Lenders approve the building along with you. Type, condition and use can settle which of them can take the file, sometimes before your income is even reviewed.
Show what the building really is
Leases if you have any, tax statements, condition reports, title records. That’s what describes the property. A file with a well-documented building moves. One without makes the lender guess.
The whole bill, not only the payment
Add municipal and school taxes, insurance, heating and upkeep to the mortgage payment. Several lenders also like to see a reserve left in your account after closing.
Documents to gather
What the lender will ask for.
Use of the property
Building type
Appraisal and comps
Rental income or leases
Down payment or equity
Which lenders apply
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. Before the offer, they make a five-day financing condition doable. Gathered 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.
