• July - The Month Interest Rates Turned Upward

    Jencor Mortgage    |   

    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

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    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

    Jencor Mortgage    |   

    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

    Jencor Mortgage    |   

    Categories: calgary real estate , cmhc , Jencor News , Mortgage Broker , Mortgage Companies , mortgage insurer , Mortgage Renewal , New Construction Mortgage , real estate news , recreational properties

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    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?

    Jencor Mortgage    |   

    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

    Jencor Mortgage    |   

    Categories: calgary real estate , Jencor News , Mortgage Refinancing , real estate news

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    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!

    Jencor Mortgage    |   

    Categories: Calgary Stampede , Jencor News

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    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"

    First Came the Feather - Calgary Herald July 14, 2017

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  • Maclin Ford 100 Celebrates 100 years of business in Calgary!

    Jencor Mortgage    |   

    Categories: Jencor News

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    Maclin Ford was established in 1917 and held a celebration on Monday to mark the 100 years in business.

    Maclin Ford celebrated the milestone with two $50,000 donations - to the Calgary Women's Emergency Shelter and the Alberta Children's Hospital.

    The dealership has been in its current location, just off Glenmore Trail, since 1987.

    The original location was on Macleod Trail.

    Thank you to the Calgary Herald - July 17, 2017 Article

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  • Cyclepalooza July 14 - July 23

    Jencor Mortgage    |   

    Categories: Jencor News

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    Now in its seventh year, this event is composed of about 25 bike themed activities organized by volunteers trying to bring people together through biking and to demonstrate the positive impact cyclists can have on their communities. Initially somewhat overshadowed by the Stampede, its now in full swing.

    Cyclepalooza

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  • What's Your Best Rate?

    Jencor Mortgage    |   

    Categories: Debt Consolidation , First Time Home Buyer Mortgage , Jencor News , Mortgage Broker , Mortgage Companies , Mortgage Refinancing , Mortgage Renewal , New Construction Mortgage

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    What's your best rate is something we hear everyday and you would think it would be easy to reply, but nothing is ever easy!

    To ensure that you get the best mortgage for YOU, we like to make sure we ask some questions:

    1. What's the term?
      1. fixed / variable / 5 year ?
    2. Is this your primary home or a second home or a rental?
    3. Can you verify your income
      1. we understand that your bank already knows you and they can see your pay being deposited, but not all of the lenders that your broker has access to has that access.  So paperwork will be required
    4. Where is the property located?
    5. When is the closing date / possession date?
    6. Can you live with prepayment restrictions?
      1. some of the lowest rate option do not allow prepayments at all which means no putting your bonus down towards your mortgage
    7. Can you live with portability headaches?
      1. discounted rates will sometimes force you to ensure that the sale and purchase close on the same day!
    8. Can you live with refinance restrictions?
    9. Can you live with a large penalty?
    10. What type of property is it?
    11. Do you want good rates when you renew or refinance early?
    12. Have you ever been bankrupt, consumer proposal, collections?
    13. Do you have a property in mind or do you want a pre-approval?
    14. What would be the loan to value, conventional or insured?
    15. Can you pass the Governments stress test
      1. less than 20% down payment you MUST qualify @ benchmark rate 4.64%
    16. Do you know your credit score?
    17. Are you purchasing, refinancing or wanting to switch lenders?
    18. What is the purchase price of the property?
    19. Is your mortgage already insured?
      1. CMHC / Genworth / Canada Guaranty
    20. How long of an amortization do you require?
      1. some lenders may charge a premium with an extended amortization over 25 years

    This is a lot of questions but, once we go thru these we can find you exactly what you want and you will have all the information you need to make the decision that is right for you!

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  • Travels of the Jencor Mug

    Jencor Mortgage    |   

    Categories: Jencor News

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    The Jencor Mug has been getting around!

    The mug has been to Japan, BC, Las Vegas, backyard BBQ's!

    We want to know where you use your Jencor Mug or where is has been traveling this summer.  At the end of summer we will be doing a give away for one lucky person.

    Don't have a Jencor Mug - Stop by the office, Say Hi and get a mug!

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  • Why Use A Mortgage Broker

    Jencor Mortgage    |   

    Categories: Jencor News , Mortgage Broker

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    There are many great reason for you to consider, aside from the time saving factor and allowing a licensed professional to negotiate with potential lenders on your behalf, really is Expertise!

    For most people buying a home is the single biggest purchase you will make in your lifetime. The choice when it comes to arranging financing can impact you for years to come. Not all mortgages are created equal!  A mortgage broker has the experience and know how to ensure you get the mortgage that is best suited for you.

    Customer service is an important element of using a Mortgage Broker. Their job is to represent you through the full mortgage transaction and to always act in your best interest.  Your mortgage broker has a relationship with many different potential banks and lenders, this allows them to the shopping for you and the right options for your unique situation.  When you shop for a new car, you settle for the first one you see, you do some comparisons, test drive a few, see how the knowledgeable are the sales people.

