A mortgage broker for more than 22 years, Jean- Pierre Lessard specializes in residential financing of properties with one to four units.
Through his work and professionalism, he has reached the top 10 brokers in Canada from a national brokerage firm four years in a row.
Today, president and responsible director of the mortgage brokerage firm DLC Imeris for 12 years, he always seeks to find the best solutions for his clients, handling the process of searching for a mortgage from start to finish.
When you do business with Jean-Pierre Lessard, you are guaranteed satisfaction thanks to his attentiveness, professionalism, availability, competence, and effectiveness.
I propose financing services that can be used for the acquisition of your property.
I also propose refinancing services in several areas such as:
In the case of a current contract coming to term, renewal allows you to take out a new loan with better conditions replacing the existing loan.
Trouver la meilleure solution hypothécaire aux meilleures conditions
In this case, the borrower meets all the basic criteria of mortgage lenders and insurers. Access to the best offers and minimum down payment of 5% available.
The borrower meets some but not all of the approval criteria of mortgage lenders. Alternative loans cannot be insured (CMHC/Sagen/Canada Guaranty ), therefore a minimum down payment of 20% is required.
The borrower does not meet the basic criteria of alternative “B” lenders. Short-term solution (usually a year or less) to rectify the economic situation of the borrower and a minimum down payment of 20% is required.
The mortgage broker receives the offerings of traditional financial institutions (banks and credit unions) but also of mortgage loan companies, making it possible to find the best product for the client. The mortgage broker is remunerated on commission by the lender with whom the loan will be concluded. There is therefore no cost for the client.
Mortgage loan companies, often referred to as “virtual banks” or “virtual lenders,” are regulated by the federal government in the same way as banks and must comply with OSFI guidelines. Therefore, it is perfectly safe to do business with a so-called virtual lender. The loan contract and mortgage will be drawn up and registered by your notary.
It depends on the borrower’s financial situation, objectives, and risk tolerance. The mortgage broker will analyze the borrower’s situation and needs and can advise on the type of mortgage product based on these. The mortgage broker will also explain the advantages and disadvantages of each product as well as their specific characteristics such as: the penalty for breach of contract, the difference between variable rate with fixed payment versus variable rate with variable payment.
The amount of the down payment will depend on what the client wants to buy and how the property will be used. For example, for a single-family residence that will be occupied by its owner, the minimum down payment is 5% of the first $500,000 of the purchase price and 10% of the remainder up to a maximum purchase price of $1 million. In another context, if the client wants to buy a rental property, the minimum down payment will be 20%. The minimum down payment can also be established according to the profile of the borrower, if the latter were to secure financing from an alternative lender.
NOTE: Here are the basic rules.
An owner-occupied dwelling, or a two-unit property where at least one unit is occupied by the owner, the down payment will be 5% of the first $500,000 of the purchase price and 10% of the remainder up to a maximum purchase price of $1 million. In the case of a three- or four-unit property where at least one unit is occupied by the owner, the down payment will be 10% up to a purchase price of $1 million.
For an insured loan, the minimum score is 600. To qualify for the best financing, the score must be greater than 680. If a client’s score is low, it is important to understand why and to correct the situation before proceeding to the official credit application. This will improve the borrower’s chances of being approved but also of securing a better product / mortgage rate. With alternative lenders and private lenders, there is no real minimum. In all cases, it is best to consult with the mortgage broker so that he can review the credit history and recommend certain corrections if required before submitting a formal application to a lender.
For the information of the borrower, there are two credit bureaus, that is, Equifax and Transunion, and the two do not always have the same rating.
