Financing my condominium

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Which condo can you choose?
If you can manage monthly payments of $750 to $800, you can purchase a Samcon condo with a minimal down payment.

Here's how:

1. Financing of up to 95 % of the value
   Thanks to Mortgage Loan Insurance from the CMHC (Canada Mortgage and Housing Corporation), it is possible to finance up to 95% of the purchase price of your new condo (certain conditions apply). Thus, it is possible to buy your condo with a down payment that is as low as 5% of the purchase, $7,000 to $10,000 for the majority of products offered by Samcon. For more information, visit the Web site of the CMHC.
   
   
2. Subsidy from the City of Montreal
   At present, the City of Montreal has a property access program that offers subsidies to first-time purchasers of new homes. Persons who buy by them self and dont’ have children can obtain a subsidy of $4,500 + 40% reimbursement of the real estate transfer tax for the purchase of a residence costing $200,000 or less (taxes included). Family with no children can obtain a subsidy of $4,500 + 40% reimbursement of the real estate transfer tax for the purchase of a residence costing $235 000 or less (taxes included). People with a child or children can obtain a subsidy of $10,000 + 100% reimbursement of the real estate transfer tax for the purchase of a residence costing $265,000 or less (taxes included). To find out more, visit the Website of la Ville de Montréal.
   
   
3. Amortization of up to 35 years
   Financial institutions will amortize mortgage loans over a period of 35 years. This is a major advantage for purchases with limited revenues. This way, mortgage payments can be about the same amount as monthly rent payments.
   
   
4. Advantageous interest rates
   Samcon negotiates specific conditions for each of its projects with financial institutions. Thus, the financial institutions retained by Samcon offer discounts of up to 1% below the usual going rate. What's more, you can take advantage of interest-rate protection for up to 12 months. This means that you can sleep in peace because, even if interest rates go up, your rate will remain the same for the term you selected. If, on the other hand, rates go down, your rate will go down the same number of percentage points.
   
   
5. The Home Buyer's Plan (HBP) can help you purchase a property
   This Plan allows you to use part of your RRSP to finance your purchase. You can withdraw up to $25,000 from your Registered Retirement Savings Plan (RRSP) to purchase your new condo. For more details, visit the Web site of the Canada Revenue Agency.