Variable rate mortgages – a worthwhile option?
Greater risks yield greater results. The same applies when comes the time choose a mortgage. Choosing a variable rate mortgage allows you to benefit from a rate that is lower than what you would...
A mortgage for self-employed : Can it be possible?
Well yes, it is possible! Qualifying income is the only difference in qualifying for a mortgage between a salaried individual and a self-employed individual . For each situation here is the...
What do we do if we just made an offer on a house, but haven’t sold our condo yet?
Start by asking yourself this one all-important questions: could you qualify for 2 mortgage loans – your current one on your condo and a new one for the house you want to buy? In effect, even...
Affordability 101: tips for future homeowners
AFFORDABILITY 101: TIPS FOR FUTURE HOMEOWNERS Always dreamt of owning a home but confused by all that complex real estate lingo? Don't worry, we’re here to help! Today we’re going...
How can I help my parents grow old in their home?
If your parents are like 93% of Canadians, they probably want to grow old at home. However, many senior Canadians, much like their adult children, feel that they do not have the funds to cover the...
The 5 questions to ask yourself when you need a mortgage?
How do you negotiate a mortgage to make sure you’re getting the best possible product? What do you need to know before you sign on the dotted line? Below are a few tips to help you find your...
Find out how to calculate the mortgage you can afford
First of all, it is important to differentiate between the maximum sum that you can afford and the maximum sum permitted by banking and government regulations. In reality, even if financial...
Finance your new swimming pool with your mortgage loan
Paul has just been woken up at 7 AM by the noisy machines digging his neighbor’s new pool. Curious by nature, Paul goes to speak with his neighbor, Robert, busy surveying the work....
All you need to know about subsidy programs that make homeownership easier!
Over the past few years, housing affordability has become a forgotten dream for some. The advent of the COVID-19 pandemic, the fluctuations of the economy linked to this same pandemic - but also...
How to Create a Tax Deductible Mortgage
When we sign a mortgage, we often underestimate the total interest cost over the lifetime of our loan. Suppose you purchase a mortgage of $300,000.00 over a 25 year period at an interest rate of...
Can refinancing my home solve my debt issues?
This is a question frequently asked concerning mortgage financing… I have credit card debt. Could my house be the solution to my debt issues? The answer is YES, if you have the necessary...
I'm a self-employed worker looking for a mortgage loan, but my declared income isn't representative. Are there solutions?
Your declared income isn’t representative of your current income? If this is the case, we’ve got good news: you now have access to a program that could help you buy a property. Mortgage...
Planiprêt is Expanding Their National Footprint!
St-Eustache, Canada, March 31, 2022. The largest independent mortgage brokerage in Quebec joins forces with the largest independent brokerage firm in...
A Mortgage Broker or a Bank Representative?
This question is often a dilemma for someone who has no expertise in the mortgage industry or who does not know an expert that can provide sound advice and guidance. Here are some tips to follow...
Has confinement given you the urge to renovate?
During this crisis period, we find ourselves spending a lot of time at home. And with the arrival of spring, renovations projects are very likely to bloom everywhere! We’d like to take a few...
Why is there is an additional $684 in my notary’s fees?
OMG! There is an additional $1 026.00 in my notary’s fees. Vanessa recently signed the deed of sale on her townhouse at the notary and has just received her bill. She discovers the amount of...
Making sense of a pre-qualification and a pre-authorization
Thinking of buying a property? You must first find out how much you can actually afford to pay for this important purchase. Your financial institution (or lender) must take many factors into...
Swap your bungalow for a condo!
Their youngest has just left the nest. Jocelyne and Jean-Luc are in the mood to travel and enjoy some well-deserved R&R. Mowing grass and shoveling snow are not part their retirement dream. They...
It is important to know what credit bureau is.
A credit bureau is your financial x-ray; it rates your ability to pay or reimburse your debts, which in turn, establishes your credit worthiness to lenders. If you are looking for a property,...
Christmas was magic! Now, how do I pay the debt racked up on my credit cards?
