A lender approves the property as much as the borrower. Type of building, condition and use narrow down which lenders can take the file, and that can happen before your income is considered.
Flood risk and insurance
The flood zone, the recurrence rating, the state of the shoreline, and above all whether you can get insurance. Coverage is the gate. Every other question waits behind it.
The budget in full
The payment is only part of it. Municipal and school taxes, insurance, heating and upkeep come on top, and many lenders want cash 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
Lenders that qualify
Frequently asked
Can a property in a flood zone be financed?+
It depends on the rating. In a low-recurrence zone, several lenders will go ahead with adequate insurance. In a high-risk zone, financing gets very hard. Confirm you can insure it before you make an offer, not after.
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. Before the offer, they make a five-day financing condition workable. 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.
