It is indeed a rare occurrence when a buyer pays its condo, in one single payment. Most of them must obtain a mortgage loan to finance their purchase. What are the criteria and conditions to get a mortgage loan? Whom should you get it from? Banks, credit unions or other sources? What are the policies of the major financial institutions in this market? What are the limitations when planning the financing of your new property?
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Since May 1, 2020, mortgage brokerage has been a discipline covered by the Act respecting the distribution of financial products and services and subject to the regulation of the Autorité des Marchés Financiers (Financial Markets Authority) to ensure the protection of the public. Not only must every mortgage broker have professional liability insurance, they must respect the rules of ethics applicable to mortgage brokers.
Its role is to advise you, whether you are a buyer or owner, about the best mortgage products available on the market. He will do it better than anyone, because this task is not simple. It involves careful and methodical research, so that the winning conditions are met, and you can make the most of them.
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WHAT TO KEEP IN MIND! The grantor of the hypothec may not be the borrower under the terms and conditions of the loan, in such cases it is a hypothecary suretyship.
