The Bank of Canada Reduces Its Policy Rate
On October 23, 2024, the Bank of Canada lowered its key interest rate to 3¾%, reducing it by 50 basis points. This marks the fourth consecutive rate cut by the central bank this year,...
Fixed or Variable Rate Mortgage: How to Make the Best Choice
Choosing between a fixed-rate mortgage and a variable-rate one remains a crucial decision for many homeowners in Quebec. In 2024, this choice is even more critical given the economic uncertainties...
Everything You Need to Know About Your Credit Report: The Key to Your Financial Health
Credit reports and credit scores play a crucial role in managing your personal finances. Whether you're about to apply for a loan or simply want to better manage your financial situation, it's...
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...
How to Maximize the Use of Your Home Equity Line of Credit
The possibility of obtaining a home equity line of credit (HELOC) is attractive for many homeowners, but it comes with specific conditions and careful management. The answer to the question "Can I...
Understanding Reverse Mortgages: Everything You Need to Know
A reverse mortgage is a financial solution that is often overlooked but can be highly advantageous for homeowners aged 55 and older. This type of loan allows you to convert a portion of your home's...
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...
Is My Mortgage Renewal the Ideal Opportunity to Consider 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...
Fixed or variable: which is best for you?
Should you stick with the stability of a fixed mortgage rate or roll the dice with a variable? It’s one of the most difficult decisions faced by new homebuyers and homeowners who are renewing...
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...
Unlocking Financial Options for Aging in Place: A Guide to Reverse Mortgages for Supporting Your Parents' Independence in Retirement
If your parents wish to age in place but you believe they don't have sufficient funds to cover the cost of such a choice, there is an alternative solution. Reverse mortgages can provide your parents...
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...
Optimizing Your Assets: The Benefits of Mortgage Refinancing"
Mortgage refinancing sometimes gets a bad rap, often likened to recklessly tapping into one's home equity as though it were an ATM. However, this viewpoint only paints a partial picture. Beyond the...
Highlights, Economic and Financial Review
Global growth is showing signs of slowing as the full effect of interest rate hikes is starting to be felt more acutely. The central banks have indicated that policy rates will have to remain...
The secrets to building a solid credit profile!
Whether you are young or have reached a certain age, having a strong credit history is essential to realizing your dream of owning a property. Your credit profile plays a crucial role when applying...
Mortgage refinancing: a solution for paying off your debts
With the rise in interest rates and inflation, you may be losing your ability to make your credit card payments. Credit card debt with interest rates of 20% or more can be harder to pay off. However,...
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...
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...
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...
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...
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...
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...
Your mortgage renewal could reduce your debts.
A car financed at 7%, 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,...
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...
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...
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...
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...
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...
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...
Purchasing with Peace of Mind : The Impact of the Credit Bureau on Your Buying Plans
Your credit score is a comprehensive record of your financial history, which potential lenders can access to evaluate your capacity to repay your debts. When you’re in the process of buying a...
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...
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...
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...
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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