Region served
A prequalification decline comes down to one criterion: ratio, income or credit. Knowing which tells you what is possible for a purchase in Bas-Saint-Laurent, and with whom.
A decline is an internal policy call, not a verdict on your file. You need the exact reason: an exceeded ratio, a miscalculated income and a property judged ineligible lead to three different next steps. Without the reason, comparing elsewhere means starting over blind.
The reason for the decline in writing, if you can get it, and the file as it was submitted. Add your notices of assessment, income proof and proof of down payment. Note how many credit checks have already been run too: piling them up eventually hurts.
What a lender approves and what you can comfortably pay each month are rarely the same number. Decide the second one first. Taxes, insurance and heating come on top of the mortgage every month.
Build in time: lender review, insurance, appraisal, and the paper you forgot. A financing condition that’s too short is asking for trouble.
The lender is approving a property, not only you. Condition, intended use, anything raised at the inspection or in the title records can kill a file that worked on paper.
The down payment isn’t the only cash you need: notary fees, tax adjustments and transfer duty come too. The welcome tax bill lands months after you buy, when the moving truck and the new couch have already drained the account.
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.
No. Each lender has its own policies, and a decline does not show up on your credit report. Do ask for the exact reason, though: without it, comparing elsewhere means starting over blind.
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.