Category Archives: Endettement

Your mortgage renewal could reduce your debts.

Monday April 9th, 2018

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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Swap your bungalow for a condo!

Beautiful living room with hardwood floors and fireplace in new luxury home
Monday April 2nd, 2018

Swap your bungalow for a condo!

Their youngest has just left the nest. Jocelyne and Jean-Luc are in the mood to travel and enjoy some well-deserved R&R. Mowing grass and shoveling snow are not part their retirement dream. They fall in love with a beautiful downtown condo with magnificent city views, but it costs considerably more than the value of their […]
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Is it smart to use part of my RRSP’s to pay down debts so I can become a homeowner?

Monday March 19th, 2018

Is it smart to use part of my RRSP’s to pay down debts so I can become a homeowner?

Marie-Pierre decided to buy a nice home in the suburbs.  However, when she applied for a loan with her financial institution, she was refused.  They explained to her that she was already carrying too many debts and fixed monthly payments to qualify for a mortgage. Later that night she met up with some friends and told […]
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Should I choose monthly or weekly payments?

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Monday March 5th, 2018

Should I choose monthly or weekly payments?

You have just completed the mortgage approval process, and the inevitable question from your mortgage broker or bank adviser crops up: do you want to make weekly or monthly payments? If you answer weekly payments (my suggestion!), be aware that your choice doesn’t end there. First of all, there is a big difference between an […]
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Who can be exempt from paying the welcome tax?

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Monday February 26th, 2018

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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Refinancing a property can be advantageous.

Monday February 12th, 2018

Refinancing a property can be advantageous.

Certain situations make it worthwhile to refinance your property: To maximize your RRSP in the framework of a plan drawn up by a financial planner; To finance a project at a lower cost (lower interest rates) such as; Purchasing a motor vehicle Renovating a home Installing a swimming pool Changing the windows Installing a heat […]
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Do I need to have my mortgage pre-approved if I’m planning to buy a condo?

Monday January 8th, 2018

Do I need to have my mortgage pre-approved if I’m planning to buy a condo?

The short answer is no, but your real estate agent and mortgage broker strongly recommend it. Here’s why: You will be spending a lot of time with your real estate agent because they will be there to help you pinpoint your needs, look at properties, and negotiate with the sellers. It is only normal then […]
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What do we do if we just made an offer on a house, but haven’t sold our condo yet?

Monday November 20th, 2017

What do we do if we just made an offer on a house, but haven’t sold our condo yet?

Start by asking yourself this one all-important questions: could you qualify for 2 mortgage loans – your current one on your condo and a new one for the house you want to buy? In effect, even if you intend to sell your condo, all the condo-related expenses (mortgages payments, municipal and school taxes, heating, and […]
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How to find out about your credit rating.

Monday September 11th, 2017

How to find out about your credit rating.

There are essentially two private credit rating firms that produce credit scores which the banks will consider while analyzing your mortgage application. The most well known is Equifax, the other one is Trans-Union. They gather and process the following information: The current monthly balance on your credit cards, lines of credit, car loans, furniture loans, […]
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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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