We’ve curated a list of gifts that are sure to warm new houses this holiday season.
Best of all, these items can all be purchased from local Calgary businesses.
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The Perfect Gift for New Homeowners
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Must-Know Mortgage Terms
Does dealing with your mortgage ever feel like learning another language? Amortization. Total debt service ratio. Principal. The jargon can feel endless! But we’re ready to translate. Here are some of the most important mortgage terms to know.
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Holiday Charity Referral Program
We are so grateful for every referral you give us. To show our thanks for your trust and kind words, we want to give the gift of supporting your local food bank this holiday season!
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Making The Grade: Common Myths About Credit Scores.
How is your credit score calculated? It is a complex answer and, as such, common myths persist. Today, we are going to help you get a better understanding of your credit score and how to make the grade by busting the most common credit score myths!
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What a Piggy Bank Just Won’t Do
You’ve reached a point in life where your job is going well, and you find yourself not only out of debt, but with some room for savings. You might start wondering, where should I put this money that will not only be safe for the future, but also grow? That’s when you’ll probably start hearing about TFSAs (Tax Free Savings Account) and RRSPs (Registered Retirement Savings Plan).
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How to Teach Your Kids About Money
“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
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
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.
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.
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
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
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!
- 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.
- 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
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
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
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
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
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
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?
Categories: Jencor , Mortgage , Variable
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
Categories: Jencor , mortagge ,
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…
