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Before you do anything else, you must establish a budget that will include your mortgage payments, as well as property and school taxes, heating and electricity costs, property insurance and even moving expenses. If you’re considering a condominium, remember to include condo fees.

You will also have to pay the transfer tax after your purchase, which is commonly referred to as the “welcome tax”.

Finally, there will be notary fees to pay when you buy your home.

The prequalification assessment

We recommend that you visit us before shopping for your new property. That way, we can determine your borrowing capacity, conduct a prequalification assessment and reserve your rate. This will avoid unpleasant surprises when you make your purchase offer. Reserving your rate will protect you against any sudden changes in the market and interest rates.

Purchasing with no down payment ... is that possible?

Are you dreaming of owning your own home, but you don’t have the money set aside for the down payment? We know how difficult it is to save, and we have a solution for you. To be eligible, you cannot have had any bankruptcies and you must have a steady job and very good credit.

Purchasing an investment property…

A few things to consider:

• The minimum down payment for a building with 1 or 2 units is 5%
• For a property with 3 or 4 units, the minimum is 10%
• For a property with 5 units or more, a down payment of 15% or more should be expected.

It is also important to obtain a copy of the leases.

You are self-employed…

We have access to lenders who understand your situation and can offer competitive terms and rates regardless of your declared income.

Mortgages for new immigrants

Financial institutions will ask you for information on your credit history in Canada and, for new immigrants, this poses a problem. We have solutions if you’ve had a permanent job for over 3 months and hold permanent resident status.