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...
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...
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...
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...
Save $240 per month with the Government of Canada's First-Time Homebuyer Incentive!
You may already be aware of this, but did you know that the federal government's first-time homebuyer incentive can help you buy your first home? In fact, this incentive helps you without increasing...
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...
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...
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. We have noticed that many of our clients return to our offices seeking mortgage refinancing in...
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...
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...
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...
The art of building a stellar credit rating
No matter if you are young or old, you must maintain an excellent credit record if you want to make your dream of buying a property a reality. A good credit rating is a determining factor when...
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...
Fixed Vs Variable: With Rates Potentially Set to Rise, Which Option is Best for You?
Fixed Vs Variable With Rates Potentially Set to Rise, Which Option is Best for You? Should you stick with the stability of a fixed mortgage rate or roll the dice with a...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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%...
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...
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...
Becoming a homeowner with an income property - something to think about!
Before buying a house with rent income, you must consider several key points. The Mortgage Planners team invites you to consider both sides of the coin. Advantages An extra, steady income The...
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...
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...
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...
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...
7 questions to ask yourself before buying a house to renovate
You found a house to die for, but it needs a lot of TLC? You want to buy a house to renovate it and sell it in 2, 5 or 10 years? Before starting a project of this scale, ask yourself the following 7...
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...
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...
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...
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
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...
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...
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...
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...
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...
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...
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...
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...
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...
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;...
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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