Lenders approve the property as well as the borrower. The kind of building, its condition and what it’s used for decide which lenders can take the file, at times before your income is even looked at.
What they’ll want to know
The acreage, any outbuildings, year-round access and how the property is really used. Beyond a certain size, several lenders finance the house and a limited parcel and leave the rest out.
Budget for the whole thing
The mortgage payment is only a slice. Municipal and school taxes, insurance, heating and maintenance add up, and many lenders expect a reserve left in your account after closing.
Documents to gather
What the lender will ask for.
How the property is used
Type of building
Appraisal and comparables
Income or leases
Down payment or equity
Eligible lenders
Frequently asked
Does a large acreage hurt financing?+
It can. Many lenders finance the house and a few acres and ignore the rest of the value. On a big parcel, the appraised value they keep may be well under the purchase price.
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 zoning, year-round access and proof of services. With these ready 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.
