A lender approves the property as much as the borrower. The type of building, its condition and its intended use decide which lenders can take the file, sometimes before your income is even considered.
What the lender wants in hand
The pyrite or iron ochre test, the work already done and the invoices for it. Certainty is what unlocks the file, because nobody can price a problem that hasn’t been measured.
Don’t forget the rest of the budget
The mortgage payment is only part of the cost. Add municipal and school taxes, insurance, heating and maintenance. Many lenders want a reserve left in your account 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
Can a house with pyrite be financed?+
Often yes, if the extent is known. What blocks a file is uncertainty. Without a test and a repair estimate, neither the lender nor the insurer can assess the risk. Testing before you make an offer puts you in a much better spot.
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. Gather them before the offer and a five-day financing condition works. Gather 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.