It’s February, cold and dark, and here you are, faced with a pile of debts and credit card bills that reflect your over-spending on holiday celebrations! You’ve received one or more...
Another good reason to obtain a pre-approved mortgage.
Patrick is walking around in the city and spots a condo for sale that interests him. He immediately calls the real estate agent whose phone number is on the sign to find out the price and to visit...
Reversed mortgage: miracle product or danger?
The reversed mortgage is used primarily by retirees who own their principal residence and want to increase their retirement income, or simply cash out a portion of their property value for personal...
Speed up your mortgage payments and save money!
What is the difference between an accelerated weekly payment and a non-accelerated payment? Simple! If your mortgage costs you $1,000 a month, and you want to pay it weekly, your financial...
Underused Housing Tax: a major change for homeowners living abroad
On January 1, 2022, the federal government introduced a new tax: the UHT, or Underused Housing Tax. The UHT is calculated by multiplying the assessed value of residential real property by the 1% UHT...
Can't find the property you want to buy?
Shabby carpeting , splintered moldings, a bathroom from a bygone era, and a kitchen with old melamine cabinets…There always seems to be something wrong when looking around for a potential new...
Creating financial padding by using a line of credit – is it a good idea?
Let’s say it how it is – the COVID-19 pandemic crisis raises a lot of concerns, on both the health and finance front. Will I still have a job in a week? Will I go back to work...
A place for your kids to live through university: Better to buy or rent?
With the high cost of rent, especially in Quebec City and Montreal, more and more parents are buying condos for their kids to live in while they’re at school. After all, they could probably...
Is it smart to use part of my RRSP’s to pay down debts so I can become a homeowner?
Marie-Pierre decided to buy a nice home in the suburbs. However, when she applied for a loan with her financial institution, she was refused. They explained to her that she was...
Key factors for mortgage approval
Getting ready to start looking for a property? To do so, you will need a mortgage pre-approval. Although this is the maximum amount you could get, it does not guarantee that you will obtain a proper...
The story of Jean-Simon, undergoing separation, but wanting to keep his house.
Jean-Simon and Vanessa are separating. Vanessa found a condo and needs to sell her share of the house they purchased together to fund her down payment. As for Jean-Simon, he wants to buy...
The friendly guide of costs related to buying a property
For those looking to find out the costs related to buying a property, here is an example: Scenario: $275,000 home with a 5% down payment Standard rate: 95% financing: 4.00% 90%...
Can I afford to buy a property?
To take advantage of the best conditions at the best interest rates, good financial health is paramount. How is yours doing? Is it healthy or on life support? Here's how to evaluate and improve...
Use your RRSP to buy your property!
Did you know that you could withdraw up to $35,000 from your RRSP without penalty to use in acquiring your new home or condo if you are a first-time home buyer or if 5 years have passed since you...
Being mortgage-free with a mortgage discharge
You are the new owners of a beautiful home and have taken out a mortgage to make your dream come true. You should know that when you take out a mortgage, the lender registers a right that is a lien...
Should you renegotiate your mortgage before maturity?
Marc and Isabelle have a $300,000 mortgage with the ABC Bank. They planned to pay off their house in 25 years. They took a loan at a fixed rate of 3.45% on a 5-year term. Two years before the date of...
CHMC: WHAT IS IT, ANYWAY?
You want to buy a house, but don’t have the required 20% down payment. This is when you are offered the CMHC loan insurance. But what is the CMHC? Why do we offer this insurance? Is...
Planiprêt embauche Marc-Alexandre Maglieri au poste de Vice-Président Opérations-eng
Planiprêt, dont le siège social est situé à Saint-Eustache, est fier d’annoncer l’arrivée de Marc-Alexandre Maglieri. Il se joindra à la...
Incentive programs and measures available for the purchase of a property
Are you considering buying a house or a condo? Are you wondering if there are incentive programs and measures available and tailored to your financial situation? The first thing to do is to reach out...
Refinancing your mortgage can make your dream kitchen a reality!
You may wonder whether there is a way to use your mortgage to finance a specific project, such as a kitchen renovation. Let’s take a look at how it is not only possible, it is actually the most...
