Category Archives: Refinancement

Refinancing your mortgage can make your dream kitchen a reality!

Tuesday October 10th, 2017

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 cost-effective way to finance these types of costs. How does it work? First of all, you must […]
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Important changes coming to mortgage financing standards

Monday September 18th, 2017

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 property (1 to 4 units) and having at least 20% in down payment and/or equity for mortgage refinancing: Primary residence Secondary residence Income property (1 to […]
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Important Notice: If you have a Variable mortgage rate, what should you do?

Thursday September 7th, 2017

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 brings its target overnight rate to 1% and the variable mortgage prime rate to 3.20% for most banks. The […]
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Can refinancing my home solve my debt issues?

Monday August 28th, 2017

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 equity to refinance your property. The principle is simple: calculate 80% of the market value of your home and then subtract the […]
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Your home can be used as financial leverage.

Monday August 7th, 2017

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 a down payment on the purchase of an 5-Plex costing $600,000. Because the $100,000 withdrawn from their home was used for an […]
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A fourplex property investment

Monday July 31st, 2017

A fourplex property investment

Here is the story of Jean-Francois and Charles. Both own their own home and would like to invest in real estate in order to diversify their savings. After months of searching with their real estate agent for a profitable well-built property, complete with good tenants, they finally found their diamond in the rough. Unfortunately, they […]
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What Do I Do If I Have a Variable Rate Mortgage? | Rate Analysis

Friday June 30th, 2017

What Do I Do If I Have a Variable Rate Mortgage? | Rate Analysis

A lot of panic has been created from the recent Bank of Canada (BoC) rate hike possibility as its next meeting is set for July 12th 2017.  Although any rate hikes are always a little scary, we need to take the time to analyze the market and take each mortgage on a case per case […]
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Green Homes: How to save up to 25% on your insurance premium

Monday June 12th, 2017

Green Homes: How to save up to 25% on your insurance premium

Did you know you can get up to 25% of your mortgage insurance premium back when you buy an energy-efficient home or when you buy a home and make energy-efficient improvements?   Purchasing or building an energy-efficient home New homes built under one of the energy-efficient building standards set out by the Canada Mortgage and […]
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Mortgage — 7 questions to ask your banker

Monday June 5th, 2017

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 banker should be able to answer: What is the penalty if I want to break my mortgage and how is it calculated? Is my mortgage […]
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Debt consolidation via a mortgage

Monday May 29th, 2017

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 management of your finances. In addition to streamlining your debts into a single payment, a consolidation loan can offer an interest rate […]
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