Region served
Revenu Québec and the CRA can register a claim on the property. Most lenders require the debt to be paid at funding, in Gaspésie-Îles-de-la-Madeleine as anywhere.
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.
Past bankruptcy, a consumer proposal, a judgment, a collection account: none of it closes the file forever. Lenders check how long ago it was discharged and what you’ve built since, in Gaspésie-Îles-de-la-Madeleine or anywhere else in Quebec.
Lenders go by what they can verify themselves: several months of on-time payments, balances going down, credit used without going over the limit. An explanation that leaves no trace on the report doesn’t carry much weight.
An alternative lender costs more than a bank. What matters is what you get for the price: time to rebuild, or a bridge to a standard rate. The exit plan matters more than the rate.
Bridge financing works if you know how you’ll leave it. Write down what must change, the date, and the cost of getting back to a regular lender. If you don’t, the temporary loan turns permanent.
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.