Apply for a Mortgage
From the first meeting to the closing date, we’ll be there every step of the way to help you pinpoint your needs and prepare your file.
Prepare to meet your advisor
Your advisor will require several documents and information in order to thoroughly evaluate your file and provide the best advice.
About your new house
- A copy of your offer to purchase, property tax statements and survey
- The contact information for your notary or lawyer (outside of Quebec only)
- Anticipated heating costs, property taxes and, if applicable, condominium fees
About your job
- Written confirmation of employment and income, as well as your most recent pay slip
- Your financial statements, if necessary, and your notice of assessment for the last two years if your are self-employed
- Written confirmation of any additional income
About your financial situation
- Confirmation of your down payment
- A list of your assets and debts
- A void cheque from your account from which to withdraw loan payments
Have you considered associated fees?
Fees related to property purchase represent from 1.5% to 4% of the value of your new house.
Expenses to take into consideration
- Property tax
- Cost of various public services (electricity, heating, cable television, Internet, telephone, etc.)
- Land transfer tax (welcome tax)
- Moving costs
- Immediate repairs
- Mortgage loan insurance
- Home insurance
- Notary or lawyer fees
- New home inspection charges
Conventional or insured mortgage?
The amount of your down payment determines the type of mortgage for which you qualify. It can also influence your borrowing capacity and your loan’s amortization period.
A conventional mortgage requires a down payment of at least 20% of the purchase price. Payments can be spread out over a period of up to 30 years.
An insured mortgage is mandatory if your down payment represents less than 20% of the purchase price. The maximum repayment period offered is 25 years.
Mortgage insurance in case of disability or death
Mortgage insurance (term life insurance) covers both a conventional or insured mortgage loan balance.
In the event of a disability, premature death or serious illness, you will have the financial protection you need to ensure that your mortgage payments are made. This way, your beloved home will not become a financial burden for you or your family.
Mandatory mortgage loan insurance
With an insured mortgage, the insurance premium is added directly to your mortgage.
It is calculated according to the amount of your down payment and property type.
While the additional insurance expense may slightly reduce your borrowing capacity, it does, however, allow you to become a homeowner with a lower down payment and at the same rate as a conventional mortgage.
Did you know?
- If the purchase price of the desired property is $500,000 or less, the required minimum down payment is 5% of the purchase price.
- If the purchase price of the desired property is more than $500,000, the required minimum down payment is 5% of the first $500,000 and 10% for the amount over $500,000.
- If the purchase price of the desired property is $1,000,000 or more, the required minimum down payment is 20% of the purchase price.
- 40% of home buyers incur unexpected costs during the home buying process.