These are important considerations in establishing your financial situation; which will allow us to choose the mortgage product that best suits your needs.
It determines your borrowing capacity. The lender needs to know your actual ability to make a mortgage repayment. Whether you are employed, self-employed, seasonal workers or others, your mortgage broker is able to find you the product that best fits your situation.
It determines your regularity to meet your credit obligations. Your broker can help you understand the impact of your financial transactions on your credit report and can give you suggestions in order to benefit from better conditions offered by the different financial institutions.
The down payment
A minimum down payment is now required to purchase a property and you will need to prove that it comes from your personal assets. If you have not accumulated the required down-payment to purchase your dream home, your Multi-Prêts broker has solutions for you: The Home Buyer’s Plan is a federal program that allows you to use your RRSP’s when you purchase your first Home. There are other programmes your mortgage broker can tell you about.
It determines your maximum mortgage amount ideal for you to maintain a pleasant quality life. We will take in consideration your mortgage payments, your debts and your income and the amortisation of the loan.