• How to Teach Your Kids About Money

    Jencor Mortgage    |   

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    “You’re teaching them way too young,” joked the man next to me and my three girls at the bank machine; clearly he assumed we were taking out cash, and thought it would be funny to tease me about that. “No, man,” I teased back warmly; “I teach my girls to make deposits.” He laughed, I laughed, and then I invisibly high-fived myself for actually teaching my kids how to do just this. Because it’s a skill, isn’t it, to be confident and capable in money and its management.

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  • 10 Mortgage Mistakes to Avoid

    Jencor Mortgage    |   

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    Whether it is your first house or you’re moving to a new neighborhood, getting approved for a mortgage is exciting! However, even if you have been approved and are simply waiting to close, there are still some things to keep in mind to ensure your efforts are successful.

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  • Getting the Down Payment Down

    Jencor Mortgage    |   

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    A down payment is one of the most essential aspects of every mortgage application and new home purchase. In Canada, home purchases require a minimum cash payment from your own funds that is put towards the purchase. This is your down payment and is considered your stake in the deal.

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  • The Mortgage Financing Process.

    Jencor Mortgage    |   

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    The number one question for any potential homebuyer or someone new to the mortgage process is “what does this process entail?”. The following is a simple outline to give you an idea of the process and help you understand what to expect as you embark on your home buying journey!

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  • 5 Things to Know Before Buying a Rural Property.

    Jencor Mortgage    |   

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    As cities continuing to grow bigger and busier, a rural home beyond those limits can seem like a dream come true! However, before you dive into country living, there are a few things you should know! Especially, how different it can be to qualify for a mortgage.

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  • All About Reverse Mortgages

    Jencor Mortgage    |   

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    While there are many different mortgage options out there, there is one type of mortgage available for seniors: a reverse mortgage. This article will be your comprehensive guide to reverse mortgages, what they bring to the table, and how they may be beneficial.

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  • 25 Secrets Your Banker Doesn’t Want You to Know

    Jencor Mortgage    |   

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    Twenty-five or thirty years can sound like an impossibly long time to service a loan – and for many of us, it is. If you are looking to pay off your mortgage faster, here are some tried-and-true tactics to get you to financial freedom that much sooner!

    1. Make a Double Mortgage Payment: A double payment once a year can shave over four years off the total life of the mortgage! Better yet, if your mortgage allows for double-up payments, another option is paying an extra $100 into your mortgage – per month. This can save you over $26,000 in interest on a 5.5% fixed-rate, 25-year amortized mortgage.
    2. Increase Your Payment Frequency: Changing your mortgage from monthly to bi-weekly accelerated payments can shave over three years off your mortgage. At $2,000 a month, three years of no payments is worth $72,000 (not to mention the interest saved!).......

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  • Purchase Plus Improvements Mortgage

    Jencor Mortgage    |   

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    Fixer-uppers come at great prices. But let’s face it—updating a home can carry a hefty price tag.

    Thankfully, a Purchase Plus Improvements Mortgage allows you to roll renovation costs into your mortgage with as little as 5% down.

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  • Roadblocks to Avoid on the Way to Mortgage Approval

    Jencor Mortgage    |   

    Having your home purchase offer accepted can feel like the last stop on the homeownership journey, but there are, in a fact, a few milestones left until your final destination.

    In the time between having your offer accepted and closing on your new home, your mortgage application must be reviewed and approved.

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  • 3 Questions to Answer Before Buying Your First Home

    Jencor Mortgage    |   

    Purchasing your first home is a significant financial commitment and one of the biggest decisions you will ever make. This is why it’s so important to be realistic about your current circumstances and plan your purchase carefully.

    To help you decide whether now is the time to make your big move, ask yourself the following key questions....

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  • Bank of Canada Holds Overnight Rate Steady, But Suggests Rate Increase Coming Sooner Than Expected

    Jencor Mortgage    |   

    The Bank of Canada made its latest rate announcement on April 21 and, as expected, committed to holding its target overnight rate steady at 0.25 per cent.

    However, in response to new signs of strong economic recovery across the country, the central bank made two significant changes to its monetary stimulus program and economic forecast. These changes will likely make a fixed rate mortgage more attractive than a variable rate mortgage for most homebuyers.

