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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...

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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...

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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...

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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...

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Can I shop my mortgage renewal ?

When the time comes to renew your mortgage, are you the type to accept the first offer or to shop around to get the best possible product? Surprisingly, barely half of Quebecers try to get a better...

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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...

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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...

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Tired of paying rent?

Are you tired of paying the mortgage of your apartment building’s owner? Are you ready to make the leap and become a homeowner? You might feel totally ready, but, in my opinion, the first step...

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Tired of paying rent?

Are you tired of paying the mortgage of your apartment building’s owner? Are you ready to make the leap and become a homeowner? You might feel totally ready, but, in my opinion, the first step...

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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, Genworth, or Canada Garanty, and the Quebec...

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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...

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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...

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Use your RRSP to buy your property!

Did you know that you could withdraw up to $25,000 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...

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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...

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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...

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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...

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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 can...

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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...

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Recent graduates purchase their first condominium

Ann and John, 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...

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Learn the 8 mistakes to avoid when negociating your mortgage loan

1 Consider all your needs: There’s more to a mortgage than the interest rate We all do the same thing; we all focus on the things we know best. For most people, when it comes to their mortgage,...

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Don’t forget the additional fees!

Costs associated with the purchase of a property are not limited to the down payment and the mortgage. Here is a brief list of charges that will occur when taking possession of your home. You...

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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...

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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...

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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, compare...

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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, which is...

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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...

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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...

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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 already carrying...

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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...

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Who can be exempt from paying the welcome tax?

The welcome tax is also known as the land transfer tax. Former Minister Bienvenue had created this tax to allow municipalities to tax real estate transactions carried out on their territory as an...

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Buying a property needing major renovation? Careful planning will bring big savings!

For over 5 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...

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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...

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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...

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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 loan...

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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...

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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...

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Christmas was magic! Now, how do I pay the debt racked up on my credit cards?

It’s January, 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 bills? Can you...

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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 there...

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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...

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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...

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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...

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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...

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Why is there is an additional $684 in my notary’s fees?

OMG! There is an additional $684.00 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 $684.00...

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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...

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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...

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(Français) Que faire si vous avez une hypothèque à taux variable?

Sorry, this entry is only available in French.

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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...

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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...

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What are the potential dangers of dealing with a virtual bank?

Virtual banks such as Tangerine (ING Direct), First National, MCAP, Home Trust,Equitable Bank are more and more present on the market and keep gaining ground every day at the expense of...

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What are the potential dangers of dealing with a virtual bank?

Virtual banks such as Tangerine (ING Direct), First National, MCAP, Home Trust,Equitable Bank are more and more present on the market and keep gaining ground every day at the expense of...

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Buying a home when you’re new to Canada: It’s easier than you think!

Are you new to Canada and think that buying a home is out of reach? Think again! With good planning and sound advice from real estate and mortgage brokers, it can be done.   Common myths New...

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How to negotiate 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...

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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 a down payment...

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A fourplex property investment

Here is the story of Jean-Francois and Charles. Both own their own home and would like to invest in real estate in order to diversify their savings. After months of searching with their real estate...

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A fourplex property investment

Here is the story of Jean-Francois and Charles. Both own their own home and would like to invest in real estate in order to diversify their savings. After months of searching with their real estate...

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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 $100,000.00 over a 25 year period at an interest rate of 5%....

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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...

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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...

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Green Homes: How to save up to 25% on your insurance premium

Did you know you can get up to 25% of your mortgage insurance premium back when you buy an energy-efficient home or when you buy a home and make energy-efficient improvements?   Purchasing or...

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Green Homes: How to save up to 25% on your insurance premium

Did you know you can get up to 25% of your mortgage insurance premium back when you buy an energy-efficient home or when you buy a home and make energy-efficient improvements?   Purchasing or...

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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...

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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...

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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...

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(Français) Le taux variable vous rend frileux? Voici de quoi vous faire changer d’idée!

Sorry, this entry is only available in French.

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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...

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Buying a home: Can you afford it?

How do you know if you can afford to buy a home? With a few simple calculations, you can evaluate your financial situation and the maximum price you can afford to pay. Let’s go through it step...

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Buying a home: A breakdown of the costs

Scenario: $275,000 home with a 5% down payment  Standard rate: 95% financing: 4.00% 90% financing: 3.10% 85% financing: 2.80% 80% financing: 2.40% 75% financing: 1.70% 65% financing:...

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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 financial...

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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 secured a...

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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...

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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...

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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...

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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...

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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 main...

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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...

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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...

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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...

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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...

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(Français) Le taux n’est pas toujours la variable la plus importante

Sorry, this entry is only available in French.

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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...

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(Français) Ne pas se fier sur un amateur bien intentionné

Sorry, this entry is only available in French.

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(Français) Transiger avec un courtier hypothécaire Planiprêt se fait sans frais

Sorry, this entry is only available in French.

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(Français) Le ro?le du courtier ne se limite pas qu’au taux d ‘inte?re?t

Sorry, this entry is only available in French.

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Ne ne?gociez pas avec une seule institution financie?re

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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...

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(Français) Ne sous estimez pas le volet paperasse de la transaction

Sorry, this entry is only available in French.

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(Français) Ne négligez pas l’évolution de vos besoins

Sorry, this entry is only available in French.

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(Français) Ne sous-estimez pas vos besoins réels

Sorry, this entry is only available in French.

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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, you...

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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 buyer*, ...

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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...

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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. Paul learns...

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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...

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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...

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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...

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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;...

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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...

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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...

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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...

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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...

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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...

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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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Mortgage regulations have changed. Test your knowledge with this true or false quiz!

r. Jim Flaherty, the federal Finance Minister, announced new and important changes to Canadian mortgage regulations that went into effect on July 9, 2012. What is True and what is False: True:...

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RATES OF

February 18 2019

TERMS BANKS MORTGAGE PLANNERS
1 Year Fixed 4.29% 3.39%
2 Years Fixed 3.99% 3.49%
3 Years Fixed 4.44% 3.54%
4 Years Fixed 4.99% 3.70%
5 Years Fixed 5.59% 3.44%
5 years Variable 3.95% 2.95%
7 Years Fixed 5.99% 3.89%
10 Years Fixed 6.60% 4.14%
HELOC 3.95% 4.45%

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