The property gets approved along with the borrower. Type of building, condition and use decide which lenders can take the file, occasionally before your income is even considered.
What the lender will ask for
The full report, quotes for the corrections and the deadline on your inspection condition. Structure, roofing and active water infiltration worry a lender. Cosmetic items don’t.
Keep every cost visible
The mortgage payment is only one piece. Municipal and school taxes, insurance, heating and maintenance are added, and many lenders want a reserve left 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
Can a lender decline because of the inspection?+
Yes, when the report flags a structural problem or active infiltration. It can also require the work before disbursement, or hold funds until then. Written quotes let you discuss it in concrete terms.
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. If they are in hand before the offer, a five-day financing condition is workable. If not, weeks get added.
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.
