Monthly Archives: Monday March 27th, 2017

Breaking your mortgage early: Is it worth it?

Monday March 27th, 2017

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 4.6%. Two years before the maturity date, bank XYZ offers a rate of 2.60%. Is it worth breaking their agreement to change lenders? Before breaking your […]
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Do I have everything in order to obtain my mortgage loan approval?

Monday March 20th, 2017

Do I have everything in order to obtain my mortgage loan approval?

1) Proof of income: Documents that provide proof of your income are very important. They will be the hardest to find and require the most work, so it is absolutely essential that you be prepared if you want to avoid a lot of stress. Salaried employees must produce a recent pay stub and a letter […]
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Recent graduates purchase their first condominium

Monday March 13th, 2017

Recent graduates purchase their first condominium

Ann and John, 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 they want to purchase a condo. They are mainly motivated by the fact that they want to stop paying $750 a month rent […]
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Did you know about the 9% tax?

Monday March 6th, 2017

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 or refinance a property, the mortgage loan has to be insured by the CMHC, Genworth, or Canada Garanty, and the Quebec government taxes the cost of the insurance policy. This tax is payable at the notary […]
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