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Broker vs Banker
You want it all: the best available rate with exactly the right features you need to live comfortably with your mortgage and pay if off in record time. If you want the perfect mortgage, you need to shop around. And that’s my strength. I offer access to over 50 of Canada’s leading lenders, including major banks, credit unions, and national, regional and private lenders. I do the research for you, finding you the best mortgage across multiple lenders.
Your bank, as great as they are with your day-to-day banking, may not be the best choice for your mortgage because they represent just one available lender. Access to lender choice is one difference between getting a mortgage from a Bank vs a Broker, here are more:
YOUR MORTGAGE BROKER YOUR BANK
MORTGAGE RATES Mortgage brokerages negotiate discounted rates with lenders, and have access to rate promotions and specials.Rates are set by the Bank. If there’s a better deal in the marketplace, you’ll have to find it yourself.
OBJECTIVITY Your Mortgage Broker works for you, not any one lender.Mortgage specialists are there to build business for the Bank.
SOLUTIONS Brokers have access to mortgages for the self-employed and those with past credit issues.It is difficult to get a mortgage for certain client situations.
COST The winning lender pays your Broker for the services and solution provided.Mortgage specialists are paid and incented by the Bank.
ONGOING SERVICE Brokers offer ongoing advice after your mortgage closes i.e. how to pay off your mortgage faster, power down debt, finance renovations or invest in property. There have been many regulatory changes, so it’s important to have access to a mortgage expert.No proactive ongoing advice is typically provided. You will get an annual mortgage statement.
AT RENEWAL Your Broker will go to bat for you again to make sure you have the best deal possible.You may not be offered the best deal initially, requiring you to proactively contact the Bank to negotiate.
Getting a mortgage is a very significant financial event. That’s why you want someone who is highly specialized in the mortgage marketplace and focused solely on your needs.
Get in touch for advice that is relevant to your situation.
30-year amortizations can be a smart financial strategy
If you have 20 per cent equity or more, you can choose a 30-year amortization mortgage. Homeowners with less than 20 per cent down are not eligible for an amortization over 25 years. A longer amortization allows you to minimize your mortgage payments and free up cash flow for uses like investing, business needs, post-secondary education, maternity leave, home maintenance, or other life situations. You can keep your payments at a shorter amortization and only use this flexibility if the need arises. Having a mortgage that gives you room to breathe may be worth the extra cost in interest, and I can help you determine if this is right for you.
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How Your Credit Score is Calculated
Understanding how your credit score is calculated is a crucial step in improving your score. Your score is made up of five components:
1. Your Payment History (35%): the largest part of your score is made up of your payment history and if you have demonstrated that you can pay your debts on time.
2. How Much You Owe (30%): credit bureaus are looking for how much debt you already owe prior to applying for more credit.
3. The Length of your Credit History (15%): Even if you have managed your credit effectively from day one, if you have a shorter credit history this can also mean your credit score can be lower.
4. New Credit Card Applications (10%): While it is reasonable for a creditor or lender to be cautious of the frequency at which someone is applying for additional credit, there can also be instances when taking on new credit card applications can actually be beneficial.
5. Types of Credit (10%): By maintaining a diverse range of credit types - credit cards, lines of credit, a car loan, a mortgage - this can be an excellent way to demonstrate your ability to manage your debts as a whole.
To follow your credit score without a hit on your credit be sure to download the new app for PEI Business Federation and INVIS at http://mopolo.ca/ - Be sure to Check Paul Trainor as your broker and get notified of any changes and FREE monthly updates and Free property valuations!
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The Bank of Canada has raised its benchmark interest rate by a quarter point for the fifth time since last summer, pushing up the cost of borrowing for Canadians.
The bank's rate is now set at 1.75 per cent. That's the highest it's been in almost a decade, dating back to December 2008.
Known as the target for the overnight rate, the benchmark is what Canada's big banks charge each other for short-term loans. It filters down to consumers, because it affects the rates the banks offer their customers for things like variable rate mortgages and savings accounts.
That's already happening, as four of Canada's biggest banks increased their own prime rates by a quarter percentage point on Wednesday.
Royal Bank, TD, BMO and CIBC have all raised their prime lending rates from 3.70 to 3.95 per cent. Scotiabank is expected to follow suit soon, but all the new prime rates will be in effect as of Thursday morning.
PEI Business Federation reacts on CBC Compass. Small business working capital loans and lines of credit will be impacted as well as variable mortgages. More increases expected in December.
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Put logistics to work for you. You can receive these discounts even if you already have a UPS account. It’s free to sign up and there are no minimum shipping requirements. To enroll and start saving, visit www.membersbenefitprogram.com/PEIBF or call 1-800-MEMBERS (1-800-636-2377), M-F, 8 a.m. – 6 p.m. EST to set up your account and save.