    A mortgage brokers work is not finished after the mortgage transaction has completed.  We want to stay in touch and time to time give you a call and see how everything is going and if you have any questions and provide you with strategies for paying off your mortgage quicker and planning for the future endeavors.

    Jencor Mortgage Brokers are there for every step of the way, from start to furnish!  Our clients are are a part of something bigger...the Jencor Family!

    Jeff Yuzwak - Jencor Mortgage

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  • Calgary resale home listing surge in June

    Jencor Mortgage    |   

    New Listings greatly outpaced resale demand in June as the city's improving housing market led more Calgarians to put their homes on the market.

    click on the link for the article

    Calgary Herald - July 4, 2017

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  • Alberta Recreation Property Near Big Cities on the Upswing

    Jencor Mortgage    |   

    Categories: calgary real estate , Jencor News , Mortgage Refinancing , Mortgage Renewal , real estate news , recreational properties

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    Alberta's recreational property values, particularly those near Edmonton and Calgary are on the rise a new market report says.

    According to the 2017 Royal LePage Canadian Recreational House Report, recreational properties near the two cities have begun to see their markets turn a corner with slight year over year prices increase so far in 2017.

    Average regional prices in Alberta include:

    • Pigeon Lake: $450K for lakefront / $315K for woodland cabin / $236K resort/condo
    • Wabamum Lake and Lac St. Anne: $516K for lakefront/ $242K for woodland cabin
    • Sylvan Lake:  $1M for lakefront property
    • Pine Lake: $600K for lakefront property
    • Canmore: $2.75M for riverside property / $790K for resort/condo property

     

    Edmonton Journal 06/20/2017

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  • Canada's 150th Birthday Plans

    Jencor Mortgage    |   

    Categories: Jencor News

    July 1, 2017 will mark Canada’s 150th Birthday and Canadians everywhere are getting ready to celebrate.

    This year the Government of Canada has released the Parks Canada Discovery Pass for Free! Now you will have unlimited opportunities to enjoy all Canadian National Parks, National Marine conservation areas and National Historic sites across our beautiful Country!

    If you have not already signed up for your free pass check out the Government of Canada website:
    http://www.commandesparcs-parksorders.ca/webapp/wcs/stores/servlet/en/parksb2c  for more information.

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  • Architecture Walking Tour of Calgary

    Jencor Mortgage    |   

    Categories: Commercial Mortgage , New Construction Mortgage

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    Urban design tourism, its becoming popular.  Many cities around the world are investing billions in wacky new architecture and Calgary is just one of many cities on joining the band wagon.

    Currently we have two major projects in progress, The Telus Sky project and the new Central Library.  These international designs join a host of other major projects since 2000.

    Take a Walk and check it out...

     

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  • Father's Day June 18

    Jencor Mortgage    |   

    Categories: Jencor News

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    Father’s Day, celebrated in the United States on the third Sunday of June, got a jump start from the formation of Mother’s Day. Credit for beginning Father’s Day celebrations is given to Sonora Smart Dodd from Spokane, Washington.

    At the turn of the century, Mother’s Day observances were growing across the United States. The federal government had yet to recognize the holiday, but many states had adopted the third Sunday in May as a special celebration day honoring mothers. It was during a Mother’s Day church service on June 20, 1909, that Sonora Smart Dodd was struck with the idea of creating a special holiday to honor fathers, too.

    When Sonora was 16, her mother died while giving birth to her sixth child, the last of five sons. Back then, like today, single parenthood was no easy task. By Sonoma’s account, though, Mr. Smart did a wonderful job. Because of this love and esteem, Sonoma Smart Dodd believed that her father deserved a special time of honor just like that given to mothers on Mother’s Day.

    In 1909, Sonoma Smart Dodd approached the Spokane YMCA and the Spokane Ministerial Alliance and suggested that her father’s birthday — June 5 — become a celebration day for Father’s Day. Because they wanted more time to prepare, the Ministerial Alliance chose June 19 instead.

    The first Father’s Day was thus observed in the State of Washington on June 19, 1910. The idea of officially celebrating fatherhood spread quickly across the United States, as more and more states adopted the holiday. In 1924, President Calvin Coolidge recognized Father’s Day as the third Sunday in June of that year and encouraged states to do the same. Congress officially recognized Father’s Day in 1956 with the passage of a joint resolution.

    Ten years later, in 1966, President Lyndon Johnson issued a proclamation calling for the third Sunday in June to be recognized as Father’s Day. In 1972, President Richard Nixon permanently established the observance of the third Sunday in June as Father’s Day in the United States.

    Sonora Smart Dodd lived to see her idea come to fruition. She died in 1978 at the ripe old age of 96.

     

    Article: A Brief History of Father's Day by Andrew Hollandbeck

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  • Mobile Homes Impacted by Mortgage Changes

    Jencor Mortgage    |   

    Categories: cmhc , First Time Home Buyer Mortgage , Mortgage Companies , mortgage insurer , Mortgage Refinancing , Mortgage Renewal

    New mortgage rules prohibit insured property from being refinanced and the fact that most lenders require mobile homes located in a mobile park to be insured, regardless of the amount of equity the owner has.

