Region served
The documents for a prequalification in Capitale-Nationale, and why a statement missing one page sends the file back for clarification.
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 document must be current, readable and consistent with the rest of the file. A statement with a missing page, or a name spelled differently than on your notice of assessment, sends the file back for clarification.
Everything has to agree across documents: names, dates, balances, where the money came from. The number one cause of a stalled verification? A deposit nobody can explain.
An odd amount, a missing page, two records that disagree: the lender will ask. Explain them up front. A gift, a bonus or a transfer between your own accounts is perfectly fine once documented.
Three calendars have to fit together: the lender’s, the insurer’s and the notary’s. It’s nearly always the last one that delivers the confirmation once the condition has run out.
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.