• OSFI Changes - New Regulations by "The Regulator"

    Jencor Mortgage    |   

    Categories: Jencor , OSFI , The Regulator

    The Government of Canada has changed the bank guidelines for qualifying a conventional mortgage. As of Jan 01 / 18 borrowers with 20% or more down payment or 20% or more equity when refinancing will qualify based upon the published five-year benchmark rate, currently at 4.89% or their contract rate plus 2% whichever is greater. For most people, this will mean about a 25% smaller mortgage. Also, the government wants regulated lenders to have more scrutiny around loan to value ratios. Wonder what that means?? Mr. Rudin, the OSFI regulator championing these changes will someday be remembered as either, 1) That really smart regulator…

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  • THE IMPACT OF MORTGAGE RULE CHANGES

    Jencor Mortgage    |   

    Categories: Dominion Lending Centres , Jencor , Mortgage

    The mortgage rule changes that were passed by the Ministry of Finance in October 2016 are still having their effect one year later. Higher qualification requirements and new bank capital requirements have split the industry into two segments – those who qualify for mortgage insurance and those who don’t. Mortgages that qualify for mortgage insurance are basically new purchases for borrows that have less than 20% down and can debt-service at the Bank of Canada Benchmark rate (currently 4.89%). Those who don’t are basically everyone else – people with more than 20% down payment but need to qualify at the lower…

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  • WHAT IS AN INTEREST RATE DIFFERENTIAL (IRD)? HOW DO YOU CALCULATE IT?

    Jencor Mortgage    |   

    Categories: Dominion Lending Centres , Jencor , Mortage , Rates

      A mortgage in its simplest form is a contract. It has terms, conditions, rights and obligations for you and the lender. When you sign on the dotted line, you are agreeing to those terms for the length of time laid out in the contract. However, sometimes life throws us an unexpected event that brings around the need to make key decisions and changes. One of these changes, for whichever reason, might be needing/wanting to break your mortgage contract before the end of the term. Can you do that? What are the penalties? Let’s take a look! To answer the initial question…

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  • You financed your car over how many years?!?

    Jencor Mortgage    |   

    You’ll get no lectures from me on buying new cars instead of used ones or for financing the purchase instead of paying cash. I have owned cars since I was 16 and have bought them every which way – new, used, with cash and via loans and leases. One rule I have is that a car loan should never be financed for longer than five years. My strategy for new cars is this: Finance over five years, but pay off the loan in two or three years. The latest data on car payments from J.D. Power suggests I’m out of sync…

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  • Stricter OSFI rules on mortgage lending 'will do more harm than good': Fraser Institute

    Jencor Mortgage    |   

    Categories: Garry Marr , Lending , Mortgage , OSFI , The Financial post

    Fraser Institute doesn't believe the changes are necessary and says another key result could be a less competitive mortgage industry   Add another group to the growing list of organizations trying to convince the federal banking regulator to back down from its plan to tighten the reins on consumers borrowing with low ratio loans. The Fraser Institute said Wednesday the changes to consumers with 20 per cent down could make it harder for them to access mortgages, especially in higher-priced markets. Those buyers could turn to less regulated finance companies or perhaps turn to shorter, more volatile variable loans to meet qualification criteria. “The…

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  • Wages Growth Accelerates as Canada Adds Jobs For the 10th Straight Month

    Jencor Mortgage    |   

    Categories: Dominion Lending Centres , Jencor , Jobs , Mortgage , Rates , Wage Growth

    While the headline net jobs gain was a disappointing 10,000--well below the average monthly increase in the past year--the underlying data in this morning's StatsCanada release were quite robust. The jobless rate remained unchanged at 6.2 per cent as the acceleration in wage gains suggests that the economy is close to full employment. Average hourly pay gains hit 2.2 per cent year-over-year, the fastest pace since April 2016, mostly reflecting a long-awaited acceleration in wages in the past few months. The Bank of Canada has cited sluggish wage growth as evidence of slack in the economy. In a reversal of…

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  • GETTING PRE-APPROVED FOR A MORTGAGE

    Jencor Mortgage    |   

    Categories: Approved , Dominion Lending Centres , Jencor , Mortgage , Pre-Approval

    You’ve been squirreling away your bonus cheques, savings and reducing the amount of times you visit Starbucks so you can finally get into your own home to build solid equity for your future. Now that you know what you want and what you can afford, it’s time to visit your local Dominion Lending Centres mortgage specialist to get yourself pre-approved for a mortgage. Note, we did not say go to your bank to get pre-approved! A mortgage broker works with banks (including yours), credit unions and other lending institutions to help find you the best rate on your mortgage. Since they work with…

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  • Rates are Rising!

