Frequently Asked Questions

Am I Ready to Be a Homeowner? what do I need to do?

Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender is the best way to give the broker a powerful tool to negotiate and get a realistic price, or even something better, for your future purchase. We can help you get the best interest rate at the present time. 

Is Renting or Buying Better?

Buying is better than renting. You will feel at home in your house and that is also a long-term investment. By paying your mortgage, you are also paying back the capital value and your house never stops increasing in value. 

How long does it take to buy a home?

From start to finish, buying a home takes about 30 days. Once a home is selected and the offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days. Well-prepared home buyers who pay cash have been known to purchase properties even faster.

Do I Need Home Insurance?

Yes. Before signing at the notary, you will need to have house insurance starting on the notary date. 

How much do I have to pay an agent to help me buy a house?

Most of the time you don’t pay anything if you are buying property. There may be some fees if you have already made a buyer’s contract. 

What kind of credit score do I need to buy a home?

Most loan programs require a score of 600 or better. Borrowers with higher credit scores represent less risk to the lender, often resulting in a lower down payment requirement and better interest rate. Conversely, home shoppers with lower credit scores may need to bring more money to the table (or accept a higher interest rate) to offset the lender’s risk.

How much do I need for a down payment?

To buy a single-family house or 2plex, you need a minimum down payment of 5% in Montreal, but you need to be approved by the bank. To buy a 3plex or 4plex, you need to have a minimum down payment of 10%. To buy a revenue or commercial property, your down payment can vary from 15% to 35% and possibly more depending on your situation.   

Can I Ask You for Advice?

Any time you have a question when you are buying or selling, or you want to give smart advice to your friends and family who are trying to buy or sell, don’t hesitate to contact me. I would be glad to help you!

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