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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AVOIDING “STICKER SHOCK” WHEN IT COMES TO MORTGAGE RENEWAL
Categories: Annual Mortgage Review , Broker , Mortgage , Mortgage Review
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TOP 5 THINGS MILLENNIALS SHOULD KNOW WHEN BUYING REAL ESTATE
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 BASICS- MORTGAGE TYPES AND PENALTIES
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
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
Categories: Commercial Mortgage , Debt Consolidation , First Time Home Buyer Mortgage , Home Construction Loans , New Construction Mortgage , Preferred Partner
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
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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Wills and Estate Planning
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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Finding Funding When The Bank Turns You Down
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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Common Mortgage Pitfalls
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.
- Check your credit report before you apply for a mortgage - Equifax
- Lowest rate is not always the best rate for you
- 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
- Set a budget for yourself: legals fees, home inspection fees, condo fees
- 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
Categories: Jencor News , Preferred Partner
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
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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Edmonton Airport Redevelopment Project Taking Off
Categories: Jencor News
It aims to set the bar for carbon-neutral living in Canada and Blatchford, a 217-hectare development on the site of the former Edmonton Airport, has made a promising start; diverting 27,000 tonnes of building materials from landfill during site preparation. Material included 50 hectares of hard surface consisting of two runways, taxiways, surface parking lots and foundations. The asphalt, concrete and gravel has been processed and sold back to the construction industry. Twelve airport buildings were also deconstructed and sold off to be reassembled and repurposed elsewhere. Those buildings not recycled as complete units were recycled in their component parts. Fixtures that were aviation-related, such as floodlighting,…
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New website under construction
Categories: Commercial Mortgage , First Time Home Buyer Mortgage , Jencor News , Mortgage Broker , Mortgage Companies , Mortgage Refinancing , Mortgage Renewal
New Website Coming Soon!
We are currently revamping our website. Our new website will be interactive and mobile friendly!
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10th Annual Rock & Roll Car Show July 30, 2017
Categories: Jencor News
Looking for a some time out and about and away from the city?
Marv's Classic Soda Shop in Black Diamond Alberta is hosting their 10th Annual Rock & roll Car Show!
8am - 4pm - July 30
Hamburgers, hot dogs, milk shakes, fries, and ice cream just to name a few yummy things on the menu. Marv will even make you a malt in any flavor you want!
It's the 50's all over again, all retro right down to the uniforms. Great family fun event not to be missed.
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July - The Month Interest Rates Turned Upward
Categories: calgary real estate , cmhc , Commercial Mortgage , Debt Consolidation , First Time Home Buyer Mortgage , Home Construction Loans , Mortgage Broker , Mortgage Companies , mortgage insurer , Mortgage Refinancing , Mortgage Renewal , New Construction Mortgage , real estate news , Spousal Buyouts
After 7+ years of ultra low rates
This is something that has been a long time coming. There is a huge overhang of central bank debt around the world that now must be unwound. It will not be without pain. The following are a few articles on the subject that we hope will hep shed some light on what is happening and on what you can expect.
How The Bank of Canada rate hike will affect borrowers
Bank of Canada raisers interest rate for first time in 7 years
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Experts Split on Interest Rate Rises
Categories: calgary real estate , Commercial Mortgage , Debt Consolidation , First Time Home Buyer Mortgage , Home Construction Loans , Mortgage Broker , Mortgage Companies , mortgage insurer , Mortgage Refinancing , Mortgage Renewal , New Construction Mortgage , real estate news , recreational properties , Spousal Buyouts
Further interest rate rises may or may not be on the cards in 2017 with no expert consensus as yet. Following the increase on July 12, Bank of Canada governor Stephen Poloz said that further rates would depend on data. The latest retail figures, released by StatsCan last week along with rising inflation have some calling for another rate rise before 2017 ends. TD Securities' Fred Demers told Bloomberg that an interest rate hike in October 'is a very likely scenario," while Benjamin Reitzes of BMO Capital Markets added: "October is still a very reasonable call for the bank." CIBC economist Avery Shenfeld is…
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Rebuilding homes in Fort McMurray - Going faster than expected, CMHC says
Categories: calgary real estate , cmhc , Jencor News , Mortgage Broker , Mortgage Companies , mortgage insurer , Mortgage Renewal , New Construction Mortgage , real estate news , recreational properties
Rebuilding efforts in Fort McMurray, Alta., are running ahead of expectations, with reconstruction underway on one-third of the homes destroyed in last year’s wildfire, according to Canada Mortgage and Housing Corp. In a report Thursday, the federal agency said the rebuilding of 844 housing units has started and that number is expected to rise to about 1,000 this year. It said 122 of the projects were started last year and 722 in the first half of this year. CHMC market analyst Tim Gensey said the agency underestimated how many construction workers would come to Fort McMurray when it suggested last December only…
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Winds of Change - Should OSFI's stress tests be expanded to uninsured mortgages?
Categories: calgary real estate , Commercial Mortgage , Debt Consolidation , First Time Home Buyer Mortgage , Home Construction Loans , Jencor News , Mortgage Broker , Mortgage Companies , Mortgage Refinancing , Mortgage Renewal
The Office of the Superintendent of Financial Services (OFSI) announced earlier this month it will be increasing its supervisory efforts for residential mortgage underwriting - specifically focusing on Guideline B-20, which it also announced potential changes to.
Changes include:
uninsured mortgages requiring a qualifying stress test
LTV, loan to value measurements remain strong and adjust for local market conditions where they are used as a risk control, such as for qualifying borrowers
prohibiting co-lending arrangements that re designed or appear to be designed to circumvent regulatory requirements
Many brokers would argue that not enough time has been given to see how the impact of those changes from last summer have been.
Hard to say the impact of these changes if and when they come to pass, but keep an eye out....
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Non Residential Investment
Categories: calgary real estate , Jencor News , Mortgage Refinancing , real estate news
Statistics Canada reports that $12.4 billion was invested in the sector with industrial and commercial buildings leading the rise while institutional spending was lower.
Overall, 6 provides posted an increase with Ontario having the largest upturn, followed by BC and New Brunswick. Alberta and Saskatchewan saw the largest declines.
Looking to invest in property? Call a Jencor Mortgage Advisor today and find out exactly how much you can afford and the best mortgage for you!
Canadian Real Estate Wealth - Steve Randall
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The End of the Greatest Outdoor Show on Earth and Retirement of The King!
Categories: Calgary Stampede , Jencor News
This was the final race for Kelly Sutherland, 'The King' as this year's Stampede came to a close.
Kelly has been competing at the Calgary Stampede for 5 decades! Now, reaching the age of 65 its time to "hang up his reins"