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First condo in Capitale-Nationale: the amount a lender approves and the payment you can live with are rarely the same number. Set the second one first.
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.
The lender’s approval is one number; your comfortable payment is another. Start with yours. Property tax, insurance and heating get added to the mortgage payment every single month.
Build in time: lender review, insurance, appraisal, and the paper you forgot. A financing condition that’s too short is asking for trouble.
A lender approves the property as much as the borrower. Its condition, the way you’ll use it and anything flagged in the inspection or title records can stop a file in Capitale-Nationale that looked fine on the numbers alone.
Beyond the down payment come notary fees, tax adjustments and transfer duty. The welcome tax usually shows up months after closing, when the move and the furniture have already emptied the account. That’s why buyers forget it.
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.