Lenders approve the property as much as the borrower. Building type, condition and intended use can decide who takes the file, sometimes before your income enters the picture.
Lay out the property’s paper trail
Gather what actually describes it: leases if any, taxes, condition and title records. A file with a well-documented building moves faster than one where the lender must guess.
Remember the other monthly costs
On top of the mortgage payment: municipal and school taxes, insurance, heating and maintenance. Many lenders also want a reserve left 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
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. Gathered before the offer, they make a five-day financing condition workable. Gathered after, 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.
