Region served
Unpaid municipal taxes on a Gaspésie-Îles-de-la-Madeleine property get paid at funding, with the city ranking ahead of the lender. What the notary checks.
It all comes down to your ratios once the debts are paid off, not today’s. A tax debt weighs more than a credit card: Revenu Québec and the CRA can register a claim on the property, and most lenders require it to be paid out of the refinancing.
A list of your debts with exact balances and payments, your latest mortgage statements, your notices of assessment. If a tax debt is involved, ask for the official statement of account, the only figure the lender will work from.
How you plan to use the property matters more than its price. Owner-occupied, rented or both changes the down payment required and which lenders can take the file in Gaspésie-Îles-de-la-Madeleine.
Leases for a rental building, the declaration of co-ownership for a condo, a location certificate everywhere, quotes if there’s work. Which ones apply depends on the property.
Appraisals follow recent sales, never the asking price. In a rural sector or with an odd property there may be few comparables, so the value can land below your price and you pay the difference out of pocket.
Property taxes, municipal and school, change a lot from one municipality to the next and they go into your ratios. Budget for taxes, heating, insurance and maintenance on top of the payment, the way the lender will.
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.
Often yes, but not always with your cash. Paying down a card improves your ratios. Emptying your account to do it weakens the down payment. You have to run both numbers at the same time.
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.