Do I need an agent (realtor) to buy?
If I have to answer by a yes or a no then the answer will be no you do not need to have a realtor to buy. But having an agent to your side will be able to look at details that not many people knows about and he is the professional person who is qualified to handle such operation and keep in mind all realtors are monitored by the “Organisme d’autoréglementation du courtage immobilier du Québec” (OACIQ), and it cost you nothing at all as a seller.
How can I know what is the maximum purchase price to buy my home?
It is strongly recommended that you communicate with me directly. As a mortgage broker, we ask the right questions to evaluate your case and at the same time, we will even be able to provide you with a pre-approval.
Another way of knowing the answer is by using the affordability calculator located under the tools tab on my web site.
Do I need an agent (realtor) to sell?
Again the answer is no you can sell it by yourself and you can use a contract that you can find online. What I can tell you is that if every thing goes well and you are really good in drafting contract, you will be OK but if for what ever reason you get into disagreement, that is when things get hard on you as a seller.
What is the minimum down payment that I need to buy a house?
Owner occupied:
For a property of up to two units:
5% of the first $500,000.00 of the purchase price
10% of the balance
For a property of up to three to four units:
10% of the purchase price.
Rental property
For a property of up to four units:
20% of the purchase price.
Closing costs
Is the amount you need to do the closing of the financing and pay all necessary fees… most of the banks require 1.5% of the purchase price to be available in your accont.
Closing cost usually covers:
Notary Fees
Evaluation fees
Welcome tax
Other fees.
Why is a dealing with a mortgage broker better than a dealing with a regular bank?
As a mortgage broker we are governed by the Authoriter du marche financier. A government sector that monitor our activities to make sure we do every thing to the benefit of our client.
We have access to many financial institutions. With that we can surely find a institution that will approve your mortgage.
We deal with banks that gives rates that can not be found in regular banks.
What is the process recommended of buying a house?
Get a pre-approval. To know how much you qualify for.
Talk to a realtor. To guide you in the process of finding your dream home. I have agent that I recommend under the recommendation tab on my main page. PRESS HER
Get an accepted offer to purchase. You do that with the seller realtor and yours.
Do the inspection of the house. To make sure no hidden issues with the property.
Get a final mortgage financing approval. That is done by me as your mortgage broker.
Go to the notary to sign. This is where the house will become yours.
Move to your new house.
What are the general conditions to buy a rental property?
Your down payment has to be 20% or more.
You can buy up to four units maximum under the residential mortgage.
You should qualify, financially, to by the property, knowing that part of the income generated from the property that you are buying will be added to your income.
What is the maximum number of units in a single property that I can buy?
As a residential mortgage you can buy up to 4 units max in a single property.
You can always buy more than four units, but it will be treated as a commercial mortgage. I will always be able to guide in the purchase of such property.
I already have a house; can I buy another one with 5% as down payment?
Yes, provided that the property that you will be buying will be owner occupied.
Why am I charged mortgage insurance premium?
When ever your down payment is less than 20% the bank is obliged to insure the mortgage with one of the mortgage insurance companies.