Region served
For a cottage in Lanaudière, the lender checks year-round access, drinking water, septic and heating before it even looks at your income. A three-season place shortens the lender list fast.
Financing follows the progress of the work instead of a single advance, and each stage is released after inspection. For a cottage, it all depends on year-round access, the water source and the heating. A seasonal or non-conforming property cuts the lender list fast.
The construction contract and plans, an itemised budget with the draw schedule, proof of the land, the builder’s warranty. For a cottage, add whatever proves year-round access, the septic system and the drinking water source.
What you plan to do with the property weighs more than its price. Living in it, renting it out or a bit of both changes the down payment required and which lenders will look at a Lanaudière file.
The paperwork depends on the property: leases and the tax bill for a revenue building, the declaration of co-ownership for a condo, a location certificate every time. If there is work involved, add the quotes and proof of compliance. Ask early, it varies in Lanaudière.
The appraiser works from recent sales, not from the asking price. Where comparables are thin (a rural sector, an unusual property), the value can land under what you agreed to pay, and you make up the gap in cash.
Municipal and school taxes vary from one municipality to the next, and they count in your ratios. The lender works from the Lanaudière tax bill, plus heating, insurance and upkeep. Do the same math before it does.
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.
Through progress draws instead of one advance, each stage released after an inspection. Expect to pay interest on the amounts already advanced while the work is underway.
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.