• 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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  • 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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  • 5 Things to Consider When Buying an Acreage or Country Property

    Jencor Mortgage    |   

    Categories: Jencor Mortgage

    HOW MANY ACRES ARE YOU PURCHASING?  For conventional mortgages,  lenders will finance a certain number of acres, a house & a garage. The number of acres that they will consider can vary based on the property location and the norm for that area. The minimum down payment can also vary based on the size and location of the land.  For example, a property that is close to a major urban area and under 10 acres would most likely be approved with 20% down payment. If it is a larger acreage 30+ acres and not within an hour of a major urban area,…

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  • Calculating Mortgage Payout Penalties

    Jencor Mortgage    |   

    Categories: Jencor Mortgage , Payout Penalties

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    It is very common for people to believe that the rate is the most important consideration when selecting a mortgage product. In many cases, this is a reasonable assumption, many times customer are deciding between mortgage products that are very similar in rate. In this case, as in most, understanding the terms of the mortgage are more important then the interest rate. It is unfortunate that too many  Canadians find themselves learning  about one of the most important terms which has very negative  effect on their financial situation when it’s too late, Payout Penalties. When calculating a mortgage payout penalty, banks…

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  • Take Control of your Renewal process and Save!

    Jencor Mortgage    |   

    Categories: Jencor Mortgage , Mortgage , Renewal

    Nationally, Alberta has the highest percentage of homeowners with mortgage renewals coming up within the next two years. You may be coming up for renewal soon. You may be concerned rates are rising, even with a renewal a few years away. The consensus is rates are increasing in North America over the next year and may continue to do so in the foreseeable future. The new government has significantly changed the mortgage market with their implementation of new rules and underwriting guidelines. Due to these changes lenders are now restricted on what they can do and what they cannot offer to…

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