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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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Do you know what the minimum down payment is for a condo, a bungalow, a castle, etc?

Monday February 6th, 2017

Do you know what the minimum down payment is for a condo, a bungalow, a castle, etc?

Since the law changed in October 2016, the minimum cash down payment to purchase a house, condo or duplex valued at less than $500,000 is 5%. When the price is higher, you must put down 10% cash for the exceeding portion. For example, a property valued at $1,000,000, would require a 5% down payment for the […]
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Take the time to evaluate whether a variable interest rate is a good option.

Monday January 30th, 2017

Take the time to evaluate whether a variable interest rate is a good option.

In almost every domain, the more risk we take, the better the reward.  Insofar as your mortgage is concerned, if you choose a variable rate you will have a lower initial rate. The rates could move even lower just as they could fluctuate upwards over the next 5 years. Therefore, the questions you really need […]
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Everything about the house is perfect except for the kitchen. What are my options?

Monday January 23rd, 2017

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 purchase-renovation program, growing in popularity, is even necessary in certain renovation situations since the change in mortgage lending rules. […]
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Pay Attention to Mortgage Loan Penalties!

Monday January 16th, 2017

Pay Attention to Mortgage Loan Penalties!

A mortgage loan has certain risks, which need to be evaluated carefully, especially those regarding penalties. Choosing a mortgage lender is not easy because there are approximately twenty financial institutions all offering ten or more mortgage products. It is widely recognized that consumers can find themselves faced with almost 300 mortgage products! Clearly it is […]
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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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Save $2,000 with a $500 investment.

Monday December 12th, 2016

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 home! Here is a simple example of a mistake that is made all too often: if you have […]
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The steps to property ownership in 2016.

Monday December 5th, 2016

The steps to property ownership in 2016.

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 transaction, but will also offer invaluable professional advice on these topics: The required down payment Your affordable price range and maximum limit Your […]
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Who can be exempt from paying the welcome tax?

Monday November 28th, 2016

Who can be exempt from paying the welcome tax?

The welcome tax is also known as the land transfer tax. Former Minister Bienvenue had created this tax to allow municipalities to tax real estate transactions carried out on their territory as an additional source of income. The new owner is responsible for the transfer tax. If you separate from your spouse and buy his […]
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