    A number of brokers are already reporting cases where their clients have tried to refinance only to find it wasn't possible, or having to use private lenders with a higher interest rate and fees from the lender and the broker.

    It has been noted that the restrictions aren't unique to mobiles homes, but can also include small condos under 550 square feet, homes on leased land, homes built using alternative building methods.

    "To be very fair to a private lender, they realize that the ability for them to resell that home in the case of default is now very small and so their risk increases quite a lot as well."  "They have a higher default on mobile homes and it cuts their losses that way, but that's still a very small number." (quote from Joel Olson, DLC Mortgage Expert in Kamloops)

    "Article - Steve Huebel June 12, 2017 - Canadian Mortgage Trends"

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  • Newest Preferred Partner Tire Kings

    Jencor Mortgage    |   

    Categories: Jencor News , Preferred Partner

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    We are pleased to share with you our newest Jencor Preferred Partner,

    Tire Kings

    911 - 48 Avenue SE 

    www.calgarycarkings.com /service@calgarycarkings.com

    They have put together a great package of deals for everyday of the week, wow!!

    Monday

    • Brakes Special
    • $349.95 (Regular $449.95)
    • 1 year warranty on mid to high grade parts
    • Offer applied to cars and light trucks
    • For trucks and German vehicles please call for a quote

    Tuesday

    • Spring Ready Package
    • $99.95 (regular) or $129.95 (synthetic)
    • Oil change for cars and light trucks (5W30/5W20)
    • Tire Rotation
    • Battery Test
    • Hot Engine Flush - helps increase fuel efficiency, helps remove dirt buildup in engine and decrease carbon emissions
    • 50 point vehicle inspection which covers safety, under-hood, wheels, suspension and undercarriage checks

    Wednesday

    • Wheel Alignment Wednesdays
    • $99.95 Special (Regular $129.95)

    Thursday

    • Shocks & Struts
    • 10% off shocks and struts

    Friday

    • Fuel Injection Clean Fridays
    • $79.95 Special (Regular $129.95)

    Valued clients would be required to show their Jencor Mortgage Preferred Partner card in order to receive the promotion pricing. 

    *Prices are subject to change*

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  • CMHC First Quarter Results

    Jencor Mortgage    |   

    Categories: cmhc , Debt Consolidation , First Time Home Buyer Mortgage , Mortgage Broker , Mortgage Companies , mortgage insurer

    Last week CMHC announced their first quarter results, and the Globe and Mail reported:

    "Steven Mennill, CMHC's senior vice president of insurance, said most of the drop in demand for portfolio insurance in the first quarter was the result of a premium hike CMHC introduced January 1 because of new capital requirements for mortgage insurers that were introduced by Canada's financial regulator.

    Mr. Mennill said CMHC doesn't know yet whether the drop in portfolio insurance signals a permanent shift in its business model or whether demand for the insurance product will swing back again.

    "It's not clear at this point whether either of these changes will be sustained over the long term," he said. "Portfolio insurance (demand) is largely a function of the overall sources of capital and liquidity and funding available to lenders in the system, which is affected by a wide range of factors. The cost of portfolio insurance is just one of them."

    The declining insurance volumes led to an 8.1% drop in premiums and fees earned by CMHC on new mortgage insurance written in the first quarter.

    We are just wondering, perhaps CMHC's premium volume drop, is because of not accepting application for single unit rentals, not accepting applications of refinances, not accepting applications for properties valued at over $1 million rather than a premium hike.

    CMHC used to promote itself as "helping house Canadians". CMHC now is in the business of preventing Canadians from achieving home ownership. Have all the changes CMHC instituted been in the best interests of the home buyer and mortgage consumer?

    It would be very nice to see a dialogues about the role of CMHC in Canadian Housing. The House of Commons Standing committee did received testimony on the subject. The role of CMHC in our economy and in the housing market needs to be openly discussed and understood. Top down dictates from such an important institution do not serve Canadian well.

    We all need to make ourselves aware of the government and CMHC's unintended consequences from mortgage rule changes. IF the VP of Insurance at CMHC is quoted as thinking the premium hike is responsible for the drop in revenue and not the restricted product offerings, perhaps more awareness is needed.

    Croft Axsen

    Broker Owner / President

    Jencor Mortgage Corporation

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  • Aging Canadian Population and what that means for the housing market

    Jencor Mortgage    |   

    Categories: Debt Consolidation , Mortgage Broker , Mortgage Refinancing , Mortgage Renewal

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    Canadians are living longer. Statistics Canada's latest 2016 Census data release, will have big implications for the country's housing market suggests some economists. Statistics Canada announced this week that the latest results mark the first time census data has down more seniors than children living in the country as those born during the post-war baby boom continue to reach retirement age. There were 5.9 million people in Canada aged 65 and over last year, compared to 5.8 million who were no older that 14, according to the 2016 Census. "The increase in the proportion of seniors from 2011 to 2016 was the largest observed…

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