Mortgage Career: Jayman Financial + MORE Jun 11th

OTTAWA – Co-operative housing providers are being given a multi-million-dollar financial boost by the federal government to help thousands of low-income tenants stay in their homes.
The minister in charge of the federal housing file says co-ops will be able to pay off the federally backed, high-interest mortgages they signed decades ago with no penalty.
Social Development Minister Jean-Yves Duclos says the government will provide $150 million over four years to federally funded co-ops and non-profit housing providers to help them pay off their federal loans, allowing them a chance to test the private market for mortgages at vastly reduced rates.
For a place like Winnipeg’s Village Canadien, the move will save the co-op about $50,000 a month in interest payments.
The previous Conservatives government promised the money in the 2015 budget, but deferred the spending until this year.
Duclos, in a speech Saturday to co-op housing providers in Hamilton, said the funding should reduce their expenses, let them use private capital to finance repairs and become self-sustaining and not reliant on federal funding to keep operations afloat…

OTTAWA – The federal government has moved several times in recent years to restrict mortgage lending. Here’s a quick look at some of the changes Ottawa has made:
Feb. 15, 2016: The minimum down payment for new government-backed insured mortgages increases from five per cent to 10 per cent for the portion of the house price over $500,000.
Understanding how mortgage payments work »
July 9, 2012: The maximum amortization period for new government-backed insured mortgages drops to 25 years from 30 years. Ottawa lowers the maximum amount Canadians can borrow when refinancing to 80 per cent from 85 per cent and stops offering insurance on mortgages for homes worth more than $1 million.
April 18, 2011: Ottawa withdraws government insurance backing on lines of credit secured by homes, such as home equity lines of credit.
March 18, 2011: The maximum amortization period for government-backed insured mortgages is cut to 30 years from 35 years and the maximum amount Canadians can borrow in refinancing their mortgages is reduced to 85 per cent from 90 per cent of the value of their homes…

Company: Jayman Financial Position: Mortgage Associate Location: Calgary, AB Apply to: careers@jayman.com Mortgage Associate Jayman Financial is a high volume fully licensed brokerage house established in 2001. We are a division of the Jayman BUILT Group of companies with offices in both Edmonton and Calgary. In 2014 Jayman Financial was awarded Mortgage Brokerage of the year by the Canadian Mortgage Professionals (CMP). We currently have an opening for a Mortgage Associate to join our Calgary team. At Jayman Financial we work as a team to give our clients the best service and best mortgage for their needs. It is our READ MORE

Andrew Daniels, 37, of Winnipeg
Late last year, I experienced the thrill of a lifetime. In fact, my hands shook as I drove to the bank. I could hardly believe my wife Brenda and I were finally at the end of our five-year financial plan and I was about to make the last payment on my mortgage. As I walked out of the bank, I raised my hands in the air and yelled “Whoohoo!!!!” at the top of my lungs. Slaying the mortgage dragon felt amazing.
You see, six years ago, my wife and I moved into our custom-built dream home. I was 31 at the time, with a mortgage north of $320,000. The sheer thought of it took my breath away. Sitting on that pile of debt felt wrong, mainly because my dad had ingrained in me growing up that debt was bad and should be avoided as much as possible. Now, here I was, living with my wife in this beautiful house, and all I could think about was the number 30. We had 30 years of payments to look forward to on our loan. Worse, I realized that over those years, we’d end up paying $295,755 in interest to the bank—that’s nearly double our initial mortgage! I’d managed to get through post-secondary education with no loans, but here I was with this massive burden…

True North Mortgage (TNM) has been an innovator since the company began in 1999. It was the first independent mortgage broker to create a national footprint of retail mortgage stores, an early leader in targeting online consumers through rate comparison websites and one of the first to leverage the buydown rate model. It has now made another first as a discount broker by launching its own CMHC-approved lender. Named THINK Financial, the company sells insured mortgages exclusively to True North Mortgage customers. The Calgary-based lender approved its first deal on May 24 and has five full-time employees. We caught up with the READ MORE