Region served
A new build in Bas-Saint-Laurent is financed by progress draws, each stage released after an inspection. What the lender wants before the first one.
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.
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.
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.