Ottawa now expects to post a $19.4-billion deficit this fiscal year and a $18.1-billion deficit in 2018-19. It is projected to decline to $12.3-billion by 2022-23, meaning the Liberals will not deliver on a campaign pledge to balance the books by the 2019 election.
The federal debt will reach $651.5-billion in 2017-18, rising to $730.1-billion by 2022-23.
When measured as a share of the economy, the debt-to-GDP ratio is expected to decline from 30.4 per cent this year to 28.4 per cent in 2022-23.
The government acknowledges that its ambitious plan to spend $180-billion over 10 years on infrastructure is not rolling out as quickly as planned. Unspent money has been pushed ahead into future years.
The budget also gives the green light for VIA Rail to purchase new trains for its principal corridor in Quebec and Ontario. Further money is set aside to keep studying VIA's "high-frequency rail" plan for exclusive passenger-rail tracks in the Quebec City-to-Windsor corridor.
The budget's appeal to women and the promise of a pharmacare study, headed by former Ontario health minister Eric Hoskins, appears to be aimed at center-left voters who might consider voting for the NDP. New leader Jagmeet Singh has vowed to run the next election on a national pharmacare program.
Regional development agencies will receive a total of $1.3-billion over five years, with more than $900-million going to vote-rich Ontario.
"I would consider this to be very much a left-of-centre budget because of the focus on equality," said Craig Alexander, chief economist for the Conference Board of Canada. "If you look at the title of the budget, it's equality and growth. But I would argue that it's about equality in capital letters and growth in small letters."
Conservative Leader Andrew Scheer said big spending Liberal budgets are failing to produce results.
"Justin Trudeau is failing to balance the budget by 2019 as he promised, ensuring that future generations of Canadians will have more and more debt to pay back," he said, in reference to the Liberal Leader's campaign pledge.
The NDP's Mr. Singh called Tuesday's budget a "timid" document that fails to act on pharmacare or close tax loopholes that favour the rich.
"On pharmacare, what the government is proposing is not a plan. It is a fantasy," he said, noting that the Liberals' promised study does not come with a funding pledge.
The Canadian Taxpayers Federation (CTF) today expressed concern about the Trudeau government’s 2018 budget, which did not lay out a clear path to eliminate the deficit and failed to address growing concerns about Canada’s tax competitiveness.
“The good news is this budget largely holds the line on spending,” said CTF Federal Director Aaron Wudrick. “The bad news is the government has once again failed to tackle the structural deficits it created in the 2016 budget and which will add $80 billion in new federal debt by 2022.”
The federal debt is projected to rise to $730 billion by 2022 with debt interest costs alone expected to jump from $26 billion per year in 2018 to $33 billion per year by 2022.
The government’s proposed treatment of small business passive investment abandoned the proposed hard limit of $50,000 on annual passive investment income in favour of a gradual phase out of the deduction limit for annual passive investment income between $50,000 and $150,000.
“The new passive investment rules, combined with the new income sprinkling rules, will still squeeze businesses for more than $1 billion a year by 2020,” said Wudrick. “But it’s fair to say these further revisions are a big improvement over the government’s original proposals.”
Wudrick also noted that the federal budget does not include any measures to respond to the major business tax cuts in the United States which are expected to impact Canada’s ability to attract and retain jobs and investment.
PEI Business Federation however does applaud the changes in EI that appears to address the so-called "hole" in employment insurance to help families in fish processing and tourism make ends meet until the new work season begins which has had a very negative impact on PEI's seasonal workers.
ECONOMIC AND FISCAL OVERVIEW
ECONOMIC AND FISCAL OUTLOOK
DETAILS OF ECONOMIC AND FISCAL PROJECTIONS
Highlights from Canada's 2017 federal budget tabled Wednesday by Finance Minister Bill Morneau:
-- The deficit (as shown in the above chart) is at $23 billion, and is projected to reach $28.5 billion for 2017-18 -- including a $3 billion contingency fund -- before declining to $18.8 billion in 2021-22.
-- Employment insurance premiums are going up five cents to $1.68 per every $100 of insurable earnings, up from $1.63 -- the maximum allowable increase under the Employment Insurance Act.
-- The 71-year-old Canada Savings Bond program, first established in 1946, is no longer cost effective and is being phased out.
-- Higher taxes on alcohol and tobacco products: the excise duty rate on cigarettes goes up to $21.56 per carton of smokes from $21.03, while the rates on alcohol are going up two per cent. Both will be adjusted every April 1 starting next year, based on the consumer price index.
