Six Tips to Save Money When Buying A Home in Montreal

Save Money

Go to your bank and open a savings account if you don’t already have one. Then begin to put 10-15% of your paycheck on your account. Saving money enables you to begin a rainy-day fund, not because you have to clean your tapestries or don’t have enough money to pay the bills that month but in case anything fails at home.

Improve your Credit Score

The lower your credit value, the higher the rate you will have offered. The credit charges and terms relate directly to your credit rating, and a good credit value shows that the borrower is trustworthy and favors banks and other lending institutions. You can raise your credit score rapidly by: paying your credit balance prior to the due date and, keeping your balance under the 15 percent credit limit.

Shop Around for a Mortgage

Be sure that you look around and conduct your research on a mortgage before you start looking for a home. In fact, the best interest rates and conditions can and should be found by comparing loan quotations across multiple loaners. Look for the best mortgage broker who has access to all financial institutions.

Use an Experienced Local Real Estate Agent

A local real estate agent would be able, in addition to carrying out all the normal obligations associated with closing real property transactions, to help you navigate any language or travel obstacles and ensure that the whole process is seamless. Whether you are looking to purchase in Montreal, Griffintown or Brossard, look for the best real estate agents in those areas.

See if you Apply for an Incentive or HBP Program

The Housing Buyer’s Plan is a program that allows purchasers to buy up to $35,000 a year of their pension savings (RRSP’s) to finance their first home purchase. The withdrawal from your RRSP is not an income, and the money you withdraw will not be subject to taxes.

Opt for a Bigger Downpayment

If you have the possibility to put 20% down payment, you can bypass the private mortgage insurance that will save thousands during a mortgage period. Private mortgage insurance is the mortgage loan insurance itself – it protects your lender if you fail to pay.

Join The Discussion

Compare listings