It started on a spring day in 1872 when a group of Toronto printers went on strike.¹  For years, they had been asking, pleading, and finally demanding employers to decrease their hours to a nine-hour work day and a fifty-eight-hour work week. 

Look at those numbers again – nine and fifty-eight!  Nowadays, working those kinds of hours is seen as “burning the midnight oil.”  While there are a few professions that demand such gruelling shifts from time to time, most of those are well-compensated.  But in 1872, workers had to sacrifice their health and family time just to keep their jobs, usually for very little pay.  Week after week, year after year. 

Outraged, a local politician and newspaper magnate named George Brown had the strike leaders arrested and charged with criminal conspiracy.  But the local trade unions didn’t back down.  Inspired by the bravery of the printers, a group of two thousand workers began marching in the streets on April 14.  As they paraded through Toronto, more and more people flocked to join them.  By the time they reached a park in the heart of the city, their number had swelled to over ten thousand – one-tenth of the entire population.

This was the first Labour Day.   

Soon, the workers’ message spread to every corner of Canada.  Unions and labour movements of every type and description began campaigning for shorter hours, better pay, and more rights.   

For the printers, their brave stand ended in temporary defeat.  Most lost their jobs, and many felt compelled to leave Toronto.  But the sacrifice of their homes and livelihood was not in vain.  Parades and festivals in support of the Nine Hour Movement became an annual celebration.  These events were so large, they inspired American labour leaders to take similar action.  Within a few years, the Canadian government abolished most anti-union laws.  And in 1894, Labour Day became the official holiday we know so well today. 

These days, most of us think of Labour Day as the last holiday of summer.  But we also think of the standard workday as eight hours, and the standard workweek as forty. 

None of that would be possible were it not thanks to the thousands of workers who fought so hard to make it so. 

So, this Labour Day, as you fire up the grill or unpack the picnic basket, spare a thought for the origins of the holiday, and the courageous Toronto printers who started it all. 

¹ James H. Marsh, “Origins of Labour Day,” Historica Canada, September 1, 2013.  https://www.thecanadianencyclopedia.com/en/article/origins-of-labour-day-feature/

Many people think that their credit score will hold them back from obtaining a mortgage. For some, they may have work to do on their debt beforehand, but sometimes people believe their credit is poor, only to find that it isn’t as bad as they thought. It pays to seek help from a Jencor Mortgage Advisor to find out where you stand.

What is bruised credit and how does it impact your ability to obtain a mortgage?

Mortgage lenders use your credit reports to evaluate risk by looking at your repayment history to see how responsible you are with credit. Although a 790-beacon score and zero late payments in the last three years is ideal for all lenders, bruised credit means something slightly different to some lenders. So, what is bruised credit? It can be a result of many circumstances including, late payments on loans, collections & judgements, bankruptcy, consumer proposal or credit counselling, late payments on your mortgage, foreclosure & even identity theft. Traditional mortgage lenders and insurers will not commonly approve applications with credit histories that show challenges with borrowing in the recent past. The good news is that there are still options with alternative mortgage lenders with a minimum down payment of 20 – 30%. With these mortgages, you will be paying higher interest rates, usually for two years, while you rebuild your credit. We can then transition you into a regular mortgage.

Rebuilding credit takes time.

There are some things you can do which will bring your score up substantially in one swoop, but normally it takes time to rebuild. Here are some of the basics to improve your credit:

