A lender approves the property as much as the borrower. Building type, condition and use decide which lenders can take the file, sometimes before your income even matters.
Documents they’ll ask for
A potability test for the well, a conformity certificate for the septic installation and its year of installation. When these are missing, files that would otherwise be simple come to a stop.
Keep every cost in sight
The mortgage payment is only part of what you pay. Municipal and school taxes, insurance, heating and maintenance add up, and many 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 tests are required for a property with no city water or sewer?+
Usually a water potability test and a septic conformity certificate. These are common financing conditions. Plan for them when you make the offer, not three weeks before closing.
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. Ready before the offer, a five-day financing condition is workable. Ready after, you’ve added weeks.
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.