Taking advantage of the CMHC portability option
Anna and Jeff own a condo. However, with their third child on the way, they need to buy a larger home. Can they take advantage of the Canada Mortgage and Housing Corporation (CMHC) portability...
Planiprêt embauche Pierre-Alain St-Laurent au poste de Vice-président, développement des affaires et marketing (français)
Planiprêt, dont le siège social est situé à Saint-Eustache, est fier d’annoncer l’arrivée de Pierre-Alain St-Laurent qui se joindra à la...
Did you know about the 9% tax?
In Quebec, the majority of insurance policies is subject to a 9% tax. Therefore, when you buy a house, the mortgage loan has to be insured by the CMHC, Sagen, or Canada Garanty, and the Quebec...
A home equity line of credit... Why not?
A home equity line of credit is very useful for real estate projects. Whether you want to renovate your home, buy a second home, or use it as a backup in case of unforeseen circumstances, your...
Discover CMHC's "Homebuying Step by Step" Guide
Canada Mortgage and Housing Corporation is giving you a guide for everything you need to buy a home in Canada.This workbook provides worksheets, calculators and checklists for each step in the...
Debt consolidation via a mortgage
Debt consolidation consists in borrowing a single amount of money with a financial institution to pay all of your debts. This way, you end up with a single payment which greatly facilitates the...
Buying your first home? 5 mistakes to avoid
Looking for your first home? What exciting project! At Mortgage Planners, we have your best interests at heart. Therefore, we want to warn you against the most common mistakes made by our...
The HBP – your ally when purchasing your first property
The down payment required to purchase your first property is often a daunting financial headache. But did you know that the Home Buyers' Plan (HBP) can be a feasible solution to obtain the required...
Is a home inspection a pre-purchase must?
Technically, the answer is no. However, as mortgage specialists, we strongly recommend it! We are strong believers in pre-purchase home inspections because they provide you with a better...
First-time home buyer incentive
What is it? The First-Time Home Buyer Incentive (FTHBI) is a government program that helps first-time home buyers* reduce their monthly mortgage payment without increasing their down...
Tips for improving your credit rating
You've been thinking about starting the process of buying your first home in the next few months and you're concerned about the viability of your credit rating. Is your concern caused by poor credit...
Do you know what the minimum down payment is for a condo, a bungalow, a castle, etc?
The minimum cash down payment to purchase a house, condo or duplex valued at less than $500,000 is 5%. When the price is higher than $500,000 but lower than $999,999, you must put down 5% for the...
5 tips for a greener home
5 tips for a greener home Sustainable development, energy efficiency, environmental responsibility... It’s not a fad, it’s a lifestyle. According to a 2017 study by Sagen, more...
To avoid unpleasant surprises, do an annual review.
Have you thought of doing a yearly review of your mortgage in order to avoid any payment shock if interest rates increase? It’s really quite simple. On each anniversary of your mortgage,...
Buying a new home? You may be eligible for a GST and QST rebate!
Buying a new home can be an exciting project, but it comes with its share of government fees. Traditionally, when you buy a new home, you must pay the Goods and Services Tax (GST) and the Quebec...
Changing jobs during the mortgage application process has its risks!
Changing your job in the middle of your mortgage application (purchase, refinancing, renewal or investment) can cause you some serious problems. In order to obtain your mortgage approval with all the...
Can I optimize my mortgage renewal ?
When the time comes to renew your mortgage, are you the type to accept the first offer or to look around to get the best possible product? Surprisingly, barely half of Quebecers try to get a better...
Good or bad debt?
What is a good debt? What is a bad debt? Knowing the difference between the two will make it easier to manage your debts and reduce their burden. A debt by any other name… No one...
The booming Quebec real estate market
version française
Could you be exempt from the welcome tax?
The "welcome tax", also known as the "property transfer tax", is an amount that a municipality must collect when a property located on its territory is transferred. This tax was created to...
Your mortgage renewal could reduce your debts.
