Category Archives: Qualification hypothécaire

Important changes coming to mortgage financing standards

Monday September 18th, 2017

Important changes coming to mortgage financing standards

The Office of the Superintendent of Financial Institutions (OSFI) is currently studying the possibility of applying another major change that will affect anyone looking to purchase or refinance a property (1 to 4 units) and having at least 20% in down payment and/or equity for mortgage refinancing: Primary residence Secondary residence Income property (1 to […]
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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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Buying a home when you’re new to Canada: It’s easier than you think!

Monday August 21st, 2017

Buying a home when you’re new to Canada: It’s easier than you think!

Are you new to Canada and think that buying a home is out of reach? Think again! With good planning and sound advice from real estate and mortgage brokers, it can be done.   Common myths New immigrants often rely on information from family and friends. It’s understandable: these are people you know and trust. […]
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A fourplex property investment

Monday July 31st, 2017

A fourplex property investment

Here is the story of Jean-Francois and Charles. Both own their own home and would like to invest in real estate in order to diversify their savings. After months of searching with their real estate agent for a profitable well-built property, complete with good tenants, they finally found their diamond in the rough. Unfortunately, they […]
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A place for your kids to live through university: Better to buy or rent?

Monday July 10th, 2017

A place for your kids to live through university: Better to buy or rent?

With the high cost of rent, especially in Quebec City and Montreal, more and more parents are buying condos for their kids to live in while they’re at school. After all, they could probably sell it for a profit down the road. But is buying always the best option? Why buy versus rent? Living in […]
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A mortgage for self-employed : Can it be possible?

Monday June 26th, 2017

A mortgage for self-employed : Can it be possible?

Well yes, it is possible! Qualifying income is the only difference in qualifying for a mortgage between a salaried individual and a self-employed individual . For each situation here is the solution For a salaried individual income is established with a written confirmation of employment , specifying the date of hire , his annual salary, […]
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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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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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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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