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Blog by Linda M Linfoot

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Holding Companies vs Operating Companies

December 18th, 2013
“Holding” Companies vs. “Operating” Companies Why the Difference Matters to Mortgage Lenders While there may be a number of financial planning reasons for a business to own its real estate in a separate holding company, there is also a lesser known reason; namely, the ease of obtaining mortgage financing. While on the face of it, the scenarios of property held by an operating comp ...
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Posted in Mortgage Information

Mortgage Penalties

December 6th, 2013
The hidden trap of mortgage penalties at the big banks Thinking of buying a house? You may want to ditch your bank for an alternative lender. Rob Carrick explains – http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/the-hidden-trap-of-mortgage-penalties/article15774375/　 It’s easy to get caught in the posted mortgage rate trap at the big banks. No, you won’t ...
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Posted in Mortgage Information

Collateral Mortgages - Beware

October 25th, 2013
Collateral Mortgages It was announced that a major Canadian Lender would be registering all new mortgages as “collateral mortgages”. Since, several others have followed suit. ·        So what exactly is a “collateral mortgage?” 1.              It’s a loan attached to a promissory note and backed up by the collateral security of a mortgage on a property. 2.              Collateral ...
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Posted in Mortgage Information

Self Employed - Qualifying for a Mortgage

September 25th, 2013
Self-employed? Prepare for a long conversation with your mortgage broker   Danny Bradbury, Special to Financial Post | 19/09/13 10:37 AM ET More from Special to Financial Post   Getting financing isn’t as easy as it used to be, say mortgage brokers — and for the 15% of Canadians who earn money for themselves without a steady employer’s salary, it’s harder still. Peter J. Thompson/Nat ...
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Posted in Mortgage Information

The Cap on MBS Insurance

August 13th, 2013
Most Canadian mortgage lenders fund some portion of their mortgage lending using CMHC’s National Housing Act Mortgage Backed Securities (NHA MBS). That is, cash flows from mortgages are aggregated into investment securities and then sold to investors through a process called securitization. Payments from these mortgage backed securities are guaranteed by the CMHC, and therefore backed ...
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Posted in Mortgage Information

Why you still need a Mortgage Broker

June 11th, 2013
Why you still need a mortgage broker By WM | 04 Jun 2013 Investors are increasingly prepared to go it alone in this slower market where even the big banks are quick to whip out low rates to compete. But there are remain key reasons for using  mortgage brokers. W ...
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Posted in Mortgage Information

Your Credit Score

April 8th, 2013
Credit key when house hunting Make sure your score is in order before you set out to find a new home Winter can seem like an eternity. Yet when it comes to your credit profile, house-hunting and the spring real estate season is just around the corner.  "Warm weather will bring an increase in homes on the market and buyers shopping, so it pays to take steps to make sure your credit pr ...
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Posted in Mortgage Information

Stated Income - Does Rate really matter?

December 14th, 2012
Why is the Self Employed Borrower fixated on Rate?    Let's face it, everyone wants the lowest rate possible for their mortgage.  However, is the lowest rate always worthwhile?  Let's take a look at an example:  Bob Smith is a Business owner in Vancouver.  He has a modest business that is experiencing growth year after year.  Bob enjoys the many perks of being a business owner, esp ...
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Posted in Mortgage Information

Bank of Canada Annoucement

October 23rd, 2012
Bank of Canada's announcement - The Prime Lending Rate remains at 3.00% as of today. http://www.bankofcanada.ca/2012/10/press-releases/fad-press-release-2012-10-23/
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Posted in Mortgage Information

Vendor Take Back Mortgage

September 25th, 2012
What exactly is a Vendor Take-Back (VTB)?   This is when a seller offers to lend the buyer funds in order to help facilitate the purchase of the property.  The VTB is a legally binding agreement that will represent a secondary lien on the property. The term, rate, payments and fees are all negotiated by the Seller and the Buyer (with help from their  real estate agents and lawyers of c ...
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Posted in Mortgage Information

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