Montreal Mortgage Loan Specialist
My success as a mortgage broker has come in large measure from a relentless commitment to offering the lowest interest rates and providing the finest mortgage service in Montreal Quebec. For your home purchase, mortgage refinance, debt consolidation or bad credit mortgages, I’ve prepared this website with the same degree of commitment.
Danuta Levitzki Worozanska - Montreal Mortgage Loan Specialist – HYPOTHECA AC
Montreal Mortgage Programs
For First Time Home Buyers
Buying a home is one of the most important financial decisions an individual will make. For a first-time homebuyer, the decision to purchase a home can be daunting. It will represent a major step forward as the individual/family will be assuming potentially its largest responsibility.
As with any major decision, it is important that everyone, especially first-time homebuyers, take full advantage of the information and training that is available to more clearly understand the home buying process.
Learn more about Montreal Mortgage Programs
To prepare, you should do research and be fully informed before beginning the search for a dream home. Here are four steps to get started:
Montreal Mortgage Programs – First Time Home Buyers
1. Before you start your house search, think carefully about what it will be like to be a homeowner. For most people, homeownership is an integral part of the Canadian dream. That is not even to mention that the advantages (pride of homeownership, financial investment) far outweigh any drawbacks.
2. Your credit history is one of the first things a lender will look at in making a decision on your loan. Contact one of the two major Canadian credit-reporting agencies to obtain a credit report. Review it carefully to be sure all the information is correct. If you find discrepancies, you should work with the credit agencies to resolve them.
3. Saving for a down payment can be one of the biggest barriers to homeownership. Mortgage lenders recognize this dilemma and many now offer low down payment loans. Three and five percent down payments are commonly available, and there are some loans that require no down payment.
In order to obtain a first Mortgage the following are required:
- Stable Full Time employment or stable income
- Proof of income
- Good credit history
- Verifiable down-payment
The following can be used for a down payment:
- Registered Retirement Savings Plan
- You may use an RRSP as a down payment up to a maximum amount of 20,000 and is not subject to income tax if repaid within a specific time period
- Gift from immediate family
- Own savings
- Sale of existing home
4. Before you begin working with a real estate agent, first you need to be pre-approved for a mortgage. Pre-approval will let you know exactly how much you can spend on a home purchase before you start your search.
Do You Have Questions?
Call FREE at 1-800-605-6154, to learn more about our Montreal Mortgage Programs.
Our friendly team of Mortgage Professionals will help you to find the right answer.
Article published on March 5th, 2010
Montreal Mortgages Programs by 1888PretHypothecaire.com
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