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Blog by Linda M Linfoot

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UNDERSTANDING MORTGAGE PENALTIES

December 15th, 2015
UNDERSTANDING MORTGAGE PENALTIES Mortgage Penalties. They've become a hot topic recently. We know and accept that they are there, and we know that if we are to break our term - one will be charged. What many consumers don't know, is how those penalties are calculated - and how those calculations differ, according to your product, lender, and term. While most purchasers, and those refina ...

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Posted in Mortgage Information

Dept of Finance May Soon Mandate Higher Down Payments

December 2nd, 2015
By the end of January, the Department of Finance may recommend raising the minimum down payment to 10%. That’s what I’m hearing from a high-level lender source connected with the DoF, who declined to be identified. Policy-makers are reportedly considering a graduated scale based on either the home value or mortgage amount—something like this: • $0 to $500,000 requires at least 5% down • $501, ...
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Using a Reverse Mortgage to Cover Nursing Home Expenses

November 3rd, 2015
Using a Reverse Mortgage to Cover Nursing Home Expenses  John and Debbi (age 77 and 73 respectively) are residents of Burnaby. Recently John was permanently placed in a nursing home because of dementia. Debbi is struggling with the finances and concerned as their savings will be completed depleted within 6 months. She is considering selling their home to get money to pay for the nursing home ...
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Posted in Mortgage Information

Incorporated Companies & Bare Trust Agreements

August 28th, 2015
Do you want to purchase a property under your Corporation??? If you are considering purchasing a property and would like to do so under your incorporation, you can use a Bare Trust Agreement (inexpensive lawyer prepared document) in order to achieve the same benefits to the company and shareholders as though it was owned in the company name. This will allow your broker to choose from the va ...
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Increase of RRSP use for Down Payment When Purchasing a Home

August 12th, 2015
Positive News for First-Time Homebuyers… (today from CAAMP) We welcome the Conservative Government’s announcement today proposing to increase the RRSP Home Buyers’ Plan (HBP) withdrawal up to $35,000 from the current $25,000 for first-time homebuyers. If implemented, a couple buying a home together would have access to an extra $20,000 of their RRSPs to help with their down payment and other ...
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Posted in Mortgage Information

CMHC to Allow 100% of Suite Income

August 3rd, 2015
CMHC to Allow 100% of Suite Income July 27, 2015 Robert McLister The market for houses with basement apartments may get a little hotter. CMHC has announced it will allow 100% of the rental income from legal secondary suites to be used when qualifying for a mortgage. Currently it allows 50%. The nation’s largest default insurer says the move is meant to “facilitate affordable housing ch ...

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Bank of Canada Cuts Benchmark Interest Rate

July 15th, 2015
Bank of Canada cuts benchmark interest rate to 0.5%

http://www.cbc.ca/news/business/bank-of-canada-cuts-benchmark-interest-rate-to-0-5-1.3152673
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Cash Back Mortgages

June 29th, 2015
Cash-back Down Payments Dead - This Week The door is closing on one of the last remaining forms of 100% financing. On June 30, 2015 insurers are banning cash-back down payment mortgages. Only a handful of lenders still market these products, and they’re all provincially-regulated credit unions. OSFI has effectively barred cash-back down payment mortgages at the federal level (e.g., at banks ...

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Why You Should Choose a Xeva Mortgage Professional

May 6th, 2015
https://www.youtube.com/watch?v=XlZ8YaFhB-g
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Higher Insurance Premium as of June 1

April 27th, 2015
On June 1 higher insurance premiums kick in for those buying a home with less than 10% down. These folks will cough up another 0.45 percentage points of their home’s value to get an insured mortgage. That’s got some wondering, why are insurers picking on people with small down payments? Why not raise default premiums on all insured borrowers? We posed that question to CMHC and here’s the answ ...
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Posted in Mortgage Information

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