Self-employed and buying a plex: the income counted comes from your notices of assessment, and part of the rent is added on top. Both calculations, lender by lender.
Lenders approve the property as much as the borrower. What kind of building it is, its condition and how it will be used decide which lenders can take the file. Sometimes that comes before your income is looked at.
Describe the property clearly
Bring whatever actually describes it: leases if any, taxes, condition and title records. A building that’s well documented moves faster than one where the lender has to guess.
The payment isn’t the whole cost
Municipal and school taxes, insurance, heating and maintenance come on top of the mortgage payment, 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
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 rent actually collected. If they’re 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.