A car financed at 5%, a line of credit at 9%, credit cards at 19%… Have you ever made a comprehensive list of your current debts? Many Quebeckers prioritize paying off their mortgage,...
Falling in love with your dream house - how to get the information you need to help you with your decision
Karen and Carl live in a beautiful, cozy house in the Laurentians. During a walk on a beautiful Sunday, they found a house for sale, hidden in the woods. The real estate broker was there and showed...
After a year of global pandemic, it's time to take a look at your financial situation
At this time last year, we were quietly going about our business. Life was happening at full speed until one day the world plunged into the unknown.This global pandemic has challenged many of our...
Should I choose monthly or weekly payments?
You have just completed the mortgage approval process, and the inevitable question from your mortgage broker or bank adviser crops up: do you want to make weekly or monthly payments? If you answer...
Everything about the house is perfect except for the kitchen. What are my options?
Although the kitchen, the bathrooms as well as the floors are rarely to our taste when we visit houses for sale, is this a reason to reject a house that has many other assets? The CMHC...
The questions you need to ask before deciding to move or upgrade your home
We often want to move because we want a bigger home. However, several factors, such as hesitating to leave a neighbourhood your family is fond of or the high cost of a larger home, might lead us to...
Buying a house owned by your parents - the equity gift
Seven years ago, Emrick and the mother of his children separated. At the time of the break-up, an important decision was made: Emrick would become the owner of the family home. To do so, he asked his...
Pay Attention to Mortgage Loan Penalties!
A mortgage loan has certain risks, which need to be evaluated carefully, especially those regarding penalties. Choosing a mortgage lender is not easy because there are approximately twenty financial...
How to purchase an income property when you renew your mortgage
For years, you have been thinking about investing in an income property. Why not take advantage of your mortgage renewal to refinance your property and to provide you with the 15% or 20% down payment...
Recent graduates purchase their first condominium
Ann and Sophie, both twenty-five, just graduated from university. Both have found a job in their respective fields with annual salaries of around $42,000. Their job probation period is over and now...
Can I use the increase in value of my home to maximize my RRSP?
Josianne is in her early forties and a single mother of two beautiful daughters of 9 and 12-years old. Recently, she realized that she had more than $100,000 in unused RRSP contribution room. Based...
Ask yourself these questions when your mortgage is almost up for renewal
Clearly, although your mortgage renewal may seem like a banal procedure, it can be if you do not seriously think about the questions listed below: 1) Are we satisfied with our current...
Can a bridge loan be a good solution ?
A bridging loan, better known as a “bridge loan” provides a solution for all buyers in the process of purchasing a property who have received an unconditional commitment for the purchase...
Use your RRSP as a down payment on a your real estate purchase.
How can you use your RRSP as a down payment on a real estate purchase? How do financial institutions manage this procedure? It’s really quite simple. If you are considered a first-time...
Do I need to have my mortgage pre-approved if I’m planning to buy a condo?
The short answer is no, but your real estate agent and mortgage broker strongly recommend it. Here’s why: You will be spending a lot of time with your real estate agent because they will be...
Refinancing a property can be advantageous.
Certain situations make it worthwhile to refinance your property: To maximize your RRSP in the framework of a plan drawn up by a financial planner; To finance a project at a lower cost (lower...
Buying a property needing major renovation? Careful planning will bring big savings!
For some years, you can no longer refinance* a mortgage for more than 80% of the market value of a home. Over the last 15 years, we have noticed that many of our clients return to our offices seeking...
The 10-point case for working with a mortgage broker.
1. Get expert advice on your financial options. Because we are independent mortgage brokers, we are not tied to a specific product range or a particular lender. Our only goal is to help you secure...
Don't let a new car ruin your dream of home ownership!
Vanessa and Julien decided it was time to leave their apartment and buy a house. They are excited about becoming home owners. Bye-bye rent! Following the advice of some friends, they...
Is my mortgage renewal the ideal opportunity to look at restructuring my mortgage?
The answer to this question depends on your future projects and your current level of debt. In a nutshell, if you already have credit card debts, a line of credit, a personal or car loan, or a...
