Bank of Canada announced the rules have changed to make it tougher to qualify for an insured Mortgage. All Insured Mortgages will need to qualify under the Bank of Canada’s benchmark rate (currently 4.64%) on all the terms set out by the banks 4, 5 or more years.
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Read Quantus Mortgage newsletter.
After being nominated two years in a row, we finally won the Best Mortgage Brokerage Award for 2016. Third times a charm!
Filing taxes is going to be a bit different this year, as certain terms have changed under new Government. I'd like to offer a simplified bullet points of new conditions to help you when crunching numbers this tax season.
Passing down your family home to your children can keep the memories throughout generations alive. If the children can afford to purchase the home, it can be a great opportunity for the parents to take the proceeds of the sale and put them towards downsizing. If you are thinking of buying your parent's house, or you're in the position to gift your house to your child, here are a few tips on how to make it a smooth transaction...
The Federal Government has changed the down payment requirements effective February 15, 2016. The down payment for a purchase under $500,000 is 5%. The change comes on the purchase of $500,001 - $999,000.00. The government has changed any portion over $500,001 should put down 10% which would change the amount from the usual 5%. Example: purchase a home for $650,500 would be 5% on the $500,000 ($25,000) + the remaining portion of $150,500 (10%) would be $15,050 = $40,050.00 vs what it was before at 5% on the total amount. $32,500.00.
When you are looking at doing a purchase give me a call or email and I will assist you with what is required.
The 5- year fixed mortgage rate is the most popular rate in Canada. View historical values for posted rates as far back as 1973. These rates are sourced from the Bank of Canada which sources its data from posted bank rates.
Community Key helps families that are caring for a seriously ill or critically injured child in paying their mortgage or rent payments, allowing them some relief from one of their largest financial burdens.
We think it's time you got home... This holiday season, Quantus and CJAY 92 are partnering up to send someone home for the holidays. Read more to find out!
It's official – Statistics Canada has recently reported that there are now more people over 65 than under the age of 15. This means that the population of seniors is currently growing four times faster than the whole Canadian population at large! According to other studies conducted by various Canadian financial institutions, 1 in 3 of these seniors is carrying some kind of debt into retirement, mainly that of credit card debt (more than any other age group in the country!) These stats have got a lot of people concerned for their own retirement.
Credit is one of those things that seemingly takes on a life of its own. Fluctuating up and down, it can definitely take us for a wild ride, especially when applying for a mortgage. One of the main reasons people miss out on the house of their dreams is a low credit score while shopping. Many people struggle with outstanding debts, and it is nothing to be ashamed of, but it is something that must be managed before borrowing opportunities will pan out in your favour.
Since our kids are back to school this month, I thought it would be appropriate to talk a bit about college funds and student loans. In the past, post secondary education hasn’t been as necessary as it is today; very few baby boomers actually went to university or college. It's a different world now, and post secondary education could be all that stands between your child and their future. So how do you prepare to manage the cost?
Fund a mortgage with Quantus Mortgage Solutions and you could win your choice of a garden shed, patio furniture set, or a custom closet.
I want to let you in on a trick - using money you didn’t know you had towards your home. As most of you know, under the home buyers’ plan, Canadians are able to take $25,000 out of their registered retirement savings plan (RRSPs) and pay it back over the next 15 years without incurring any penalty. For a couple this can mean $50,000!