Region served
After a separation, the lender wants to know who keeps the Grand Montréal property, who signs, and what the judgment or agreement says. The title matters as much as your income.
Lenders finance a title, not only a property. If there’s undivided ownership, an easement or an estate not yet settled, they want to know who can sell, who has to sign and what encumbers the title. With undivided co-ownership many lenders simply step aside, and the file has to go to the ones that will finance it.
Location certificate, deed and, depending on the situation, the co-ownership agreement, the judgment or separation agreement, or the estate papers. Ask your notary what’s missing from the title. They usually know before you do.
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.
Yes, but few lenders will touch it. Several step back from undivided ownership, and those that finance it want the co-ownership agreement and every co-owner’s signature.
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.