When you wish to take out a mortgage loan, we are there to liaise with the financial institution that wishes to lend funds for this purpose. People call on us because this intermediary role allows Multi-Prêts to access the products of about twenty financial institutions that send us their exclusive promotions through a centralized computer system. This allows us to be quick and efficient in our negotiations and to offer you the best conditions on the market.
In general, here are the prerequisites for buying a property:
- A minimum down payment of 5% of the purchase price for the first $500,000.
- A minimum down payment of 10% for the excess of $500,000.
- Proof of your ability to pay the various expenses related to the purchase (notary, moving, etc.), which represent 1.5% of the price of the property.
It is possible to feel discouraged about the down payment. That’s precisely where we come in: we listen to you and propose solutions that fit your lifestyle, your budget and your long-term financial needs. We have a mortgage solution that’s right for you!
If you’re having credit problems for this type of reason:
- Have you ever been bankrupt?
- You have no credit history?
- You have a low credit rating?
We want to reassure you: at Multi-Prêts, we know how to give everyone a chance. This is why we deal with lending institutions that accept to lend to people with difficult credit. We put you in contact with the institution that best suits your situation while guiding you to improve your credit rating.
You arrived on the territory with the ambition to buy a property but little by little you have the impression that this dream is unattainable? Make no mistake, there are many solutions that suit you. Here are the two criteria that a newcomer must meet to obtain a mortgage:
- Have obtained permanent resident status (proof required: form IMM 5292).
- Be employed full-time for at least three months, excluding the probationary period (proof required: letter of employment).
The requirements for buying a property then vary depending on your employment history, credit history and assets.
A newcomer doesn’t have a credit history. This is normal, but it can be a barrier since lending institutions will almost never have access to your credit and work history in your home country. So you need to have the patience to build your credit history. Exceptions for those with a full bank account are still uncommon.
YOUR WORK HISTORY
What can also work in your favour on your credit is your job stability, the institutions will have a better image of someone with a stable background. This is why we advise you to stay with the same employer as much as you can if the conditions allow you to do so.