Region served
A plex in Gaspésie-Îles-de-la-Madeleine: the down payment depending on whether you live there, the share of rent counted, and the building documents the lender asks for.
Rental income changes everything, but each lender counts a different share: half added to income at one, the full amount netted against expenses at another. Same building, same leases, and the gap in capacity between two lenders runs into the tens of thousands of dollars.
Signed leases, the assessment roll and the tax bill, the building’s actual expenses, your notices of assessment. If units are vacant or owner-occupied, say so up front. The lender calculates on market rent, not the rent you are hoping for.
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.
Depending on the property: leases, tax bills, a location certificate, the condo declaration, contractor quotes or proof of compliance. A file in Gaspésie-Îles-de-la-Madeleine may need some of these, rarely all.
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.
Between 50% and 100% depending on the lender, and sometimes netted against expenses instead of added to income. On the same building, that gap moves borrowing capacity by tens of thousands of dollars.
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.