Refinance and equity takeout in Quebec.

The 80% LTV ceiling is firm; appraised value drives the math, and appraised value is rarely the same as listing-price comparables.

Quebec adds its own layer. Notarial closings replace the lawyer step elsewhere. Underwriters expect the notary, not a lawyer, on instructions. That matters here because underwriters are already scrutinizing the income side of a refinance and equity takeout file — a property or program complication local to Quebec can push a marginal file over the edge.

Welcome Tax (droits de mutation) on a tiered scale; Montreal adds an extra bracket above $500K.

Programs to check eligibility for in Quebec:

• Home Buyers' Plan
• FHSA
• Montreal Home Ownership Program (varies by family composition)

• Most recent mortgage statement
• Property tax statement
• Income and credit documents per standard pre-approval

Quebec nuance: Income tax assessments use the Revenu Québec format alongside the CRA NOA; expect both.

• Co-ownership (divided/undivided) materially changes lender appetite.
• Quebec Law 25 affects what data lenders and brokers can collect.
• Quebec employment letters must usually be bilingual or accompanied by a translation.

Underwriter view of this scenario: Use of funds matters. Debt consolidation and home improvement are well-received; speculative investment use can affect appetite at some lenders.

• Order an independent appraisal in advance for high-confidence files
• Pay off small high-rate balances before applying so consolidation amount is precise
• Document use-of-funds clearly

• Refinancing to consolidate debt without changing spending behaviour — the debt comes right back.