Lenders approve the property as much as you. What kind of structure it is, its condition and its use decide which of them can take the file, often before your income enters the picture.
Document what you’re buying
Bring leases if there are any, tax records, condition reports and title documents. If the lender can see the building clearly, the file moves. If not, they guess, and guessing slows everything down.
The payment isn’t the whole cost
Municipal and school taxes, insurance, heating, upkeep. And plenty of lenders still want a reserve in your account after closing.
Documents to gather
What the lender will ask for.
Use of the property
Type of structure
Appraisal and comparables
Income or leases
Down payment or equity
Lenders that qualify
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. Gathered before the offer, they make a five-day financing condition workable. Gathered after, they add 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.
