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,...
Federal government raises CMHC mortgage cap to $1.5M and expands 30-year amortizations for first-time buyers
The federal government announced some sweeping changes to Canada’s mortgage system in an effort to improve housing affordability and access.One of the key changes is the increase in...
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...
Buy Now or Pay 100% Interest?
Are you hesitating to buy a house because you think interest rates are too high? Are you waiting for rates to drop? What you may not realize is that every month spent paying rent is like throwing...
What Are the Real Costs Associated with Purchasing a Property
Imagine that you have just found the house of your dreams. It’s a little gem, exactly what you’ve always envisioned for yourself and your family. But before signing the papers and getting...
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...
Did you know that the HBP is increasing from $35,000 to $60,000?
The dream of buying a home is an aspiration shared by many couples. However, gathering the necessary funds for a down payment can often be a significant challenge. Fortunately, the Home Buyers' Plan...
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...
Why is it Important to Shop for Home Insurance?
Home insurance is an essential protection for any homeowner or renter, but choosing the right policy can be complex. Shopping for home insurance allows you to find the most suitable coverage for your...
Down Payment Options
A mortgage down payment is the amount of money you pay upfront when purchasing a home. A typical down payment is expressed as a percentage that is calculated as the dollar value of the down payment...
Your Credit Score: 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...
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...
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...
Should you rent or should you buy a home?
When it comes to finding a place to live, the age-old question often arises: should you rent or buy a home? It's a complex decision with no one-size-fits-all answer, as it depends on personal...
Highlights of the 2024 federal budget
The Federal Budget for 2024 has been revealed, outlining key initiatives aimed at addressing pressing issues while maintaining fiscal responsibility. Here's a summary of the...
Putting home ownership back within reach and supporting Canadian homeowners
Homeownership, a significant challenge for young Canadians, is at the heart of the new measures announced by the federal government. Chrystia Freeland, Deputy Prime Minister and Minister of Finance,...
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...
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...
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...
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...
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...
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...
Did you know about the 9% tax?
Did you know that a 9% tax applies to most insurance premiums in Quebec? In Quebec, it's essential to consider the 9% tax when purchasing a home and the mortgage insurance associated with...
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...
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...
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...
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...
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...
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...
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...
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...
Simulation of expenses related to the purchase of a $400,000 property
For those looking to find out the costs related to buying a property, here is an example: Scenario: $400,000 home with a 5% down payment Standard rate: 95% financing: 4.00% 90%...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
The FHSA: a new ally for first-time homebuyers
Last year, the Canadian government announced the creation of a registered account that can help you save money, tax-free, for your first home purchase. In this article, we invite you to learn about...
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...
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...
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...
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...
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...
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...
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...
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...
The booming Quebec real estate market
version française
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...
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...
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...
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...
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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