-- The public transit tax credit, which allows the cost of transit passes to be deducted, is being eliminated effective July 1.
-- The budget dedicates $11.2 billion to cities and provinces for affordable housing over 10 years as part of the second wave of the government's infrastructure program, $5 billion of which is to encourage housing providers to pool their resources with private partners to pay for new projects.
-- An "innovation and skills plan" to foster high-tech growth in six sectors: advanced manufacturing, agri-food, clean technology, digital industries, health/bio-sciences and clean resources-- $523.9 million over five years to prevent tax evasion and improve tax compliance, including more auditors, a crackdown on high-risk avoidance cases and better investigative efforts.
-- $7 billion in spending over 10 years for Canadian families, including 40,000 new subsidized daycare spaces across Canada by 2019, extended parental leave and allowing expectant mothers to claim maternity benefits 12 weeks before their due date.
-- $2.7 billion over six years for labour market transfer agreements with the provinces and territories to modernize training and job supports, to help those looking for work to upgrade skills, gain experience, start a business or get employment counselling.
-- A national database of all housing properties in Canada, known as the Housing Statistics Framework, to track details on purchases, sales, demographics and financing, as well as foreign ownership.
-- $400 million over three years through the Business Development Bank of Canada for a "venture capital catalyst initiative" to make more venture capital available to Canadian entrepreneurs.
-- A comprehensive spending review of "at least three federal departments," to be named later, to eliminate waste and inefficiencies, as well as a three-year review of federal assets and an audit of existing innovation and clean-tech programs.
-- $59.8 million over four years, beginning in 2018-19, to make student loans and grants more readily available for part-time students, and $107.4 million over the same period for assist students with dependent children.
-- $287.2 million over three years, starting in 2018-19, for a pilot project to facilitate adult-student access to student loans and grants.
-- $225 million over four years, starting in 2018-19, for a new organization to support skills development and measurement.
-- $395.5 million over three years for the youth employment strategy.
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Our most popular services are our web management & design services and our life, health and dental insurance, we also have added automobile & home Insurance as well as guarantee issue health, life and disability insurance for those sectors like construction and welding that find it a challenge to get affordable coverages. Our equipment leasing, mortgage services and financing services are becoming a bigger part of PEI Business Federation and our services. So register today at www.peibf.com or call 902 940 5927 for more details.
Published by the Eastern Graphic | Full article here
History was made Friday when a group of Dr John M Gillis Memorial Lodge staff and administrators exchanged hand shakes as a new contract was signed between the community care facility in Belfast and the newly formed Gillis Lodge Employee Association.
“What’s really significant is the fact it’s the first time in PEI history I’m aware of that a sitting union was decertified and in its place we put in place an inhouse association owned and operated by the employees,” said Paul Trainor, administrator for the new association.
“It bypasses the employer versus union stuff that goes on and I think what we’re going to see is more Island firms wanting that as an alternative. Who better to fix the problems than the people that work there.”
Since 2014, staff at Gillis Lodge had been without official representation after ousting the PEI Union of Public Sector Employees with whom a majority of workers were no longer happy. “UPSE was in place but it just didn’t work for whatever reason,” said Mr Trainor.
The staff of approximately 125 were left nervous, not knowing where they were going to land. The energy in the workplace during that time was described as very negative and a stressful time for everyone.
With help from Mr Trainor who works for the PEI Business Federation, the group was able to put together a comprehensive contract to which both sides were more than eager to commit.
Jeffrey Haight works as a chef at the facility and is the president of the new employee association. Every department from administration to housekeeping is represented on the board ensuring policies are fair and encompassing of everyone’s needs with everyone on the board doing so in a volunteer capacity.
“It’s all about the residents here,” Mr Haight said “We’re working in their home and we respect them.”
Douglas MacKenzie, owner and administrator of Gillis Lodge looks forward to moving forward into the future. “This agreement will provide assurance to the staff of stable working conditions and management that can carry out its duties accordingly,” he said. “I would like to commend the staff for their dedication.”
With the new association in place, staff grievances will be handled differently as elected board members will take their own departmental concerns to management in a more streamlined fashion. “It keeps it much more civilized, professional, kind and balanced,” Mr Haight said.
The contract is a 45 page document that addresses the needs of every department.
Better wages, health and dental plan and a matched RRSP program are just some of the highlights but one of the biggest advantages to the in-house association is the major reduction in dues. Employees were paying about $500 a year but with the volunteer employee board representing them, staff will now pay $120 a year.
“They feel like they have this voice and they can say something and don’t have to hide in the corner,” said Mr Haight when asked if staff were on board with the new system. “They feel like they have support now.”
Mr Trainor hopes more small Island businesses will consider this unique alternative for their organizations.
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