Buying a home

First purchase

Getting ready to buy your very first property? It’s an exciting project, and good preparation makes all the difference. Before you even start visiting homes, we recommend getting pre-qualified, then obtaining a mortgage pre-approval.

Your down payment

Your down payment can come from several sources, which can be combined:

• your personal savings;
• your first home savings account (FHSA);
• a withdrawal from your RRSP under the Home Buyers’ Plan (HBP);
• a gift from a family member, supported by a gift letter.

Depending on the size of your down payment, mortgage default insurance may be required. It lets you buy with a smaller down payment and often gives access to attractive rates. We explain the options available to you and their impact on your payments.

Assistance for first-time buyers

Several government measures can lighten the cost of your first purchase. Depending on your situation and the type of property, you could benefit from:

• Québec’s refundable tax credit for access to homeownership, which covers all or part of first-time buyers’ transfer duties (“welcome tax”);
• the first-time home buyers’ tax credit;
• a GST rebate when buying a new home;
• an extended amortization period, available to first-time buyers, which lowers your payments.

These programs change regularly. When we meet, we check which ones you’re eligible for.

Estimate my welcome tax and available assistance

Planning for purchase-related costs

Beyond the down payment, it’s essential to plan for related costs, including:

• transfer duties (“welcome tax”);
• notary, inspection and, if applicable, appraisal fees;
• municipal and school tax adjustments;
• home insurance and moving costs;
• small renovations or touch-ups to do before moving in.

Pre-qualification and pre-approval

These two steps look alike, but they don’t carry the same weight.

Pre-qualification

Pre-qualification quickly pinpoints the price range that fits your budget. It takes into account your income, your current debts, your down payment, the type of property you want and the area you’re looking in.

It’s a preliminary calculation, but doing it with a broker lets you optimize your mortgage application from the start. If your borrowing capacity is lower than expected, we explore strategies together to improve it: paying off certain debts, adjusting the down payment or reviewing the loan structure.

Pre-approval

Pre-approval is a more thorough process. We analyze your documents (proof of income, statements, down payment) and submit your application to a financial institution. You then get:

• an official pre-approval letter;
• an interest rate guaranteed for a set period, which protects you from rising rates while you search.

This document gives you a real advantage when you submit a purchase offer:

• It shows you’re serious. The seller knows your approach is solid and well thought out.
• It makes you more competitive. In a multiple-offer situation, a seller often favours an offer backed by financing that’s already in place, since the risk of refusal is lower and the timelines shorter.

Note: a pre-approval is not a final approval. The lender will confirm the financing after your offer is accepted, once the property is known and, if needed, appraised.

Get pre-qualified

Has your purchase offer been accepted?

Congratulations! It’s an exciting but demanding step: your offer usually includes a financing condition that must be met within a short deadline. No need to spend hours comparing every financial institution’s rates and terms yourself.

When you entrust us with your mortgage application, here’s what we do for you:

• We compare offers from our lender network to find the best terms for your situation, not just the best rate.
• We gather the required documents and put together a complete application to get a quick answer.
• With your consent, we contact your real estate broker directly to obtain the property documents (listing sheet, seller’s declarations, co-ownership documents, etc.).
• We follow up with the lender and the notary until the signing.

I have an accepted offer

Buying an income property?

Buying a duplex, a triplex or a rental building involves financing criteria specific to this type of property. See our Plexes & multi-unit properties page for all the details.

Plexes & multi-unit properties

Why use a mortgage broker for your purchase?

• One application, many lenders. We present it to the institutions best suited to your profile, without you having to repeat the process.
• Advice on the whole loan. Rate, term, amortization, payment frequency, prepayment options, penalties: we help you choose a mortgage that suits you today and in the years ahead.
• A free service for you. For a traditional mortgage, our compensation is paid by the chosen financial institution.