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.
The price and the value
The appraiser looks at what similar properties actually sold for, not at your offer. With few comparables in Nord-du-Québec, the value can come in low. The shortfall comes out of your pocket, not out of the mortgage.
Your income, your down payment
Four things to have before you talk numbers: proof of income, where the down payment comes from, what you already owe, and what’s left each month once the bills are paid. Buyers skip that last one more than any other.
Comparing the conditions
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.
Paperwork before sending
Send everything at once. Every round of "we still need one more document" adds days, and the delays come from third parties (employer, bank, appraiser), not from the lender’s analysis.
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.
