A Mortgage Tailored to Your Needs
For a new mortgage, renewal, or refinancing, work with an experienced broker!
A mortgage tailored to your needs
Do you need a mortgage to buy a home in Montreal, on the South Shore, or the North Shore? Working with a mortgage broker allows you to access one of the most advantageous products that fits your needs. This gives you peace of mind when it comes to your mortgage payments.
As a mortgage broker, I’ll help you quickly assess your borrowing capacity so you can make an offer on the property you want. You’ll know the exact amount you can borrow and obtain a mortgage pre-approval quickly, making the home-buying process smoother.
The Broker’s Role in Securing a Mortgage Loan
The mortgage broker plays a key role as an intermediary between you, the buyer, and financial institutions such as banks. Their job is to advise and guide you through the entire mortgage process. With an in-depth understanding of each lender’s specifics, the broker can direct you to the financial institution that best suits your needs. The ultimate goal is to find the most advantageous mortgage product for your situation.
Mortgage brokers maintain relationships with multiple financial institutions, giving them access to exclusive offers that are not always available on the traditional market. By leveraging these connections, your broker can help you secure a better mortgage than you might find on your own. In short, a mortgage broker is an essential partner in your real estate journey, offering expertise, options, and better opportunities.
Mortgage Pre-Approval
A mortgage pre-approval is an essential tool for anyone shopping for a home. It assesses your borrowing power based on factors such as your credit score, employment status, and down payment. It confirms the amount you can borrow and allows us to secure a rate for up to 120 days (depending on the lender).
This rate hold does not commit you or require you to go through with the lender who offers it. It simply guarantees you that rate, should you make an offer and sign a mortgage agreement before the rate hold expires.
Renewing Your Mortgage
When you take out a mortgage from a lender, you commit to a fixed term, known as the mortgage term. This can range from a few months to five years or more. At the end of each term, the borrower must either pay off the remaining balance or renew the existing loan.
Mortgage renewal is a key opportunity to review your financial situation and new goals. You can renegotiate key terms such as interest rate, term duration, and rate type (fixed or variable).
It’s important to understand that you are not obligated to renew with the same lender. You’re free to explore the mortgage market for better conditions.
Mortgage renewal is a significant step in the life cycle of a home loan. It allows you to adjust the terms of your loan based on current market conditions and your personal financial situation.
If your mortgage term is coming to an end, contact me before your renewal date. I can secure a rate for you up to 120 days in advance. It’s best not to wait until the last minute—take advantage of today’s best rates.
Additional Costs to Plan for Beyond the Mortgage
To avoid unpleasant surprises, it’s recommended to budget between 2% and 3% of the property’s value to cover these expenses. These include inspection fees (hiring a building inspector is essential, as this can help you avoid costly surprises) as well as notary fees (for any real estate transaction in Canada, you must hire a legal professional. The cost of this service varies depending on several factors).
Additionally, when purchasing a property, certain taxes must be expected:Transfer duties (also known as the welcome tax), collected by municipalities when purchasing a property; The mortgage insurance tax if applicable (for example, 9% in Quebec); Municipal taxes and school taxes. These taxes vary depending on the municipality and the value of the property. When planning your budget, keep in mind that municipal and school taxes are recurring charges you’ll have to pay annually, while the other taxes apply only at the time of purchase.
Contact Me
For a mortgage pre-approval, renewal, or refinancing, contact me. We can schedule a phone meeting. You can also fill out the online application form to get a quick response!