Lenders approve a property, not only a borrower. Type of building, condition and planned use determine which of them can even look at the file, sometimes before anyone opens your income documents.
What the lender will ask for
Municipal zoning, the declaration of co-ownership, and how the unit is really used. Airbnb income with no permit or syndicate approval won’t be credited. It can also kill the file on the spot.
Count the whole budget
The payment is only one line. Add municipal and school taxes, insurance, heating, upkeep. Plenty of lenders also want to see money left in your account after closing.
Documents to gather
What the lender will ask for.
How the unit is used
Type of building
Appraisal and comparables
Income or leases
Down payment or equity
Lenders that qualify
Frequently asked
Does my Airbnb income count toward qualifying?+
Rarely. Most lenders find it too irregular and only credit long-term rent backed by a lease. And if the city and the syndicate haven’t authorized short-term use, it turns into a liability instead of an asset.
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 proof of the rent you actually collected. Get these together before you make an offer and a short financing window becomes 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.