Itching to renovate your home? Here's how to make it happen.
After a visit with me at my office, Vanessa and Thomas decided to renovate their home to bring it up-to-date. They even took the opportunity to add a garage! Fifteen years ago, they paid $130,000...
What are the potential dangers of dealing with a virtual bank?
Virtual banks such as Tangerine (ING Direct), First National, MCAP, Home Trust, Merix, Equitable Bank are more and more present on the market and keep gaining ground every day at the expense of...
Breaking your mortgage early: Is it worth it?
Mark and Isabelle have a $300,000 mortgage with bank ABC. They had planned to pay off their house over 25 years. They took out a 5-year fixed-rate loan at 3.5%. Two years before the maturity date,...
When back to school expenses and your summer vacation leave you strapped for cash.
Your summer vacation was great, but your budget took a hit; back to school brings its own new expenses, and you have been carrying some credit card debt for far too long. Clearly, the passing time...
If it smells like mould, it probably is mould!
Jeremy, newly separated from Nancy, urgently needs to find a house that will meet his needs. Since he is in a rush, he makes an offer on a house and decides to accept the inspection report provided...
Your home can be used as financial leverage.
Geneviève and Éric bought their home 8 years ago. By refinancing their home for the maximum allowed (80% of the market value), they were able to free up $100,000 that they used as...
Faster mortgage repayments.
It’s simple. Just make early refunds for the duration of your loan, thus reducing interest costs and, at the same time, accelerating the repayment of your mortgage debt. You can increase the...
Your Mortgage VS Covid-19 ; answer to the questions you ask yourself
Can I cancel my real estate transaction? As mentioned on the OACIQ website: “Once accepted by the seller, a Promise to purchase can no longer be cancelled by either party unless: a clause...
If I decide to defer my mortgage payments, will the government make payments for me?
With everything that we hear, it can be very confusing to understand the specifics of the various aid programs offered during this pandemic crisis. The answer to this question is no – the...
Covid-19; your mortgage lender has solutions for you if you're having trouble
You would like to know if you are eligible for assistance from your mortgage lender, below you will find the details and the steps to follow depending on your lender. Desjardins Here is a quote...
The ABC’s of the HBP.
Test your knowledge of the Canadian government’s HBP program (Home Buyers’ Plan): 1. I own my main residence and I would like to buy another property. Can I use the HBP? No. 2. I own my...
Introducing Plani-Docs
MP Mortgages Financial Group* is proud to launch Plani-Docs, encompassed in the industry leading Maestro platforms, a leader in mortgage application preparation in Canada. Plani-Docs assists the...
Your credit rating: Debunking the myths
Your credit rating, also known as your credit score, is a number assigned by credit bureaus based on your debt payment habits. The lower your score, the more risky it is for lenders to loan you...
How to find out about your credit rating.
There are essentially two private credit rating firms that produce credit scores which the banks will consider while analyzing your mortgage application. The most well known is Equifax, the other one...
The steps to property ownership in 2018.
It’s easy! You start by securing a pre-approved mortgage from an expert in the field such as a mortgage broker. Your mortgage broker will not only become your partner in this important...
Choosing the right mortgage: It pays to be informed!
Too many Quebec families are making the wrong financial choices… choices that can stay with them for the next 25 years. Not enough people take the time to get all the facts or to talk to an...
Important changes to Mortgage financing standards. Effective January 1st, 2018
The Office of the Superintendent of Financial Institutions (OSFI) published on Tuesday, October 17, 2017 the final version of its B-20 Guideline, Residential Mortgage Underwriting Practices and...
Important changes coming to mortgage financing standards
The Office of the Superintendent of Financial Institutions (OSFI) is currently studying the possibility of applying another major change that will affect anyone looking to purchase or refinance a...
(Français) Que faire si vous avez une hypothèque à taux variable?
Sorry, this entry is only available in French.
Important Notice: If you have a Variable mortgage rate, what should you do?
