Region served
For a condo in Capitale-Nationale, the condo fees go into your ratios, and the syndicate’s contingency fund matters to the lender as much as to you.
Borrowing capacity rests on two ratios: what the housing costs against your income, and what all your debts weigh together. In a condo, the condo fees go into the calculation and cut your capacity more than most buyers expect.
Two years of notices of assessment, recent pay stubs, an employment letter and three months of statements for the down payment. For a condo, add the declaration of co-ownership, the syndicate’s budget and the state of the contingency fund. An underfunded one worries the lender as much as it should worry you.
How you plan to use the property matters more than its price. Owner-occupied, rented or both changes the down payment required and which lenders can take the file in Capitale-Nationale.
Depending on the property: leases, tax bills, a location certificate, the condo declaration, contractor quotes or proof of compliance. A file in Capitale-Nationale may need some of these, rarely all.
Appraisals follow recent sales, never the asking price. In a rural sector or with an odd property there may be few comparables, so the value can land below your price and you pay the difference out of pocket.
Property taxes, municipal and school, change a lot from one municipality to the next and they go into your ratios. Budget for taxes, heating, insurance and maintenance on top of the payment, the way the lender will.
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.
5% on the first $500,000, then 10% on the portion above. Under 20%, mortgage insurance is added to the loan. In a condo, the condo fees also count in your ratios.
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.