How long the condition runs, whether a 72-hour clause applies, and whether you could carry both properties. If another buyer shows up, that window is all the time you have to arrange financing.
Criteria differ from lender to lender
Which income they accept, which properties they finance, how they read credit. That’s why a decline from one says little about the next, and why the order of submission counts.
Submit a full package
Do it right the first time and skip the back-and-forth that adds weeks. Income proof, down payment records and property documents should be ready before you send the file. Otherwise a short deadline is wishful thinking.
Documents to gather
What the lender will ask for.
What you need the file to do
Income and paper
Debts and credit
Property or security
Timing
Lenders to look at
Frequently asked
What happens if another buyer makes an offer?+
The 72-hour clause activates: you either drop your condition and buy without having sold, or you walk away. Know ahead of time whether you can carry both loans (or line up bridge financing) before that clock starts.
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 workable. 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.