    Jencor Mortgage    |   

    Categories: Jencor , Mortgage , Purchases , Rates , Refinance , Rising Rates

    Rates are Rising

    Preserve your Buying Power - Get Pre-Approved now

    Many banks and mortgage lenders have hiked their 5-year fixed rates.
    Jencor still has 2.99% 5-year fixed rates for insured or uninsured purchases,
    refinances and pre-approvals, 90-day rate holds, also a 12-month rate hold
    for new construction properties.

    You Can “Save Money”

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  • TOP 5 THINGS MILLENNIALS SHOULD KNOW WHEN BUYING REAL ESTATE

    Jencor Mortgage    |   

    Categories: accredited mortgage professional , Broker , Dominion Lending Centre , Housing Payments , Lifestyle budget , Millennials , Mortgage , Mortgage Broker , Mortgage Calculator , Mortgage Rate , Moving Expenses , New Home , pre-approved

    There are 9 million Millennials in Canada, representing more than 25 percent of the population. Born between 1980 and 1999, the eldest are in the early stages of their careers, forming households and buying their first homes. Buying a home is a daunting process for anyone, but especially so for the first-time home buyer. This is the largest and most important financial decision you will ever make and it should be done with the appropriate investment in time and energy. Making the effort to be financially literate will save you thousands of dollars and assure you make the right decisions…

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  • MORTGAGE CHANGES ARE COMING—ARE YOU PREPARED?

    Jencor Mortgage    |   

    Categories: calgary real estate , Fixed Mortgages , Lending Requirements , Mortgage , Mortgage Changes , Mortgage Companies , Mortgage Rates , Mortgage Renewal , Rates , real estate news

    We know – more changes?! How can that be! With this ever-changing landscape, mortgages continue to get more complicated. This next round of changes is predicted to take affect this coming October 2017 (date not yet available). These new rules contain three possible changes, the most prominent being the implementation of a stress test for all uninsured mortgages (those with a down payment of more than 20%). Under current banking rules, only insured mortgages, variable rates and fixed mortgages less than five years must be qualified at a higher rate. That rate, of course, is the Bank of Canada’s posted…

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  • AVOIDING “STICKER SHOCK” WHEN IT COMES TO MORTGAGE RENEWAL

    Jencor Mortgage    |   

    Categories: Annual Mortgage Review , Broker , Mortgage , Mortgage Review

    Imagine that, a few years from now, the time has come to renew your mortgage. Several years back, you got a $350,000 at the then great rate of 2.24%. Your mortgage payments are $1522 per month. Because we are now in what the financial brainboxes call “ an escalating rate environment “ – normal people just say rates are going up – when you open your renewal notice you might encounter the same feeling you get when you look at the price of a car you like. When you actually do look at the renewal notice, you see that the remaining balance on…

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  • MORTGAGE BASICS- MORTGAGE TYPES AND PENALTIES

    Jencor Mortgage    |   

    Categories: Adjustable Rate , Fixed Rate , HELOC , Mortgage , Mortgage Basics , Mortgage Provider , Variable Rate

    This is part two of our mortgage basics series. It is a good idea to revisit the basics when looking at a complex thing like a mortgage. There can be misunderstandings which crop up. The mortgage process can be very stressful as you wait for some anonymous entity top decide whether or not you are able to buy the home of your dreams. It is no wonder that things can get missed. Fear not! We will take a look at some of the basics so you can avoid things best avoided. There are three types of mortgages in Canada, so we…

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  • SAVING FOR A DOWN PAYMENT

    Jencor Mortgage    |   

    Categories: Dominion Lending Centres , Down Payment , Mortgage , Mortgage Broker , TFSA

    What prevents many potential homeowners from buying a home is the lack of a down payment. Many first-time home buyers are receiving down payment gifts from family. Unfortunately, many are not in this position and need to plan to save their own down payment. When you can visualize the benefits of owning your own home and it becomes your number one desire, most of us can save that down payment. Every time you feel like spending money that is not a need and takes away from you down payment, consider what you could be giving up, your home. I recently did a mortgage for a…

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  • Announcing the new website

    Jencor Mortgage    |   

    Categories: Commercial Mortgage , Debt Consolidation , First Time Home Buyer Mortgage , Home Construction Loans , New Construction Mortgage , Preferred Partner

    Announcing new website

    We are delighted to announce the launch of our new website!

