Region served
How high a lender will go on a purchase in Gaspésie-Îles-de-la-Madeleine, the down payment to plan for, and the costs that hit on closing day.
Borrowing capacity rests on two ratios: what the housing costs against your income, and what all your debts weigh together. In a condo, the condo fees go into the calculation and cut your capacity more than most buyers expect.
Two years of notices of assessment, recent pay stubs, an employment letter and three months of statements for the down payment. For a condo, add the declaration of co-ownership, the syndicate’s budget and the state of the contingency fund. An underfunded one worries the lender as much as it should worry you.
The appraiser looks at what similar properties actually sold for, not at your offer. With few comparables in Gaspésie-Îles-de-la-Madeleine, the value can come in low. The shortfall comes out of your pocket, not out of the mortgage.
Income proof, down payment source, debts, monthly budget. That’s what the file is built from.
Rate is the easy part to compare. On a purchase in Gaspésie-Îles-de-la-Madeleine, 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.
Send everything at once. Every round of "we still need one more document" adds days, and the delays come from third parties (employer, bank, appraiser), not from the lender’s analysis.
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.
5% on the first $500,000, then 10% on the portion above. Under 20%, mortgage insurance is added to the loan. In a condo, the condo fees also count in your ratios.
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.