Lenders look at the property as hard as they look at you. What kind of building it is, what shape it’s in and how it will be used can rule out some lenders before anyone opens your income file.
Put the paper on the table
Bring whatever describes the building: leases if there are any, tax bills, inspection and title records. A well-documented property goes through faster than one where the lender has to guess.
Count every cost, not just the payment
The payment is one line of the budget. Add municipal and school taxes, insurance, heating, repairs. Plenty of lenders also want money left in your account after closing.
Documents to gather
What the lender will ask for.
What the property is used for
Type of building
Appraisal and comparable sales
Rent or other income
Down payment or equity
Lenders that take this file
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. Have them before you make an offer and a five-day financing condition is doable. Get them after and you lose 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.