    Our new website provides our existing and prospective clients with a simple yet interactive view of our work and the services that we offer.

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  • HOME EQUITY LINE OF CREDIT IN CANADA VS. REVERSE MORTGAGES

    Jencor Mortgage    |   

    Categories: Debt Consolidation , Dominion Lending Centres News , Mortgage Refinancing , Mortgage Renewal

    In our business, we are constantly approached with questions about how reverse mortgages work and how they compare to Home Equity Lines of Credit (HELOCs). HELOCs are the most closely comparable products in Canada and many believe them to be superior to reverse mortgages. But many Canadians look at only two things and assume HELOCs are better in every situation: (1) lower interest rates; and (2) the flexible access to cash. Most are forgetting some of the other features and benefits that they should compare before deciding. Below is a chart that lets you see the bigger picture between these…

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  • Finding Funding When The Bank Turns You Down

    Jencor Mortgage    |   

    Categories: Debt Consolidation , Dominion Lending Centres News , Jencor News , Mortgage Broker , Mortgage Companies , Mortgage Refinancing , Mortgage Renewal

    For businesses large and small, a loan may be needed to overcome financial distress, purchase real estate, or acquire equipment to make their jobs easier. Business loans come in all sizes and for use in every aspect of business. Depending upon the size, age, and niche of your business, you can find available funding for every financial need that you can think of. The problem isn’t the availability of funding, it is the turn-down rate of traditional banks that makes obtaining these loans so difficult. Businesses which have been turned down for a loan by a traditional bank often meet…

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  • Wills and Estate Planning

    Jencor Mortgage    |   

    Categories: Jencor News

    Why make a will? Your will is the easiest and most effective way to tell others how you want your property and possessions– called your estate– to be distributed. Even if you don't have much money or property, it's still a good idea to have a will so you can name an executor and make it clear who you want making decisions after you die. What happens if I don't make a will? Under the law in most provinces and territories, your nearest relatives are the people who will share in your estate if you die without making a will. Depending how complicated…

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  • Common Mortgage Pitfalls

    Jencor Mortgage    |   

    Categories: Commercial Mortgage , Debt Consolidation , First Time Home Buyer Mortgage , Home Construction Loans , Jencor News , Mortgage Broker , Mortgage Refinancing , Mortgage Renewal , real estate news

    A mortgage broker can help you avoid many of the pitfalls commonly encountered during the home buying process, it's still important to be informed even before you start looking for that perfect home.

    1. Check your credit report before you apply for a mortgage - Equifax
    2. Lowest rate is not always the best rate for you
    3. Minimum of 5% of the purchase price, over a purchase price of $500.000 it is 5% on the 1st $500,000 and 10% on the balance of the purchase price
    4. Set a budget for yourself: legals fees, home inspection fees, condo fees
    5. Rate shopping, don't!  Let your broker pull one bureau and find the best mortgage for you

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  • Jencor / Highlander Wine and Spirits Appreciation Event

    Jencor Mortgage    |   

    Categories: Jencor News , Preferred Partner

    highlanderwine_logo2.jpg

    Every year in Calgary we invite our clients and referral partners to stock up for the holiday season.

    Jencor / Highlander Wine and Spirits Appreciation Event is scheduled for November - watch for details and hope you can make it!

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  • Back to School

    Jencor Mortgage    |   

    Categories: Jencor News

    Love it or hate it, the kids are heading back to school in less than a month, and while over 50 per cent of Canadians are looking forward to getting back to a routine, more than one-third cite expenses as the number one stressor when it comes to back-to-school shopping, according to a recent poll by Ebates.ca.   As for spending habits, almost half (45 per cent) of Canadians shell out between $100-$200 per child, and nearly one-in-four spend more than that. Here are the top five money-saving tips to help you stay on budget and make the best of the back-to-school transition this year. Start…

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