Lenders count anywhere from 50% to 100% of the rent, and some subtract it from expenses instead of adding it to income. For the same building, the gap is huge.
A lender looks at the building as much as at you. Its type, its condition and how it will be used decide which lenders can take the file, sometimes before your income even comes up.
Show the building clearly
Bring what actually describes it: leases if there are any, taxes, condition and title records. A well-documented building moves faster than one where the lender has to guess.
Keep every cost in view
The mortgage payment isn’t the whole cost. Municipal and school taxes, insurance, heating and maintenance come on top, and a lot of lenders want a reserve left in your account after closing.
Documents to gather
What the lender will ask for.
Use of the property
Building type
Appraisal and comparables
Income or leases
Down payment or equity
Eligible lenders
Frequently asked
What documents do I need to pull together?+
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 actually collected. Get all this ready before you make an offer and 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.
