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Multi-Prêts Mortage Agency - Infoletter, march 2011 edition
Are you planning to buy your first home in 2011
Your new mortgage will probably be the largest debt that you will incur in your life. Your property however, although being the largest investment you will ever make, will probably have the greatest return. If you have been a tenant for a long time you know that you will never see any return on the rent money you have paid over the years. Now is the time to become an owner and to let your money work for you.

When pondering whether to make such a large investment, it is normal to have certain doubts and fears. Is it the right time? Can I afford to finally become a homeowner? How much would monthly mortgage payments be? What is the difference between the monthly costs of a property mortgage as opposed to the current rent that I am paying my landlord? How much can I afford to invest? ? To help you, a mortgage calculator found on our Multi-Prets website, can help you calculate what your borrowing capacity may be while taking into account, taxes, services, and other amounts that you would not normally pay as a tenant.

To access our calculators, click on the following link:
Multi-Prêts Calculators
  • Do you have a down payment? Your mortgage broker can explain the latest rules regarding the percentage of the purchase that you can finance. Generally, a minimum down payment of 5% is required. Does it come from your savings, a gift, or cash back on your mortgage? If you have already contributed to an RRSP, you could withdraw money - tax free - and use as a down payment with a HOP (Home ownership plan).
  • Is your credit score good? Your credit score will determine whether your mortgage application will be accepted or refused.
  • Have you allocated ample funds to deal with closing costs such as moving costs, legal fees, and land transfer tax (welcome tax)? You will however be happy to know that an amount of up to $ 750 could be reimbursed to you through a federal tax credit.
Finally, according to an Ipsos-Reid poll published in 2010, 91% of Canadians believe that home ownership is a good investment. More Canadians expect to purchase a home within the next two years than did in the two years previous. Owning a home may not be for everyone, but the fact remains: More and more Canadians look forward to owning their little piece of paradise.

Jack Lehrer, CHA/AMP
Courtier immobilier hypothécaire
Mortgage Real Estate Broker
14 Place du Commerce, bur. 600
île-des-Soeurs (Verdun),Québec H3E 1T5

Téléphone : (514) 892-2402
Téléc.: (514) 906-6649

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Tips and tricks of the month
The first-time homebuyer vocabulary: Words to know when buying a house
Link: http://www.cmhc-schl.gc.ca/en/co/buho/hostst/hostst_011.cfm

Multi-Prêts InfoRate
Rate as of: march 28 2011
Preferred rate: 3.00 %
Term 1 year 3 years 5 years 7 years 10 years
Posted rate 4.99 4.60 5.44 6.60 6.89
Multi-Prêts' rate: 2.64 3.31 3.74 4.79 4.99
Some conditions apply, subject to change without prior notice.

© Multi-Prêts Hypothèques 2011 - The leading mortgage broker in Québec.
Questions? : jlehrer@multi-prets.com
Head Office phone : 514-287-1211

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