To the surprise of many economists and analysts the Bank of Canada (BoC) has decided to increase its key lending rate for the second time in 2 months by another 0.25% on September 6th 2017. This...
All homebuyers have to pay a land transfer tax (the “Bienvenue” tax).
The land transfer tax or duties on real estate transfers is called the “taxe de bienvenue” in Quebec. Bienvenue has no connection with the expression “Welcome [Bienvenue] to your new...
(Français) Le taux variable vous rend frileux? Voici de quoi vous faire changer d’idée!
Sorry, this entry is only available in French.
CMHC mortgage insurance premiums have been increased.
January 17th, 2017, the CMHC announced an increase in their mortgage insurance premium rates as of March 17th 1st of this year. This means that if you submit your insured financing to your...
Save $2,000 with a $500 investment.
Did you know that making a 10% down payment instead of 5% saves you 0.75% on your CMHC (Genworth or Canada Guaranty) premium? So be mindful of how much you put down on the purchase of your...
Important changes in the rules regarding mortgage financing effective October 17
On Monday, October 3rd, the Finance Minister of Canada announced a major change to the rules of mortgage financing, which will affect all clients currently in the process of purchasing a new...
Fixed or variable? Definitely something to consider.
Your dream of owning a new home is about to happen, but you still have a couple of decisions remaining: a fixed or variable rate mortgage? What to do … It is important to understand that...
Renegotiate your mortgage before it comes up for renewal
Karine contracted a mortgage loan three years ago and there are two years remaining before the end of the term. Her mortgage interest rate is 4%. During a discussion with a colleague, she learns...
Mortgages: Some savings are penny-wise and pound-foolish
SOME SAVINGS ARE PENNY-WISE AND POUND-FOOLISH This well-known saying simply means that it is a waste of time to save your pennies while not paying attention to your dollars. Unfortunately, it is a...
Down payments soon to be higher on some mortgages
On December 11, without addressing the risk of a potential real estate bubble, Federal Finance Minister Bill Morneau announced that down payments on mortgages between $500,000 and $1 million would be...
A private lender could help you find the missing funds needed to complete the construction of your home.
Louise and Roger decided to build their own home. Since they have a lot of construction and renovation experience they figured, “Why not build our own dream home and take advantage of our...
What happens to a residence in a divorce?
William called me a few weeks ago to tell me that he is breaking up with his girlfriend. He wants to buy her part of the house they bought together 3 years ago. I had negotiated their initial...
Make sure you have cash on hand to act quickly on a good deal!
Emmanuel and Julie were looking for an attractive rental property to invest the equity they had accumulated over the years on their home. Several criteria guided their search: they wanted one near...
Get rid of your credit card debt!
Imagine this: your son is in immediate need of braces, but all your credit cards as well as those of your partner have reached their spending limit. Are you in a momentary bind? What if I told you I...
What are the real transaction costs on my property purchase?
First of all, you surely want to know that the property is in good condition and doesn’t need major repairs immediately, so you will have to have a professional property inspection done. Set aside...
Discover the grants available when you become a homeowner.
Did you know…? You can obtain government grants when you purchase your first home. You are entitled to free services concerning energy efficiency (Éconologis) when you are a new homeowner;...
Consider a 10-year term for your mortgage if you are worried about future interest rate increases.
Economic experts will tell you that, aside from 2 or 3 exceptions over the last 25 years, it has always been wise to take out a 1-year term or a variable mortgage. That being said, rates are...
Secure a mortgage credit line without changing your current mortgage and WITHOUT ANY NOTARY FEES?
It is now possible to obtain a mortgage credit line at very competitive interest rates without changing you current loan, i.e. without any penalties. Effectively, if you have the necessary equity to...
Make sure you are ready to sign at the notary.
You recently lived the hectic experience of finding a home: negotiating a price, getting the property inspected, preparing the documents needed for your mortgage application. You were also on the...
Is a line of home equity credit (HELOC) accessible to everyone? Yes, but only if…
If you need to finance less than 80% of the total value of your property, you could have a portion of your mortgage in the form of a line of credit. The portion of your mortgage that comprises...
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