Region served
Pyrite or iron ochre in a Capitale-Nationale property: the lender wants the test, the quotes and sometimes the work done before it finances.
Here the property is what gets examined, not you. The lender wants to know whether the problem is contained, what the work will cost and whether the value holds once it is done. Several decline until the work is finished, others finance while holding back an amount until it is.
The inspection or expert report, detailed quotes for the work, the location certificate. If there was damage, add the insurance report and proof of the repairs already done. That file decides the answer, more than your income does.
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.
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.
The appraiser uses recent sales in Capitale-Nationale, 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.
It depends on how big the problem is and what the repairs cost. Several lenders finance with a holdback until the work is done, others say no until it is settled. The expert report and the quotes count for more than your income.
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.