Looking for your first home?
My goal is to make sure that all future home buyers are empowered with knowledge and information to help them make better decisions.
When dealing with my bank when I purchased my first home, I found that the process was ineffitient and lacked transparency.
It really made me feel like I had no control.
Being a mortgage broker today, I am seizing the opportunity to create a better experience for home buyers across Montreal, Canada providing r
elevant information to home buyers that enable them to get the best mortgage saving them money.
It is important to get pre approved first so that you can ensure that when you do buy a home, you are confident that you will be able to get a mortgage.
A pre-approval is a commitment from an institution to lend you a specific sum of money based on your earnings, credit rating, and down payment size. Why is it important to get pre-approved?
1. It helps to know the maximum you can get from a bank so you can target a home that is in the correct price range
2.The purchasing process is less time consuming and easier since it eliminates the need to visit homes that are unrealistic to the buyer
Shop Around- the importance of going to more than just one lender
A big reason that people do not shop around is because they don't have the time or think all banks are the same. It is important to understand that all banks have different lending policies, products and guidelines. One bank may approve you for a higher mortgage amount versus another because they may take into consideration certain income that other banks won't consider or may have different calculation guidelines.
As a mortgage expert, I make the process easy for you and shop around your mortgage for you with over 25 lenders to meet your specific needs and goals for your purchase.
Low Rate Websites don't tell the whole story
These are websites that post the lowest rates to fish you in:
There are specific guidelines to qualify for these rates. So even though you may see a rate you may want on their website, you may not qualify because you don't meet the criteria
Most of these rates are for borrowers who have less than a 20% down payment and need to pay for mortgage insurance
Many of the best rates come with many restrictions and poor terms that can cost you in the long run.
Benefits beyond rate
Trying to find a mortgage purely based on rate can lead to many issues, such as high penalties for switching/ending a mortgage early, or a lack of features to pay down your mortgage more quickly. Some examples of important features:
Amortization : Chosing a 25 year amortization vs 30 years will save you money in interest in the long run
Accelerated payments: accelerated bi-weekly payments allow you to pay down the principal quicker paying less interest
Pre payments: Annual lump sum payments (15%-20%) applied to the principal and increasing your monthly payment up to 100% are privileges enabling you to save thosands of dollars in interest
Home Buyer's Plan :
If you have an RRSP, you would be eligible for a Home Buyer’s Plan. It allows you to take 35,000$ out of your RRSP to purchase your first home. Visit the following website to know more : https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
First Time Home Buyers Tax Credit
Visit this link for more info: https://www.revenuquebec.ca/en/citizens/tax-credits/home-buyers-tax-credit/
It is important to be prepared wioth all documentation you may need to provide the lending institution. Doing a pre approval allows you to get informed on all required documents so that you are ready when it is time to submit your file for a final approval and meet delays in your offer to purchase. I will guide you also on how to obtain certain documents, making the process easy and simple.
I hope this information helps you get a better idea of beginning your home buying process.
I am happy to guide you along the way and provide you with transparent advice suited to your needs, goals and unique situation.
Click on the link below or call me directly for a no obligation free consultation.
First time buyer or refinancing? Call for a free quote
We shop for the best mortgage option at no charge to you.