Build Your Heritage with Accession to Property | Loans Quebec

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It is well known that owning a home is a great way to build your wealth. Whether you’re buying a house in cash or financing it from a mortgage, the price of a house increases over time, in general. This means that your capital will grow, and since there is no capital gains tax on principal residences in Canada, you will see your wealth grow while being tax-free.

More and more Canadians are seeing their homes as not only a refuge, but also a financial investment. According to Remax, house prices in Canada have increased on average 6.8% over the last 10 years. Interest rates are even lower than they have ever been and today is the best time to buy, despite the fact that the federal government has reacted to rising real estate prices by creating regulations more severe mortgages.

Rent vs. Buy

Rent vs. Buy

Tenant or owner: the question of always. What is the best? What is the most lucrative? The answer is not so simple.

After one year of rent, the tenant gets nothing except a shelter. If that person had bought a house instead, a portion of his payments would have repaid a portion of the principal amount of the mortgage and would have increased the net worth of the individual. If you spread this analysis over 10, 20 or even 30 years, it is easy to see how a homeowner is much more affluent than the tenant: the owner builds his value by paying a monthly amount similar to that of a tenant.

However, if you move around a lot, rental may seem like the most logical solution. The same applies if you are retired and do not want to settle in a specific place. However, if you know that you will be staying in the same city for the long term, then buying is definitely the best option. The US Federal Reserve has shown that the net worth of an owner is 31 to 46 times higher than that of a tenant. What does this tell you? The other benefit of such an investment is leverage: in which other investment will you be allowed to run a fund of 5% of the first payment for equity to 95% of the debt? The opportunity to grow your wealth by owning a home is safe and unique.

Saving for Retirement

Saving for Retirement

The Financial Post reports that ~ 50% of Canadians have not contributed to their RRSP this year. Now that 70% of Canadian households own their homes, it’s easy to see why. The money you contribute to your RRSP is fully taxable when withdrawn, while your wealth that is developed through home equity increases without any tax burden.

Visit our Mortgage Learning Center to find out what you need to get a mortgage and get your next home.

Who cares for nurses?

Quien cuida de las enfermeras

You are probably a nurse and your performance in this profession is extremely good, we have no doubt about it. You know what to do in case of an emergency, how to treat a patient that can be complicated, and know the ways to prevent risks inside your work.

However, it is likely that many times you have asked yourself who cares for you when it comes to risks, of any kind, inside your work and outside of it.

This question can be the same for many other professions: who cares for a doctor, a policeman or a fireman when they are the ones who look after the population?

Initially, you should know that the profession of nursing in Mexico has evolved steadily. Nowadays it is one of the professions that more recognition has on the part of the population.

The approval of this race is of 33.9% of the citizenship, only after the one of fireman, that has a 49.5%, according to data of the survey on the public perception of science and technology of 2013.

Almost a century of its establishment as a profession , in our country for every 100 people with this occupation, 43 are professionals, 31 are technicians and 26 are auxiliary nurses or paramedics.

The average number of nurses per thousand inhabitants is 3.9 nurses, although the OECD recommends that they be at least six. In addition, you should know that 85 out of 100, are women who are dedicated to this work.

So, what happens when a problem occurs that is related to your profession? It is not strange that there are patients who may have some conflicts or that the lack of materials becomes one of the great difficulties in carrying out your work.

In Mexico, at least in the public sector, will be the Health Institutions, which are responsible for promoting your work, professional, and personal care.

It does not matter if you are a nurse affiliated with the Mexican Institute of Social Security (IMSS) or the Institute of Security and Social Services of State Workers (ISSSTE) in your care both institutions constantly focus their efforts for your well-being.

In both institutes it is indicated that, to procure your growth, you can apply to increase your studies or, to carry out some specialty.

Likewise, working in the sector can pose a risk, because when you are in contact with patients who are going through a contagious disease, you must prevent.

For this, the institutions in which you work must provide you with the different guidelines for risk prevention. Many of these have materials such as recommendations for outbreaks of diseases such as cholera, containment of influenza virus AH1N1, prevention of injuries by sharp objects, and recommendations on what to do with the dengue virus.

In this same sense, your institute and place of work must provide you with the necessary tools to carry out your work successfully.

Think that in a good job you always learn something new, and with it, you can go to the materials that are provided in the work so that you find out how to help a patient and that this help is beneficial and not harmful.

Likewise, it is ideal that the medical institution for which you work, provide you with notices of the job market in other hospitals or institutions in order that your life project does not remain stagnant, as you know it is one of your rights to continue with your professionalization and Knowing that the institution for which you work gives you the opportunity to find a new workplace, that is also a form of care.

  As we know, it is not easy to complete the studies because sometimes the healing materials and instruments necessary to learn can have a high cost.

The institution for which you work once certified as a nurse, must provide you with all the work materials whenever your obligation, will be to make a rational use of them. As you well know, your work as a nurse is as important as that of doctors and administrative staff of the institution for which you work.

And for that reason, you have the right to receive the medical care you consider necessary. We know that self-care is extremely important to you, and we’ll talk about it later. However, there can always be an emergency, so your colleagues can help you.

