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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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...

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

Sorry, this entry is only available in French.

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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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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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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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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

March 21 2019

TERMS BANKS MORTGAGE PLANNERS
1 Year Fixed 4.09% 3.49%
2 Years Fixed 3.89% 3.39%
3 Years Fixed 4.44% 3.19%
4 Years Fixed 4.89% 3.39%
5 Years Fixed 5.59% 3.29%
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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