Banks, monoline lenders, credit unions, alternative lenders: income, credit and property type are not judged the same way everywhere. A decline in one place tells you nothing about the next answer.
Documents before comparison
Two years of notices of assessment, recent proof of income, proof of your down payment. Get them together before you compare, and the timeline stops depending on a third party.
Property and price
If sales in Côte-Nord are thin, treat the appraisal as a risk. When it comes in under your price, the lender lends on the lower figure and you pay the rest in cash.
Income and down payment
Before any numbers get discussed, gather four things. Income proof. The source of your down payment. Your current debts. And the money left at month’s end after the bills. Most buyers skip the last one.
Beyond the rate
Comparing rates takes ten seconds. The differences that cost money are the penalty if you break the term, the yearly prepayment room, and whether the mortgage is portable when you move. Ask about those.
Documents before you submit
Get the file complete on the first pass and you skip the back-and-forth that eats weeks. In Côte-Nord, like everywhere else, the analysis is rarely what slows things down. It’s waiting on an employer, a bank or an appraiser.
To prepare
What to gather.
Property type
Affordable monthly budget
Income documents
Available down payment
Closing deadline
Eligible lenders
Frequently asked
Can the file be reviewed remotely?+
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.
Which lenders can assess this kind of file?+
It depends on your income, your credit and the property. Banks, monoline lenders, credit unions and alternative lenders do not apply the same criteria, so a decline in one place tells you nothing about the next answer.
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.
