FAQ
Your questions, clear answers.
The most common questions about mortgage financing in Quebec.
What is the difference between a pre-qualification and a pre-approval?
A pre-qualification is a first estimate based on the information you provide. A pre-approval is based on a lender's review of your documents and credit file, which makes it much stronger when you submit an offer.
How much does a mortgage broker cost?
For the vast majority of residential files, my services are free for you: I am compensated by the chosen lender at funding.
What is the minimum down payment in Quebec?
Generally 5% on the first $500,000 of the purchase price, 10% on the portion above that, and 20% for properties of $1M and up or investment properties. Mortgage insurance applies below 20%.
Do I have to wait until the end of my term to refinance?
No. Refinancing mid-term is possible: you simply compare the prepayment penalty with the savings or cash you obtain.
Should I accept my bank's renewal offer?
Not before comparing it. The automatic offer is rarely the best one; a quick review can be worth thousands of dollars over the term.
Do you work across Quebec?
Yes. I work with clients throughout Quebec, remotely or in person, in French, English and Arabic.