Lenders approve the property along with the borrower. Building type, condition and intended use decide which lenders can even take the file. Sometimes that happens before anyone looks at your income.
What the lender will ask to see
The lease, if there is one. The condo fees. And most of all the declaration: plenty of syndicates limit how many units can be rented out. A restriction discovered late can kill the financing.
Count the whole budget
The mortgage payment is only one piece. Municipal and school taxes, insurance, heating and upkeep pile on top, and many lenders want you to have a reserve left in your account after closing.
Documents to gather
What the lender will ask for.
How the property will be used
Type of building
Appraisal and comparables
Income or leases
Down payment or equity
Lenders that qualify
Frequently asked
How much down payment for a rental condo?+
At least 20%, since mortgage insurance isn’t available on a property you don’t occupy. The condo fees are part of the calculation too, and that lowers how much you can borrow.
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Add the current leases and records of the rent you actually collect. If you have them before you make an offer, a short financing window is realistic.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
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.
