Category Archives: Renouvellement hypothécaire

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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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 Because the $100,000 withdrawn from their home was used for an […]
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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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Is my mortgage renewal the ideal opportunity to look at restructuring my mortgage?

Monday May 8th, 2017

Is my mortgage renewal the ideal opportunity to look at 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 high-interest furniture loan, and if these debts are costing you more in interest than your mortgage will, then, […]
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Is a home inspection a pre-purchase must?

Monday May 1st, 2017

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 understanding of the property you are buying. The role of the inspector is to provide you with a thorough report on the quality of the property. Does […]
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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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CMHC mortgage insurance premiums have been increased.

Monday February 13th, 2017

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 financial institution after March 17th, 2017, your mortgage insurance will be higher. Here below are two examples: 1) $300,000 purchase with 5% […]
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Your mortgage renewal could reduce your debts.

Tuesday January 3rd, 2017

Your mortgage renewal could reduce your debts.

A car financed at 5%, 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, which is only natural. No one likes big debts. But, ask yourself, is it the most logical way to proceed if you […]
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Itching to renovate your home? Here’s how to make it happen.

Monday November 14th, 2016

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 $130,000 for their home, which is worth $275,000 today. They have a mortgage balance of $62,000. The estimated cost of the […]
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