Here are our most frequently asked questions.
Home ownership gives you a better quality of life. You also invest in a sure thing instead of spending money for an apartment you will never own.
If you choose a shorter amortization period, you will pay off your mortgage faster and save a lot of money.
To reduce your amortization period even more, you can increase the payment frequency to bi-weekly or even weekly accelerated, increase the amount of your mortgage payments, make additional payments on capital or double your payments. Use Multi-Prêts' mortgage calculator to simulate various scenarios and compare the savings and gains based on various reimbursements set-up.
Cash back mortgage, or discount is a product whereas the lender gives back a certain amount of money that could be useful for renovation projects, closing fees, buying furniture or appliances or pay off existing debts. If you opt for this product, you could even make an anticipated payment on the capital of your mortgage, potentially saving thousands of dollars in interests. For more details on cash back, the different products available and today's promotions contact one of our Multi-Prêts brokers.
The best way is to simply obtain the best possible interest rate and also to reduce your interest costs by repaying your capital faster. Here are some worthwhile strategies:
Each year, at the anniversary date of your loan, you can usually repay up to 20% (could be higher with some financial institutions) of the original borrowed amount without having to pay any commissions or penalties.
Once a year, you can also increase by as much as 20% your regular payment amount without commissions or penalties.
You can also reduce both interest fees and repay your mortgage faster in doubling your usual payments, including principal and interest (taxes & insurance if applicable), at each normal payment date, without commission or penalty. You can choose to double all of your payments or just do it once a year. The whole amount of your additional payment is being applied towards reducing the principal of your loan (capital).
Determining which one is better is as simple as looking at your ability to handle risk and your payment capacity. Selecting a variable rate mortgage product is the best choice, as the rate is generally more advantageous than for fixed rate mortgage products. However, you must understand that with variable rates, your monthly payment amount might change. If interest rates go down, more of the payment goes to principal; this is a privilege not available with a fixed rate product that guarantees rate and payment for the duration of the term (from 6 months to 10 years). On the other hand, if there is a rate increase, you will immediately pay more interest and if your periodic repayment amount is not sufficient to cover the capital and interest payment due, you will have to increase your payment in order to keep the same amortization period chosen initially.
Yes, most definitely. Most established financial institutions reserve the right to restrictions towards individuals who may have had financial difficulties in the past. If this is your case, the best way to determine you chances to obtain a mortgage loan is to sit down with one of our consultants. Multi-Prêts'consultants might be able to help through our pool of lenders.
You could save a considerable amount of money by consolidating all you high interest loans and credit cards with your mortgage. Your mortgage interest rate is usually lower than the sum of your other loans. You will have peace of mind knowing you will only have one payment to make.
Of course, upon approval, you can get a mortgage for purchasing and/or renovating a home.
Buying a home will be one of the biggest investments you will ever make. Your mortgage comes with a huge responsibility, and it could compromise your family's safety.
What would happen if you were to die suddenly? Or if you were to become ill and could not work while your mortgage payments are still running? Because the Multi-Prets consultants want to offer you the best possible products and service, they offer you, along with your mortage, the possibility to subscribe to an insurance policy from Mortgage Protection Plan, which constitutes a good solution to protect yourself and your family.
The mortgage credit insurance will compliment your existing portfolio of insurances to help you enjoy a worry free mortgage. The main advantage of this insurance is that you can transfer your mortgage to another financial institution without having to change insurer.
The Canadian Mortgage and Housing Corporation (CMHC) is a federally owned corporation created in 1945. Through its mortgage loan insurance programs, the CMHC has been protecting the banks against any payment default by adding a compulsory insurance premium to certain mortgage loans which present particular risk.
The Multi-Prêts mortgage consultants only work for you! Since Multi-Prêts is not affiliated with any bank or lender, its consultants are truly independent and provide you with the best rates available amongst 20+ financial institutions in Quebec only.
Founded in Montreal in 1981, Multi-Prêts is the leading mortgage brokerage firm in Québec.
All online requests entrusted to us with personal data are protected by a security system. It means that all communication between you and Multi-Prêts is strictly private and secure. It is,however, your own responsibility to ensure that your local system is adequately protected using appropriate anti-virus, anti-spam and anti-spying software.
The privacy of our clients is our priority. We only collect the information that will be useful to our lenders to appropriately assess your financial situation. Only the lenders we deal with have access to your personal information. The information you entrust to us is deemed confidential and will not be disclosed without your prior consent.
