• 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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  • 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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