Region served
When the inspection turns up a problem in Gaspésie-Îles-de-la-Madeleine, the lender reassesses the property, not you. Structure, roof and water infiltration worry it. Cosmetics do not.
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 a lender approves and what you can comfortably pay each month are rarely the same number. Decide the second one first. Taxes, insurance and heating come on top of the mortgage every month.
Your offer needs room for the lender’s review, mortgage insurance, the appraisal, and the documents that always turn up missing.
The lender is approving a property, not only you. Condition, intended use, anything raised at the inspection or in the title records can kill a file that worked on paper.
The down payment isn’t the only cash you need: notary fees, tax adjustments and transfer duty come too. The welcome tax bill lands months after you buy, when the moving truck and the new couch have already drained the account.
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.