Multi-Prêts mortgage consultants negotiate on your behalf with over 20 established financial institutions to get you the best rates at the best possible conditions according to your particular needs. Since Multi-Prêts generates a high volume of transactions with different lenders, we consequently obtain rate rebates from which you benefit directly. Contact a Multi-Prêts consultant for more details.
The services of a mortgage broker are totally free on residential mortgages. It is the financial institution that pays a finder's fee for every mortgage loan request transmitted to the institution and that is ultimately closed at the notary's office. The financial institutions actually bear the cost of these fees. As such, there are no hidden fees to the consumer.
One to four unit properties, single-family detached, duplex, condo, triplex or quadruplex.
To determine what price range you can target for your home, your Multi-Prêts consultant can help you assess the state of your personal finances and determine your borrowing capacity. Nevertheless, it is important for you to know the highest mortgage payment you can afford. Stretching to your maximum borrowing capacity might not be the best strategy. Knowing if your personal limit fits into your budget will help you avoid finding yourself in an embarrassing financial situation. Scrutinize your personal finances. Compare your current income with your current expenses and make sure you can afford to pay back your debt without stress and without breaking the bank. Understand that the mortgage conditions could be guaranteed for a period of 150 to 180 days depending on the lenders. This guarantee protects you against rate increases. Please use our Multi-Prêts calculator to estimate your borrowing capacity.
In most cases, you must have:
Your Multi-Prêts consultant will determine your capacity to repay.
At least 5% of the purchase price is required to buy a single-family home or a duplex.(on a purchase price of less than $500,000) A minimum of 10% on amounts exceeding $500,000. Contact a Multi-Prêts mortgage broker for more details on this type of financing.
You must also prove that you have funds equivalent to 1.5% of the purchase price to cover the closing costs, such as legal fees, notary fees and disbursements, appraisal fees and the costs of a certificate of location.
Also all mortgages with a downpayment of less than 20% will need to be complemented by a mortgage loan insurance through CMH, Genworth or Canada Guaranty.
The higher your down payment, the lower the overall cost of borrowing.
You'll find up-to-date information on rules and regulations regarding down payments here.
Read more about down payments.
Yes, it is generally an accepted form of down payment. When the source is a gift from your relatives, you have provide a letter signed by the donor confirming that it is a gift, not a loan.
Contact a Multi-Prêts broker.
The Home Buyer's Plan (HBP) lets you withdraw from your RRSP up to $25,000 per person tax-free and without penalties. For a couple, this could represent $50,000. The only condition: you must repay the amount withdrawn from your RRSP within 15 years. Contact a Multi-Prêts broker for more details.
Before deciding whether to buy a property or not, evaluate all one time expenses as well as recurring charges related to the purchase and maintenance of a house. To establish your budget, consider the following expense items:
Costs associated with the purchase of a house:
Your Mutli-Prêts consultant will be able to help you evaluate these costs.
Of course. Our lenders offer pre-approved mortgages with interest rates guaranteed for a period of 60 to 180 days. Besides, in the case of a new construction, many lenders will also grant an appropriate delay considering the planned work schedule.
There is a definite advantage in getting a pre-approval: you know exactly how much your can borrow and can shop without worries. You have guaranteed yourself an excellent interest rate and a protection from interest rate increases while you are looking for your new home or building one.
Your monthly mortgage payment will depend on many factors like the total amount borrowed (purchase price minus your down payment), the amortization period and the interest rates. Use our calculator to evaluate your monthly payments.
Multi-Prêts' mortgage consultants negotiate on your behalf with over 20 established financial institutions to get you the best rates at the best possible conditions to fit your particular needs.
Since Multi-Prêts generates a high volume of transactions with different lenders, we consequently obtain rate rebates from which you benefit directly. Also, since financial institutions pay us for our services, the service is free for residential mortgages. The Multi-Prêts mortgage consultant will ensure smooth completion of your mortgage transaction, from the initial file presentation to the lender, to the final act of sale at the notary's office.
Our specialists have advance knowledge of all current promotions offered by financial institutions, saving you time and worries. They can suggest solutions catering to your needs. No more shopping around! The Multi-Prêts experience is simple, efficient and free of charge for all residential mortgages.
Using the latest technology, your Multi-Prêts consultant is connected directly to our lenders through a centralized computer system which guarantees you speed and a quality service. The consultant has access to up-to-date rates, conditions and refund options available on the market. He is a specialist in mortgage loans and knows the market trends.
You can use our services for several types of mortgage loan projects:
For any question dealing with the services being offered by Multi-Prêts, please communicate with us at 1-800-798-7738 or use our online request for information form.