A lender is approving the property, not only you. Building type, condition and use can knock out some lenders before your income is ever considered.
Show the building’s paper trail
Leases, tax bills, condition reports, title records. Gather what describes the plex as it really is. A documented building goes through quicker than one the lender has to picture on its own.
Every cost on the page
The payment is not the whole cost of a plex. Add municipal and school taxes, insurance, heating, upkeep. And a lot of lenders want a reserve left in your account at closing.
Documents to gather
What the lender will ask for.
How you’ll use the plex
Number of units and building type
Appraisal and comparables
Leases and rent collected
Down payment or equity
Lenders that fit
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. Add the current leases and records of rent actually collected. If these are ready before you make an offer, a short financing window is realistic.
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.
