Category Archives: Prêt Hypothécaire

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

Sunday July 15th, 2018

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.

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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Everything about the house is perfect except for the kitchen. What are my options?

Sunday June 24th, 2018

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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Speed up your mortgage payments and save money!

Monday June 18th, 2018

Speed up your mortgage payments and save money!

What is the difference between an accelerated weekly payment and a non-accelerated payment? Simple! If your mortgage costs you $1,000 a month, and you want to pay it weekly, your financial institution will ask if you want to make the accelerated payments or not. Here is how the accelerated payment works: $1000/month divided by 4 […]
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The questions you need to ask before deciding to move or upgrade your home

Monday May 28th, 2018

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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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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Itching to renovate your home? Here’s how to make it happen.

Monday April 23rd, 2018

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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To avoid unpleasant surprises, do an annual review.

Monday April 16th, 2018

To avoid unpleasant surprises, do an annual review.

Have you thought of doing a yearly review of your mortgage in order to avoid any payment shock if interest rates increase? It’s really quite simple. On each anniversary of your mortgage, compare your rate with the available rates on the daily market (just click on the link below to access today’s rates). If your […]
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