Category Archives: Qualification hypothécaire

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

Sunday July 8th, 2018

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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Changing jobs during the mortgage application process has its risks!

Monday June 11th, 2018

Changing jobs during the mortgage application process has its risks!

Changing your job in the middle of your mortgage application (purchase, refinancing, renewal or investment) can cause you some serious problems. In order to obtain your mortgage approval with all the conditions having been met, your employment status cannot be ‘probationary’. Therefore, if you change your job just before negotiating your mortgage, you will have […]
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Recent graduates purchase their first condominium

Tuesday May 22nd, 2018

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 $850 a month rent […]
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Don’t forget the additional fees!

Monday May 7th, 2018

Don’t forget the additional fees!

Costs associated with the purchase of a property are not limited to the down payment and the mortgage. Here is a brief list of charges that will occur when taking possession of your home. You must plan for about 1.5% of the property purchase price to cover these charges. Insurance premium (Canada Mortgage and Housing […]
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The steps to property ownership in 2018.

Monday April 30th, 2018

The steps to property ownership in 2018.

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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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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I’m a self-employed worker looking for a mortgage loan, but my declared income isn’t representative. Are there solutions?

Wednesday January 31st, 2018

I’m a self-employed worker looking for a mortgage loan, but my declared income isn’t representative. Are there solutions?

Your declared income isn’t representative of your current income? If this is the case, we’ve got good news: you now have access to a program that could help you buy a property. Mortgage loan for self-employed workers with self-reported income The Business for Self (ALT.A) program allows self-employed borrowers to self-report their income. However, borrowers […]
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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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Tired of paying rent?

Monday December 18th, 2017

Tired of paying rent?

Are you tired of paying the mortgage of your apartment building’s owner? Are you ready to make the leap and become a homeowner? You might feel totally ready, but, in my opinion, the first step you need to take before you go home or condo shopping is to get yourself pre-approved. A pre-approval allows you […]
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