Region served
Duplex in Bas-Saint-Laurent: the share of rent a lender counts runs from 50% to 100% depending on the lender. On the same building, the capacity gap is tens of thousands of dollars.
Rental income changes everything, but each lender counts a different share: half added to income at one, the full amount netted against expenses at another. Same building, same leases, and the gap in capacity between two lenders runs into the tens of thousands of dollars.
Signed leases, the assessment roll and the tax bill, the building’s actual expenses, your notices of assessment. If units are vacant or owner-occupied, say so up front. The lender calculates on market rent, not the rent you are hoping for.
Living in it, renting it or a bit of both: the use changes the down payment required and narrows or widens the list of lenders that can take the file.
Leases for a rental building, the declaration of co-ownership for a condo, a location certificate everywhere, quotes if there’s work. Which ones apply depends on the property.
The appraiser uses recent sales in Bas-Saint-Laurent, not the asking price. Where comparable sales are thin (rural sector, unusual property), the value retained can come in under what you agreed to pay. You cover the gap in cash.
Municipal and school taxes differ from town to town, and they count in your ratios. Add the tax bill, heating, insurance and upkeep to the mortgage payment. The lender does, so do it before them.
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.
Between 50% and 100% depending on the lender, and sometimes netted against expenses instead of added to income. On the same building, that gap moves borrowing capacity by tens of thousands of dollars.
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.