How Canadian Thanksgiving Began

The origins of Canadian Thanksgiving are more closely connected to the traditions of Europe than of the United States. Long before Europeans settled in North America, festivals of thanks and celebrations of harvest took place in Europe in the month of October. The very first Thanksgiving celebration in North America took place in 1578 in Canada when Martin Frobisher, an explorer from England. in search of the Northwest Passage. He wanted to give thanks for his safe arrival to the New World. That means the first Thanksgiving in Canada was celebrated 43 years before the pilgrims landed in Plymouth, Massachusetts!

Official Canadian Thanksgiving Holiday

For a few hundred years, Thanksgiving was celebrated in either late October or early November, before it was declared a national holiday in 1879. It was then, that November 6th was set aside as the official Thanksgiving holiday. But then on January 31st, 1957, Canadian Parliament announced that on the second Monday in October, Thanksgiving would be “a day of general thanksgiving to almighty God for the bountiful harvest with which Canada has been blessed.” Thanksgiving was moved to the second Monday in October because after the World Wars, Remembrance Day (November 11th) and Thanksgiving kept falling in the same week. This year Canadian Thanksgiving is October 8th, 2018!

Thanksgiving celebrates the harvest and other blessings of the past year

The 49th Parallel

Another reason for Canadian Thanksgiving arriving earlier than its American counterpart is that Canada is geographically further north than the United States, causing the Canadian harvest season to arrive earlier than the American harvest season. And since Thanksgiving for Canadians is more about giving thanks for the harvest season than the arrival of pilgrims, it makes sense to celebrate the holiday in October. So what are the differences between Canadian and American Thanksgiving, other than the date? Not much! Both Canadians and Americans celebrate Thanksgiving with parades, family gatherings, pumpkin pie and a whole lot of turkey!

Thanksgiving dinner!

Source: Kidzworld

Welcome to Canada!

Canada is made up of hundreds of thousands of people and some did not start in Canada but have made it their home. Buying a home, especially when you are new to Canada can be mind boggling, BUT, we have a mortgage for you!

The New to Canada Program is designed to help new Canadians purchase their first home sooner and become established faster.

What are the qualifications for this program?

Firstly, you must have immigrated or relocated to Canada within the last 3 to 5 years to qualify for the New to Canada Program.  You must have proof that you have been working full time in Canada for at least 3 months and that you are not on probation with your employer. The lender will require a letter of employment from your employer with your salary and employment status. Copies of your valid work permit or landed immigrant status card (front and back) will also be a requirement.

Down payment is a minimum of 5% and at least 5% of the funds must come from your own savings and be verifiable with 3 months worth of bank statements from a Canadian Bank.  Some lenders will allow the 5% to be a gift from an immediate family member and gift letter from the lender will be required.  Please speak to your broker in advance when a gift is being used. That way we can provide you with information for monies coming from other countries and ensuring you are following all the banking rules and regulations.  With a minimum of 5% down payment you will need default insurance and that can be provided by Canada Guaranty, Genworth or CMHC (Canada Mortgage and Housing).  Each of these insurers offer programs that will work with the lender.

The lender will need to see your credit bureau and as you are new to Canada you may be just starting that, so we will require an international credit report from your country of origin.  Just starting up your credit, we can assist you with that by providing valuable information to get you ready for the road to homeownership. You can obtain an International or US Bureau by contacting Equifax and they will point you in the right direction.  Your international credit report is taken into consideration by the lender as it will show that you are a responsible borrower and have kept your accounts in good standing.  We would advise that a letter of recommendation from your current bank be done as that is also very helpful in the process. If you cannot provide an international credit bureau the lender will ask you for to confirm your good standing by providing 12 months history of bills that must be paid on time (rent, utilities, cable or insurance premiums).

Working with your Jencor Mortgage Advisor will provide you with options and answers to your questions. Our advice is always free, we are here to help you make home ownership a reality.

Remember, when looking for your home, use a professional to assist with not just financing but the search as well.  Realtors are great negotiators and can also help you determine your requirements in a home, “needs vs wants”.  Do you need to be close to schools, public transportation, etc.

This process can take some time but again, that is why you have a Jencor Mortgage Advisor at your fingertips!

By the way, Welcome to Canada!!

By

Karen Penner & Heather Hellings
Jencor Mortgage Corporation

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.

We have lender relationships for those we can’t place with traditional lenders

Not everyone has a perfect application for an ‘A’ type mortgage product. For example, self-employed individuals with lower taxable earnings or those with a bruised credit history may not fit under ‘A’ criteria.  There are still several lending options available for those who may not be able to secure mortgage financing with a traditional ‘A’ lender.

A great mortgage broker has strong relationships with various alternative lenders to assist in these situations. Slightly higher interest rates and fees are associated with these type of applications. Alternative lending is best positioned as a short-term solution until the clients get their credit back in line or have established the required income needed to qualify with an ‘A’ lender.

Due to the new mortgage underwriting guidelines, private lending has also become more prevalent. Private lending is more expensive than alternative lending in the short term, but it can be a good option for those that don’t fit A or B qualifying criteria. Real estate investors and ‘flippers’ can benefit from these private lending solutions.

To summarize, it is valuable to have an experienced mortgage broker working on behalf of the client as brokers have a broad range of lenders to work with and can offer clients the best combination of service, price and product features available depending on the client’s situation and their future goals.

An experienced, well-informed mortgage broker has access to a wide variety of lenders and mortgage products to suit a client’s needs. Consumers want the best rates available, but the best rate is not always the best product. A knowledgeable mortgage broker will advise and place a client with a lender based on the client’s needs, wants and what is in their best interest.

A well-experienced broker will discuss the following:

• Fixed versus variable. Closed versus open: There are advantages and disadvantages that need to be discussed when deciding the term wanted/required
• Portability: Does the client plan on moving to a new home within the term of the mortgage?
• Pre-Payment Privileges: Flexibility to make additional lump sum payments against the principle and/or increase your monthly payment throughout the term.
• Payout Penalties: Three months interest or an interest rate differential; also known as an IRD. Understanding how the penalty could be calculated if the client discharges the mortgage before the end of the term.
• Interest Compounding: Semi-Annually versus Monthly.
• Structuring A Mortgage: Is a line of credit required along with a fixed term or are multiple fixed/variable terms required/wanted.
• Mortgage Insurance: “Insurability” impacts the rate and option to transfer a mortgage
• Insurer Programs. There are various Insurer programs available. Borrowed down payment (conditions apply), purchase-plus-improvements, Green Home Program, etc.

A trusted Mortgage Advisor will work and guide a client through their mortgage options and place them with a lender and mortgage product that best suits their needs.