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Often two years after discharge, with credit rebuilt, a Grand Montréal file can be financed again. Some lenders say yes sooner if the down payment is larger.
The score matters less than the story behind it. A lender wants to know how long ago the problem was settled, whether your credit has recovered since, and whether the file holds up without that line. A proposal or bankruptcy discharged two years ago, with credit rebuilt, doesn’t get treated like a late payment from last month.
Your full credit report, discharge or release papers for anything that’s settled, and proof of payment on what remains. Add your notices of assessment and proof of your down payment. The bigger the down payment, the more room there is to negotiate the rest.
Your offer is only as good as the appraisal. Where few comparable sales exist in Grand Montréal, the appraiser can come in under the price you agreed to, and you cover the difference in cash. It does not get added to the mortgage.
The lender wants to see enough to work out your monthly budget: proof of income, the source of the down payment, your debts and what is left after the bills. Have them ready before the first call about a Grand Montréal file.
Rate is the easy comparison. On a purchase, two offers differ mostly in the penalty to break the term, in how much you can prepay each year and in whether the mortgage moves with you to the next home.
A complete file the first time avoids the back-and-forth that adds weeks. It is almost never the analysis that drags on a Grand Montréal file. Somebody is waiting on an employer, a bank or an appraiser.
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 two years after discharge, with credit rebuilt and paid on time since. Some lenders say yes sooner if the down payment is bigger. What you have rebuilt counts, not just the time that has passed.
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.