Recently, the news of Aurelia, a nurse who was saved by the ISSSTE, was released after having experienced the symptoms of a disease known as Pulmonary Arterial Hypertension (PAH) associated with Chronic Pulmonary Thromboembolism (PCT), which is cataloged. as a rare disease.

Aurelia has recovered her life, which shows that, at any moment, medical colleagues and other nurses can be your support in any situation or eventuality in your health.

In this same way, health care is related to financial care. To good finances, a good quality of life and good physical and emotional health.

As a nurse, it is difficult to maintain the pace of work because patient care can be very demanding, it is a job in which it seems to be, there is no rest.

In case of any eventuality, going to a financial or credit institution can be a good decision, with this also the care of the nurses is being looked for before any eventuality.

And this brings us to the most important thing. Perhaps when it comes to a profession such as nursing, self-care is the most important. It is true that the quality of life is established when we play sports, we take a good diet and we manage to reconcile our work with spending time with the family.

When you procure yourself self-care, you have the opportunity to improve your work and to advance with the projects you have set.

Is it a specialization? Spend more time with the family? Acquire a heritage? Never stop making use of the rights that your profession gives you, stay in compliance with your obligations and always enjoy your work.

High Ratio Mortgages and Default Mortgage Insurance

Buying your first home is an important step, which requires a lot of planning and preparation. You must understand all the legal requirements and implications associated with buying a home before signing your mortgage agreement. Before choosing your first home, it’s a good idea to understand your financial situation as well as your budget. This will help you assess your real abilities in financing your first home. Once your budget is finalized, the amount of money you have available for a down payment should be an adequate indicator to help guide your mortgage research. This article will help you understand the mortgage options you have available in connection with your payment capabilities.

A conventional mortgage

Image result for conventional mortgageA conventional mortgage is considered a mortgage for which at least 20% of the value of the property has been given as down payment. This is a mortgage in its simplest form; it does not require any form of mortgage insurance. Since many real estate markets in Canada are currently experiencing high prices, it is becoming increasingly difficult for many Canadians to acquire a conventional mortgage.

Here is a detailed example:

Say after a long period of preparation and budgeting, you calculated that you have $ 20,000 in cash for a down payment. Depending on the 20% down payment, you may qualify for a $ 100,000 mortgage. According to the Canadian Real Estate Association, the average cost of a house in Canada was approximately $ 503,301 in 2016. For this average cost, the required standard deposit is 20% of $ 503,301, or 100,660 $. Unfortunately, many new homebuyers do not have this amount of money available to buy their first home. That’s why a second option is available to Canadians, in which a minimum of 5% of the equity value of the property is required for a down payment. Know that $ 503,301 is the national average. Depending on your province of residence, the average cost may be very different. For more information on the average cost of housing in your province, please see the table below.

provinces Average price of the accommodation
Alberta $ 397.269
British Columbia $ 694.925
Manitoba $ 284.798
New Brunswick $ 170.044
Newfoundland and Labrador $ 270.664
New Scotland $ 226.272
Ontario $ 554.009
Prince Edward Island $ 192.115
Quebec $ 287.637
Saskatchewan $ 297.837

High Ratio Mortgage

 High Ratio Mortgage

The high ratio mortgage, which is an affordable option for many Canadians, is a mortgage for which only a minimum of 5% of the total cost of the home is needed as a down payment. However, since this is a risky investment for lenders, by law, borrowers must qualify for default mortgage insurance. This insurance protects the lender in the event of default on the part of the borrower. It also allows borrowers to obtain the same interest rates as for a conventional mortgage but with a lower down payment.

Default mortgage insurance

Default mortgage insurance is usually the best option for new home owners who have a stable income and good credit, but do not have enough money for a large down payment. Default mortgage insurance allows lenders to offer lower interest rates because the risk is borne by the insurer and not the lender. If this type of insurance was not legally required, many new homebuyers would not be able to get a mortgage loan or would have very high interest rates.

How does it work?

You will be charged an insurance premium based on the percentage you can pay for the total cost of your mortgage. Specific information about the borrower is also taken into account when calculating the premium. The evaluation of employment and credit affects your eligibility. The total value of the premium or fees can be refunded at the close of your loan contract, but is usually split into your payment plan. It is calculated as a percentage of your mortgage contract. The higher your down payment, the lower the premium. Here are some examples of mortgage insurance premiums:

  • For a down payment of 5% to 9.99% of the total value of your mortgage, the premium required will be 3.6% of the value of the home.
  • For a deposit of 10% to 14.99%, the required premium will be approximately 2.4% of the value of the house.
  • For a deposit of 15% to 19.99%, the required premium will be 1.8% of the value of the house.

For Manitoba, Quebec and Ontario, premiums are subject to provincial sales tax.

How to find this insurance?

In Canada, there are three high ratio mortgage providers: Genworth, CMHC and Canada Guaranty. For more information on the cost of these products, please visit their websites.

Save more or get started?

Making the decision to go to a high ratio mortgage or waiting for more savings may seem difficult. Most importantly, you are realistic about your current financial situation. Taking a mortgage that you can not repay is not a good idea, but putting your life on hold for a few years is no better. In the end, you must make your decision based on your needs.