A lender approves the building along with the borrower. Type, condition and intended use decide who can take the file. Sometimes your income doesn’t even come up yet.
Bring all three leases
The leases, the rents actually collected, and the building’s real expenses: taxes, insurance, heating if you pay it. It’s the gap between the rent and those costs that decides the file. The asking price doesn’t.
Count everything
The mortgage payment is one piece. Municipal and school taxes, insurance, heating and maintenance stack on top, and many lenders want a reserve left in your account after closing.
Documents to gather
What the lender will ask for.
Use of the building
Building type
Appraisal and comparables
Income or leases
Down payment or equity
Lenders that qualify
Frequently asked
How much down payment for a triplex?+
If you live in one of the units, the minimum stays in residential territory. Fully rented out, count on 20% or more. Living in the building is often what makes a file financeable at all.
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 rent actually collected. Get them in order before you make an offer and 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.
