In undivided co-ownership, your unit has no separate title, so the lender’s security covers the whole building. Fewer lenders say yes, on tighter terms.
Lenders judge the property as much as the borrower. The kind of building, its state and its use decide which ones can take the file. Sometimes that’s before they read a line of your income.
Spell out who owns what
The co-ownership agreement, each party’s share, how the loan is set up. With an undivided title, the lender wants to know exactly who answers for what if someone stops paying.
Total monthly cost
Taxes (municipal and school), insurance, heating and upkeep come on top of the payment. And many lenders like to see a reserve in your account once you’ve closed.
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
Lenders that qualify
Frequently asked
Why is undivided co-ownership harder to finance?+
Because your unit has no title of its own: the lender’s security sits on the entire building. Fewer lenders accept these files, the down payment is often higher, and the rate can end up above what a divided condo gets.
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 certificate of co-ownership and the syndicate’s financial statements. Ready before you make an offer, they keep a short financing window 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.