1. Have at least two credit accounts reporting to your credit report besides cell phone bills, school loans or mortgages. Use your credit cards every month, even just one purchase monthly and pay it in full before the due date. The credit limits should be at least approximately $2000 each.
2. Always pay all your debts on time – making even the minimum payment on time, is better than making a larger payment late. If need be, reach out to the account holder and make payment arrangements. Never ignore a payment and hope for the best.
   No Late mortgage payments – these are extremely detrimental to you obtaining a mortgage.
   Do not max out your credit. Use less than 50% of your limits and never go over the limit. Going over limit impacts your score immediately and severely, and even when you bring it back in line, it still has a lingering effect on your score.
3. Do not apply for too much credit and do not cancel existing credit – both these actions will negatively impact your score – yes, you would think that cancelling existing credit would help, but by doing so, you are reducing the overall credit available to you and therefore immediately increasing credit usage. Also, by cancelling credit, you might be cancelling a credit card that you have held the longest and longevity of credit has an impact on your rating.
4. New loans, such as car loans will have an immediate negative impact on your score – so do not obtain a new car loan if you are thinking about obtaining a mortgage. Because of the size of the loan, your credit usage increases substantially.
5. Do not let anything go to collections – even though some utilities, rental payments, gym memberships and the like, do not report to your credit bureau, when they go to collections, they will be reported.
6. Ensure that everything on your report is correct. If not, you must take steps with the creditor or the reporting agency (Equifax or TransUnion) to correct them.
7. In some cases, if you already own your home, there may be an opportunity to consolidate debt into your mortgage and improve your credit.

Don’t be defeated; get advice, get back on track!

Ultimately, how each item impacts your score, depends on how it interacts with everything else on your report. One late payment, for some with long-held credit and very little past delinquencies, will have less of an impact than for someone with bruised credit or someone with new credit.

If you have bruised credit, don’t write off your dream of home ownership. Contact your Jencor Mortgage Advisor who can advise you on the necessary steps to obtain the mortgage you need.

Originally published by Ayashah Kothawala – Mortgage Advisor Jencor Mortgage

Everyone always wants the best interest rate, that’s a given, and yes, often a mortgage broker can get you a better rate from your very own bank than you can. Mortgage brokers also have access to a very large pool of lenders that cannot be accessed by the general public. Many of these are smaller, otherwise known as Monoline Lenders, who often offer bulk discounts on mortgage products and offer rock-bottom rates. Interest rates are changing on a daily basis. We are always up to date with the rates and terms each lending institution is offering.
Aside from rate, there are many other factors to consider when choosing a mortgage. Payout penalties, for example, can be a huge cost if you terminate your mortgage before the term is up. It is important to understand how your mortgage lender calculates the penalty. A mortgage broker can save client tens of thousands of dollars over the term, just by placing the mortgage with a lender who has a more lenient penalty, or into a mortgage term that has a lesser penalty.
Utilizing pre-payment privileges can also be an integral part of the overall mortgage planning. A good mortgage broker will help you strategize this and have your mortgage paid off as quickly as possible.
The various insurer programs like the Purchase-Plus-Improvements and the CMHC Green program can save buyers a ton of money by creating the opportunity to capitalize improvements and renovations into the low-rate mortgage, rather than carrying the cost on a much higher rate credit card or line of credit.
Don’t leave money on the table- make sure you call a trusted mortgage advisor for a free mortgage consultation before you sign with your bank.

When a broker places a mortgage for a client, they are a client for the life of the mortgage. We follow up with clients to provide advice on their current mortgage (s), for mortgage pre-approvals, renewals, etc. We keep the client up to date on mortgage news, mortgage changes, rate increases and how it pertains to their situation.

With the ever-changing mortgage guidelines, brokers help navigate the process for new purchases; be it a vacation property, rental property or a second home for a family member to occupy. Life is continually changing, and we are available to support clients with refinancing their mortgage to renovate a home, a new marriage, a divorce situation that requires a spousal buyout or perhaps an out of province move.

A good broker will be transparent with their clients, providing information and options available to help clients make the best decision given their circumstances.

Knowledge is powerful! Brokers provide their clients with the knowledge to help them make well-informed decisions that are in their best interest

Obtaining a mortgage requires extensive attention to detail. Clients are signing, initialling, accepting/declining products, etc. without understanding the “fine print” that could potentially cost them more money over the life of the mortgage. Transparency is essential when it comes to obtaining a mortgage and signing your name on “the dotted line”. An independent mortgage broker does not work for the bank and an exceptional mortgage broker has the clients best interest at heart when disclosing the fine details of the mortgage; they will never tell you to just “sign here”.

Whether purchasing or refinancing a home a mortgage broker will ensure that the client arrives at the lawyer’s office to complete their legal documentation with a full understanding of what the mortgage they are committed to is all about.