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...
New Mortgage Insurance Rules to Facilitate the Addition of Accessory Dwelling Unit
On October 8, 2024, the Department of Finance Canada announced significant changes to mortgage insurance rules, allowing homeowners to add accessory dwelling units (ADUs) to their properties. This...
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...
Managing Separation: Be Informed During a Spousal Buyout
When a couple decides to separate, the fate of their shared residence inevitably becomes a question. If the house is jointly owned, several options are available to the partners. The simplest...
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...
Understanding the Home Equity Line of Credit
Marie and Jacques, homeowners for over ten years, sit at their kitchen table to discuss their future plans. Their children are now grown and gone, and they are considering renovating their home to...
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...
Make sure you are ready to sign at the notary.
Recently, you've invested time engaging with various key players in the acquisition of your future home: the seller, the real estate agent, the mortgage broker, the inspector, the banker... Since...
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...
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...
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,...
Strategies to Avoid, Reduce, or Navigate Mortgage Penalties
If you are currently tied to a mortgage for several more years, you might feel trapped. Whether considering refinancing, mortgage transfer, or even early renewal, you could face substantial...
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...
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...
Mortgage - 7 questions to ask your banker
Negotiating a mortgage is more complicated than negotiating just a rate. Unfortunately, clients too often lose thousands of dollars because they were poorly advised. Here are 7 questions that your...
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...
Tips for improving your credit rating
You've been thinking about starting the process of buying your first home in the next few months and you're concerned about the viability of your credit rating. Is your concern caused by poor credit...
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...
Falling in love with your dream house - how to get the information you need to help you with your decision
Karen and Carl live in a beautiful, cozy house in the Laurentians. During a walk on a beautiful Sunday, they found a house for sale, hidden in the woods. The real estate broker was there and showed...
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...
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...
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...
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...
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....
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...
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...
Creating financial padding by using a line of credit – is it a good idea?
Let’s say it how it is – the COVID-19 pandemic crisis raises a lot of concerns, on both the health and finance front. Will I still have a job in a week? Will I go back to work...
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...
The booming Quebec real estate market
version française
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,...
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...
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...
(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...
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...
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...
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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