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Pyrite or iron ochre in a Estrie property: the lender wants the test, the quotes and sometimes the work done before it finances.
Here the property is what gets examined, not you. The lender wants to know whether the problem is contained, what the work will cost and whether the value holds once it is done. Several decline until the work is finished, others finance while holding back an amount until it is.
The inspection or expert report, detailed quotes for the work, the location certificate. If there was damage, add the insurance report and proof of the repairs already done. That file decides the answer, more than your income does.
What you plan to do with the property weighs more than its price. Living in it, renting it out or a bit of both changes the down payment required and which lenders will look at a Estrie file.
The paperwork depends on the property: leases and the tax bill for a revenue building, the declaration of co-ownership for a condo, a location certificate every time. If there is work involved, add the quotes and proof of compliance. Ask early, it varies in Estrie.
The appraiser works from recent sales, not from the asking price. Where comparables are thin (a rural sector, an unusual property), the value can land under what you agreed to pay, and you make up the gap in cash.
Municipal and school taxes vary from one municipality to the next, and they count in your ratios. The lender works from the Estrie tax bill, plus heating, insurance and upkeep. Do the same math before it does.
To prepare
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.
It depends on how big the problem is and what the repairs cost. Several lenders finance with a holdback until the work is done, others say no until it is settled. The expert report and the quotes count for more than your income.
Pick the situation closest to yours.
Contact
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.