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Blog by Linda M Linfoot

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Hard Times Trigger changes in Insurance Choices

January 9th, 2012
Hard times trigger changes in insurance choices Garry Marr  Jan 7, 2012 – 7:00 AM ET | Last Updated: Jan 4, 2012 1:51 PM ET  It almost seems hard to justify in times of austerity — paying for something you may never use. But that period of your life might be exactly when you need the most insurance because if you lose your job or source of income you are much more financially vulner ...
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Posted in Mortgage Information

Prime Lending Rate Remains the same

December 8th, 2011
Ottawa - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Uncertainty around the global economic outlook has increased in the weeks since the Bank released its October Monetary Policy Report (MPR). Conditions in global financial markets hav ...
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Posted in Mortgage Information

Mortgage Penalty - Interest Rate Differentials

November 30th, 2011
Interest Rate Differentials (IRD)   Often a client needs an “idea” of how much their existing mortgage penalty might be before he decides to refinance or do an “early switch” with pre-payment penalty.  If the penalty is based on a rate differential, here is a BASIC calculation to figure out a close amount…..  Based on a: $200,000 with 3 years remaining on a 5 year term of 5.70%.. ...
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Posted in Mortgage Information

Rate Hikes

October 31st, 2011
Don't be caught off-guard by rate hikes If you have a variable rate mortgage, you're not alone. A new Bank of America/Merrill Lynch report reveals that 66% of Canadians now have mortgages that are floating with prime - up from the typical 30% There's absolutely nothing wrong with having a variable ...
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Posted in Mortgage Information

Increase in variable rate mortgages

September 23rd, 2011
Increase in variable rate mortgages – Sept 2011 The secret to the sudden increase in variable rate mortgages Why could I get Prime minus .90 last week and today it is Prime minus .25?  September 22, 2011 (Vancouver) – A great question, says the Mortgage Brokers Association of BC (MBABC), especially when fixed interest mortgage rates are remaining the same.  The quick answer?  As w ...
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Posted in Mortgage Information

The Low Down on "Title Insurance"

September 12th, 2011
The lowdown on title insurance Among the slew of insurance options that come with purchasing a new home, you've likely come across the term "title insurance". But what exactly is it - and is it worth forking over the extra money? In a nutshell, "title" refers to your ownership of a property - ...
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Posted in Mortgage Information

Variable Mortgage Rate - Increase

August 25th, 2011
RBC has hiked its variable mortgage rates without waiting for the central bank to move first. Canada's biggest bank is moving to cushion its bottom line as profit from mortgage lending is being squeezed from prolonged low interest rates and the increasing cost of funds for the bank. "Due to global economic concerns, the funding costs for banks have been increasing," it said in a state ...
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Posted in Mortgage Information

Bank of Canada - Prime Rate

July 19th, 2011
Bank of Canada maintains overnight rate target at 1 per cent OTTAWA, July 19, 2011 /CNW/ - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic expansion is proceeding broadly as projected in the Bank's April Monetary Policy R ...
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Posted in Mortgage Information

Don't Accept the first price Upon Renewal

July 4th, 2011
Don’t accept the first price upon renewal Remember all the work and research that went into finding the best rate for your first mortgage? Whether you spent months making sure your credit was as good as can be, or spent hours on the Internet searching for the best rate, it seems silly to waste that effort ...
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Posted in Mortgage Information

Equifax Credit Score vs. Beacon

June 20th, 2011
Equifax Credit Score vs. Beacon Did you know that the Equifax Credit Score that consumers purchase via www.equifax.ca is not the 'Beacon' score?  Have you ever run into a situation where you went to Equifax.ca to pull your own score and used that as a basis for qualifying?  Well it is important to note that the Equifax Credit Score is NOT the beacon score.  This can be a little mislead ...
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Posted in Mortgage Information

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