Refinance at Year-End: Maximize Your RRSP and Reduce Your Taxes!
Refinancing at the end of the year to contribute to an RRSP (Registered Retirement Savings Plan) offers numerous advantages. This strategy not only optimizes personal finances but also provides a...
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,...
What happens if you miss a mortgage payment?
Missing a mortgage payment can be a stressful experience, but it’s important to know what to expect if it happens and what options are available to prevent long-term consequences. For many...
Should You Break Your Mortgage to Get a Lower Rate?
When interest rates drop, many homeowners are wondering if it's worth breaking their current mortgage to lock in a better rate. While this may seem like a tempting opportunity, it's crucial to...
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...
Pay Off Your Mortgage Faster: 4 Effective Tips
Carla still remembers the day she got her first mortgage. She had just fulfilled her dream of buying a house, but she was also embarking on a long financial journey. Like many new homeowners, she...
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 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...
The Mortgage Loan: From Purchase to Renewal
Imagine yourself on the threshold of a new chapter in your life, whether it’s buying your first home or renewing an existing mortgage. This journey is filled with excitement and crucial...
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...
Tips for Renewing Your Mortgage
The timing of mortgage renewal often goes unnoticed by many homeowners. Receiving a simple renewal letter by mail can prompt many of them to accept the new rate proposed by their current lender...
Documents to include with your mortgage application
1) Proof of income: Of all the documents you need to provide for your loan application, proof of income is the most important, the most difficult to find, and the one that will take the most effort....
Your home can be used as financial leverage.
Eight years ago, Julie and Carl made a financially savvy decision by leveraging the value of their home (through refinancing) to invest in a 5-unit multiplex worth $600,000. Since then, the real...
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...
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...
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,...
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...
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...
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 $150,000...
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...
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...
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...
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...
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,...
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...
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) 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...
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...
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...
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