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  • JIDD Happens

    Jencor Mortgage    |   

    Categories: Divorce , emergencies , illness , job loss , Mortgage

    You may have heard people say “s@@t happens. In the mortgage broker world, JIDD happens. These are unexpected events that can turn a happy homeowners’ life upside down. JIDD consists of: Job Loss – often unexpected and with no time to save for emergencies, things get ugly pretty quick. E.I. payments can run out leaving you with the option of buying food for the family or paying your mortgage. Illness – Cancer treatments can be so hard on a person that even if it’s only a 5 minute radiation treatment, you are left feeling unable to work for the rest of the day. Short…

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  • A BANK THAT MAY NOT BE FAMILIAR TO YOU

    Jencor Mortgage    |   

    Categories: Broker , lender , Mortgage , preapproval , Refinance

    Quiz time! Who is the largest non-bank mortgage originator in Canada with over $100 billion dollars in mortgages under administration? Answer – First National Financial Corporation. If you’ve never heard of them before, don’t feel bad. The only way to get a First National mortgage is through the broker channel. They do not have any branches anywhere in Canada. How did First National become #1? Service – First National are fast. They will accept your application, underwrite it and if approved you will get a response within 4 hours. The industry average is 24 hours. Mortgage brokers use First National for…

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  • Variable versus Fixed What Should a Borrower Do?

    Jencor Mortgage    |   

    Categories: Jencor , Mortgage , Variable

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    During most of the last 28 years, choosing a 5-year variable at any random date would lead to lower interest costs for the following five years. The thing to understand is the last 28 years we have been in the greatest bull bond market in the history of the world, that means the greatest interest rate decline over the longest period ever. The last 28 years were a great time to have a variable rate mortgage. The question now is, what will be the average variable interest rate for the next five years?   The first thing for a borrower to…

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  • Mortgage Qualifying Solutions

    Jencor Mortgage    |   

    Categories: Jencor , mortagge , qualifying

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    Many people are having trouble getting the mortgage they want these days. Working with a Licensed Mortgage Advisor offers you not only access to a variety of products, but also a variety of experience-based solutions. Here are a couple strategies we have used to get home buyers qualified, who have had difficulty elsewhere: CREATE THEIR DOWNPAYMENT Your clients take out an RRSP loan with a lender who has the right guidelines.  The client utilizes a payment on the RRSP loan that fits into their long-term debt service ratios to qualify for a house. After 90 days the clients use the Home Buyers…

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  • Four Legal Pot Plants, what are lenders Doing?

    Jencor Mortgage    |   

    Categories: Jencor , Marijuana

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    As we all know, recreational marijuana is now legal in Canada. The law is set, but implementation and how policies and guidelines will impact our industry are yet to be determined. Generally, 30 grams for personal possession, basically an ounce baggie for those who might relate and up to 4 plants at home.   For realtors, mortgage brokers and their clients we are facing many months of the lenders sorting out their guidelines. If a borrower or seller voluntarily discloses they have been growing four legal marijuana plants, which should produce more than 30 grams, as a point of interest, how will…

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  • We are Experts at getting Self-employed Clients Approved

    Jencor Mortgage    |   

    Categories: Jencor Mortgage , Mortgage , Self-Employed

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    Being self-employed in Canada is a dream come true for many Canadians. It gives you freedom and flexibility to forge your path in your personal and professional life. You are in control of when you work, where you work, and whom you work with or for. With that freedom comes a lot of specific responsibilities. Because you are both employer and employee, you are now accountable for the finances of your businesses (assets/liabilities and taxes) as well as your own. Buying a home for self-employed Canadians can be an intimidating process for some because it does require answering a few…

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  • New to Canada

    Jencor Mortgage    |   

    Categories: A-Team , Jencor , Mortgage , New to Canada

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    Welcome to Canada! Canada is made up of hundreds of thousands of people and some did not start in Canada but have made it their home. Buying a home, especially when you are new to Canada can be mind boggling, BUT, we have a mortgage for you! The New to Canada Program is designed to help new Canadians purchase their first home sooner and become established faster.  What are the qualifications for this program? Firstly, you must have immigrated or relocated to Canada within the last 3 to 5 years to qualify for the New to Canada Program.  You must have proof that…

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  • Bruised Credit and Need a Mortgage?

    Jencor Mortgage    |   

    Categories: Credit , Mortgage

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    Many people think that their credit score will hold them back from obtaining a mortgage.  For some, they may have work to do on their debt beforehand, but sometimes people believe their credit is poor, only to find that it isn’t as bad as they thought.  It pays to seek help from a Jencor Mortgage Advisor to find out where you stand. What is bruised credit and how does it impact your ability to obtain a mortgage?  Mortgage lenders use your credit reports to evaluate risk by looking at your repayment history to see how responsible you are with credit.…

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  • Divorce: Your Mortgage and Home

    Jencor Mortgage    |   

    Categories: Divorce , Jencor Mortgage

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    Divorce is always a very difficult time, and the changes to the mortgage rules over the last few years have made it even more difficult. For the most part, one spouse will want to remain in the home and will need to buy the other out of the remaining equity. Currently, the most one can refinance is 80% of the value of the home. This leaves 20% of the equity unavailable for the buyout and is forcing the sale of the home. Because of this, both insurers (CMHC and Genworth) will consider a Marital Home Buyout up to 95% of the…

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