First Buyer

Navigating through the entire process of buying your dream home or condo sometimes seems like an insurmountable task. Thankfully this is where Planiprêt, Mortgage Planners can help. We will help you determine your budget, lifestyle and we will find solutions to help you achieve your dreams.

Buying your first home is both the realization of a dream and a source of many potential worries. Cognizant of our client’s concerns, we have developed a scientific approach to home buying; one that treats all of the important issues relating to the purchase. All of your questions will be answered in a relaxed and comfortable environment. We take the stress out of the process.

What are the benefits of a pre-approved mortgage?

A pre-approval is essentially the first step in the purchase of your home. We will analyze your portfolio once we have received the necessary documents. Moreover a credit report will be studied in order to:

  • Determine your borrowing capacity as well as the total potential loan amount.
  • Make a realistic budget that you are comfortable with.
  • To guarantee you a rate as well as allowing you to benefit from any rate drops that occur during the 90-180 day period.
  • Gives you credibility and negotiating leverage when making an offer on a property.

Important points to retain:

  • For a purchase you must put a minimum 5% down-payment. There are programs that exist that allow you to put 0% down, but the interest rates are usually significantly higher. These are ‘cash-back’ programs that certain institutions offer.
  • There are closing costs that you must be able to assume. The notary, moving costs, welcome tax…will equal to about 1.5% of the purchase price. The bank will want to see that you have that money available in addition to your down-payment.