Region served
CMHC said no? Sagen and Canada Guaranty apply their own criteria. What can pass with them for a purchase in Côte-Nord.
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.
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 Côte-Nord, 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.
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.