Banks, monoline lenders, credit unions, alternative lenders: income, credit and property type are not judged the same way everywhere. A decline in one place tells you nothing about the next answer.
Documents before comparison
Two years of notices of assessment, recent proof of income, proof of your down payment. Get them together before you compare, and the timeline stops depending on a third party.
The price and the value
Your offer price only counts if recent sales back it up. Where comparables are scarce in Estrie, the appraisal can land under what you agreed to pay, and you make up the difference in cash. The lender won’t finance that gap.
Your income, your down payment
Four things to have before you talk numbers: proof of income, where the down payment comes from, what you already owe, and what’s left each month once the bills are paid. Buyers skip that last one more than any other.
Comparing the conditions
Rate is the easy part to compare. On a purchase in Estrie, two offers mostly differ in the penalty to break the term, how much you can prepay each year, and whether the mortgage follows you to your next home.
Paperwork before sending
Get the file complete on the first pass and you skip the back-and-forth that eats weeks. In Estrie, like everywhere else, the analysis is rarely what slows things down. It’s waiting on an employer, a bank or an appraiser.
To prepare
What to gather.
Property type
Affordable monthly budget
Income documents
Available down payment
Closing deadline
Eligible lenders
Frequently asked
Can the file be reviewed remotely?+
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
Which lenders can assess this kind of file?+
It depends on your income, your credit and the property. Banks, monoline lenders, credit unions and alternative lenders do not apply the same criteria, so a decline in one place tells you nothing about the next answer.
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.
