The down payment for the purchase of a first home
You should know that buying a property generally requires:
a minimum down payment of 5% of its purchase price for the first $ 500,000
a minimum down payment of 10% for the excess of $ 500,000
proof of your ability to pay the various costs related to the purchase (notary, moving, etc.) which represent 1.5% of the price of the property.
Finding the necessary down payment can seem like a tall order. Multi-Prêts will help you choose the solutions that suit your lifestyle, your budget and your long-term financial needs.
You may also be eligible for the “ Affordable Home ” program set up by the Government of Canada and CMHC. Ask your broker for more information.
Whatever your needs, we have the mortgage solution that’s right for you!
Mortgage approval
Contrary to popular belief, the credit history of borrowers is only one of the elements that will be considered by financial institutions in their decision to grant or not to grant a mortgage . In addition to the credit report, the various mortgage lenders will pay particular attention to the debt ratios of applicants.
In the case of a loan secured by real estate, financial institutions will also assess the property concerned to ensure that it is an adequate guarantee according to the loan required. These different requirements must also be demonstrated to the lender by supporting evidence, hence the need to present certain documents when applying for a loan .
You should also be aware that different financial institutions each have different underwriting standards and do not necessarily rate files according to the same criteria. This is also one of the important benefits you will derive from doing business with a mortgage broker . As the brokers know the criteria of the different lenders, Buying a first home they will be able to direct you to the financial institution that will be the most favorable to your file and which will offer you the best rates and conditions according to your specific needs. .
We explain to you in black and white how to manage them to your advantage to obtain your approval.
Five important factors for your mortgage
Your credit rating
Your household income
Your employment history
Your financial reserve
Your down payment
We explain to you in black and white how to manage them to your advantage to obtain your approval.
