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Using a mortgage broker
Shopping around for a mortgage may seem like a daunting task. Get some help from Dominion Financement Commercial mortgage brokers, it’s what they do best. Entrust them with your house project!
Be prepared to buy a house
Before you begin shopping for a mortgage,your broker will make sure that you are well prepared for this investment. You must have a minimum down payment equal to 5% of the price of the property and you must be able to pay the additional costs and fees of buying a home, i.e.notary fees, moving costs, land transfer tax, etc. Experts estimate this amount at 1.5% of the property’s purchase price.
Find the mortgage loan that matches your needs
Buying a house is a major investment;the steps to prepare yourself are just as important. Your Dominion Financement Commercial broker can help you find out exactly how much you can borrow, guide you to the homes and neighborhoods best suited for your lifestyle, and shop for a mortgage based on your budget.
Call your mortgage broker from the very beginning of your project. They will help you prepare and will walk you through every single step of the home-buying process including gathering all the required information to get started. Your Dominion Financement Commercial broker will provide you with information on various grant opportunities and programs in place both in Québec and Canada.
You already have a mortgage on your primary residence and want to apply for a new mortgage for a second property such as a cottage in the country or an apartment in the city? Don’t fret! Your broker will also be able to support you during the purchase of a second residence if you have a minimum down payment of 5% of the value of the residence.
Investment Property Mortgage
Dominion Financement Commercial mortgage brokers are experts in the financing of investment and multi-unit properties.
You must be aware that the requirements to qualify for an investment property mortgage are not the same as the requirements for a single-family dwelling.The minimum down payment for a property with 4 units or less is 20% and 15% for a property with 5 or more units.Let us add that the property’s financial statement will also be included in the buyers’ file.
However,the rules of the game change if the landlord is live-in. The required down payment for a duplex drops to 5%, 10% for a 3 to 4 unit property, and 15% for a property with 5 units or more.
Contact your Dominion Financement Commercial mortgage broker for more information!