Salaried workers have a range of mortgage product options to
choose from, but only a broker, such as one from Multi-Prêts, can
offer you such a wide choice.
- Multi-Prêts Hypothèques offers you over
165 different mortgage products chosen from the biggest financial institutions
in the country. You will therefore be able to secure a better mortgage
rate or mortgage refinancing.
- When you do business with us, you do business with over 15 financial
institutions in just one appointment.
- You can get funding for up to 95% of the property value* (some conditions
apply).
- Buy a duplex with a mere 5% down payment (owner-occupied).
- Own a triplex or quadruplex with a 10% down payment (owner-occupied).
- Get fixed, variable, open, convertible, closed, discounted rate mortgages,
etc.
The eligibility criteria depend on the mortgage product and
the lending institution. You must also satisfy the financial institution’s
debt ratio.
Here is a brief summary of the selection criteria:
- The Gross Debt Service Ratio (GDS) should not be higher than 32%. This
is the ratio of your gross household income to your mortgage payment,
taxes and energy costs as well as half of condominium fees where applicable.
- The Total Debt Service Ratio (TDS) is 45%. This calculation is necessary
if you have other debt obligations in addition to the mortgage
loan (car
loan, credit cards, line of credit, etc). This is the ratio of your gross
household income to the mortgage loan, taxes, energy costs and other loans
(car loan, credit cards, line of credit, etc).
- Generally speaking, you should not exceed any of the above ratios.
- You may however still be eligible even if you exceed or think you exceed
these ratios (alternative loans). Please contact us for
additional information.
- You must provide us with proof of employment/income and must be practicing
your profession for at least one year;
- We will verify the down payment.
As a mortgage consultant, we will calculate your debt ratio
and check whether you satisfy the requirements to secure
a mortgage that
best suits your needs and budget.
After that, all you have to do is find your dream property!
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