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  • More
    • Home
    • Listings
    • Selling
      • Selling Process
      • Pricing Your Home
      • Costs of Selling
      • Selling Tips
      • Documents Needed
      • Certificate of Location
      • What's Included
      • Free Evaluation
    • Buying
      • Buying Process
      • Criteria to Consider
      • Costs of Buying
      • Buying Tips
      • Homeownership Incentives
      • Financing
      • Inspection
      • Notary
      • Renovations
      • New Listing Alert
    • Moving
    • About
    • Contact
    • FR
Chloé Sauvé
  • Home
  • Listings
  • Selling
    • Selling Process
    • Pricing Your Home
    • Costs of Selling
    • Selling Tips
    • Documents Needed
    • Certificate of Location
    • What's Included
    • Free Evaluation
  • Buying
    • Buying Process
    • Criteria to Consider
    • Costs of Buying
    • Buying Tips
    • Homeownership Incentives
    • Financing
    • Inspection
    • Notary
    • Renovations
    • New Listing Alert
  • Moving
  • About
  • Contact
  • FR

FINANCING

GETTING PRE-APPROVED

Unless you are paying cash for the purchase of a property, it is important to get pre-approved with a lender prior to starting the home search. A simple pre-approval gives many advantages, such as: 


  1. Shopping within your budget – not falling in love with a property you can't afford.
  2. An edge in multiple offer situations – depending on the market, you can often be multiple offer situations. If you have a pre-approval it can give you an edge over other offers.
  3. Saving time – not wasting time visiting homes that you can not buy. 
  4. Lock in interest rate – rates can fluctuate, getting a pre-approval will lock in a rate (usually for 60-120 days). If the rates go up you will benefit from your lower rate, if they go down you will be eligible for the lower rate. 


Plus, there is no obligation to go with that lender so you really have nothing to lose. 

MORTGAGE CALCULATOR

A mortgage calculator is a good way to give you a general idea of how much your monthly payments would be given a specific purchase price. 

Try Here

MORTGAGE SPECIALIST RECOMMENDATIONS

ORBIS

NATIONAL BANK

TD BANK

Jeremy Drouin

Mortgage Broker

450-802-8023

learn more

TD BANK

NATIONAL BANK

TD BANK

Marlene Love

Mobile Mortgage Specialist

514-219-1412

learn more

NATIONAL BANK

NATIONAL BANK

NATIONAL BANK

Patrick Lalancette

Mortgage Development Manager

514-609-9999

learn more

DESJARDINS

BANK OF MONTREAL

NATIONAL BANK

Louise Presseau

Mortgage Representative

514-602-4098

SCOTIA BANK

BANK OF MONTREAL

BANK OF MONTREAL

Frederic Gbikpi

Home Financing Advisor

514-625-1764

learn more

BANK OF MONTREAL

BANK OF MONTREAL

BANK OF MONTREAL

Tristano Vicario

Mortgage Specialist

514-234-7731

PLANIPRET

PLANIPRET

PLANIPRET

Mark A. Barbieri

Mortgage Broker

514-984-8182

learn more

PLANIPRET

PLANIPRET

PLANIPRET

Dimitri Rougas

Mortgage Broker

514-994-7970

learn more

PLANIPRET

PLANIPRET

PLANIPRET

Lilianne Benoit

Mortgage Broker

514-884-4221

learn more

MORTGAGE TERMS EXPLAINED

Mortgage: A personal loan used to purchase a property. You pledge the property being purchased as security for the loan.

Down payment: The portion of the purchase price that you pay initially as a lump sum; the rest is financed by your financial institution. A down payment is generally between 5 - 20% of the purchase price.

Principal: The amount of your loan.

Interest: This is added to the amount you have borrowed to compensate the lender for the use of their money. Your mortgage is repaid in regular payments which are applied toward the principal and interest.

Term: The number of months or years the mortgage contract covers (typically six months to five years), during which you pay a specified interest rate.

Amortization: The number of years it will take to repay the mortgage in full. (This is usually longer than the term of the mortgage.) For instance, you may have a five-year term amortized over 25 years.

Equity: The difference between the value of your property and the amount you still owe on the mortgage.

Conventional mortgage: Offered to buyers who make a down payment of 20% or more of the appraised value or purchase price.

Insured mortgage: Offered to buyers with a down payment of less than 20%. This type of loan must be insured against default by the federal government through an approved private insurer (the lender arranges this). The borrower pays a one-time insurance premium to the insurer. The premium is usually added to the principal amount of the mortgage. If you default on your mortgage, the lender is paid by the insurer.

Fixed rate mortgage: The interest rate for a fixed rate mortgage is locked in for the full term of the mortgage. Payments are set in advance for the term, providing you with the security of knowing precisely how much your payments will be throughout the entire term.

Variable rate mortgage: Payments are set for the term, even though interest rates may fluctuate during that time. If interest rates go down, more of the payment is applied to reduce the principal; if rates go up, more of the payment is applied to payment of interest.

Open mortgage: Gives you the flexibility to make unlimited pre-payments or lock into a fixed term at any time. This loan’s interest rate changes periodically, and is tied to the prime rate. This type of mortgage is popular when interest rates are expected to fall or remain stable.

Closed mortgage: Mortgage that cannot be prepaid, renegotiated, or refinanced before the end of the term without paying a prepayment charge.

The content of this site is for information purposes only and should not be regarded as legal advice. It is comprised of the real estate broker's opinion and is deemed reliable, but not guaranteed. 

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