A mortgage is a loan you use to purchase a home or some other piece of property. The amount you borrow is called the principal and each mortgage payment is a combination of principal and interest. The property remains in the possession of the borrower, but it may be re-claimed by the lender if the loan and interest are not paid as agreed.

If the amount of your mortgage is more than 75% of either the purchase price or the appraised value of the property (whichever is lower), the mortgage is considered high ratio. To comply with legal requirements, you must purchase mortgage insurance. Mortgage insurance is available from Canada Mortgage and Housing Corporation (CMHC).* An application fee and an insurance premium also apply, which you can add to the mortgage amount. More information is available through one of our consultants.

Mortgages are available with a fixed rate of interest for various terms, ranging from six months to 10 years, with payments amortized over periods of up to 40 years. We also offer variable rate mortgage options.

Based on your financial situation, we can pre-approve a maximum amount of mortgage financing at a specific rate for a period of 60 days (90 days for new construction). You will know, without obligation, the amount you can borrow, the interest rate, and your payments. To apply or for more information call us at (514)336-8228 to set up an appointment.

Mortgage pre-approval is important for a number of reasons:

1. It determines the maximum mortgage loan for which you qualify.
2. It allows your realtor to show you a range of properties in your price range.
3. It allows your realtor to make a realistic offer on your purchase, and saves time in the negotiation process.
4. It holds the interest rate for a period of 60 days (90 days for new construction), guarding you against rate fluctuations.
5. It provides peace of mind during the home-buying process.

1. No income verification is an option for our self-employed program where income taxes are not required, for more information on this program please ask one of our consultants.
2. Down payment confirmation. This will be used to confirm the difference between your proposed purchase price and the amount of the mortgage loan. Your down payment can include saved funds on deposit with your financial institution, RRSPs, a gift from an immediate family member, and/or equity from the sale of another property.
3. Credit application. The credit application will provide us with information we need assess your mortgag
4. e request and net worth. It will also let us request a credit bureau check.
5. Credit confirmation. We’ll do a credit investigation and confirm that your credit rating is acceptable for a mortgage.

Yes. If you already have a residential first mortgage on your home with another approved lender, you may switch . Call us so we can advise you as to which lender will best meet your demands. Certain conditions, however, may apply.

The easiest way to reduce the interest costs on your mortgage is to pay it off sooner. Here’s how:

1. Pay weekly or biweekly. Making your mortgage payments earlier and more frequently through weekly or biweekly payments can save on interest compared with monthly payments. Ex. A 5 year amortized mortgage can shorten up to 17 years amortization.
2. Choose a shorter amortization period.
3. Usually the lender allows you to pay your mortgage up to 10% of the total mortgage yearly.

The following optional mortgage insurance is available to you to help you feel more comfortable with your home purchase:

Yes, we offer insurance through our insurance division, at competitive rates.

The other costs associated with the purchase of a home may include the following:

Inspection fee-optional if a client deems it necessary a professional may inspect the house prior to the completion of the purchase; Appraisal fee-required to ensure the property is acceptable security for the mortgage; Legal fees-required and includes lawyer’s or notary’s fees plus any disbursements required to transfer the property and register the mortgage; Tax adjustments-you will be responsible for paying the taxes for the portion of the first year that you own the property; Mortgage insurance-if the down payment is less than 25% of the purchase price, an insurance premium on the mortgage amount is required (it may be added to the mortgage amount); Home insurance-arranged to cover the property in the event of fire or other damage; Mortgage protection insurance-optional, but is available to cover the mortgage amount in the event of death, disability, loss of employment, or critical illness; Moving costs-vary depending on how far you’re going and who is helping you move.

A federal government plan allows first-time homebuyers to use their RRSPs to help finance their home purchase. This money can be used as a down payment, or to help with other closing costs. RRSP home ownership withdrawal forms are available from your RRSP holder. The criteria are as follows:

1. Each applicant can withdraw up to $20,000
2. Applicants cannot have owned a principal residence within the past 5 years, unless it was a revenue property
3. You must reside in the home for at least one year
4. The RRSP funds must have been invested for more than 90 days before withdrawal to qualify
5. The withdrawn amount must be repaid, over an interest-free repayment period that can be as long as 15 years