves the property as much as the borrower. The building type, its condition and its intended use decide which lenders can take the file, sometimes before your income is looked at.
What to show the lender
How old the roof is, a roofer’s quote, and who pays for the work. A lender may require the job within a set period, or hold back funds until it is done.
Budget for the whole thing
The mortgage payment isn’t the only cost. Municipal and school taxes, insurance, heating and maintenance add to it, and many lenders want to see a reserve 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
Lenders that qualify
Frequently asked
Can I buy a house that needs a new roof?+
Yes. The lender may require the work within a given timeframe, or hold back part of the financing until it is finished. Put a roofer’s quote in the file and the conversation is about numbers instead of guesses.
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 together before the offer and a five-day financing condition is workable. Later, 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.
