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Buying a home: Can you afford it?

Monday April 24th, 2017

Buying a home: Can you afford it?

How do you know if you can afford to buy a home? With a few simple calculations, you can evaluate your financial situation and the maximum price you can afford to pay. Let’s go through it step by step.   Calculating your total monthly expenses Your total monthly expenses are your household expenses plus your […]
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Ask yourself these questions when your mortgage is almost up for renewal

Monday April 10th, 2017

Ask yourself these questions when your mortgage is almost up for renewal

Clearly, although your mortgage renewal may seem like a banal procedure, it can be if you do not seriously think about the questions listed below: 1)  Are we satisfied with our current financial institution? 2)  Are there banks or lenders that can meet our needs better? 3)  Does our home need any major renovations: windows, […]
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Don’t let a new car ruin your dream of home ownership!

Monday April 3rd, 2017

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 secured a pre-approved mortgage before beginning their house hunting for a new home. With a solid pre-approval  in hand, they find their dream home.  […]
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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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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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The questions you need to ask before deciding to move or upgrade your home

Monday February 20th, 2017

The questions you need to ask before deciding to move or upgrade your home

We often want to move because we want a bigger home. However, several factors, such as hesitating to leave a neighbourhood your family is fond of or the high cost of a larger home, might lead us to ask ourselves, “Why not just expand our current home instead?” Would adding a garage with an extra […]
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