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Blog by Linda M Linfoot

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Is Your Mortgage Moveable?

February 22nd, 2011
Is your mortgage moveable? Amidst the excitement of buying your first home, you may not realize the repercussions the mortgage choices you make today will have on your future relocation flexibility.   Many banks and lenders charge some hefty fees for mortgage agreements that are broken before the allotted term is up. If you'd like to get into t ...
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Posted in Mortgage Information

Smith Manoeuvre

January 31st, 2011
  Smith Manoeuvre   The Smith Manoeuvre is a technique that converts regular debt into tax-deductible debt.  In the process, it affords the opportunity to pay off one’s mortgage significantly faster.   The Smith Manoeuvre works basically as follows:      1. First find a re-advanceable mortgage    2. Then sell your non-registered assets (like sto ...
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Posted in Mortgage Information

New Mortgage Rules Announced

January 23rd, 2011
New Mortgage Rules Announced Finance Minister Jim Flaherty announced some changes to mortgage rules that will come into force on March 18, 2011. 1. The maximum amortization period is now 30 years (down from 35 years) for government-backed insured mortgages, when the down payment is less than 20 percent.  2. The maximum amount that can be borrowed when refinancing a mortgage is now 85 ...
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Posted in Mortgage Information

Credit Card Bills Got you Down?

January 5th, 2011
It's Payback Time! The holiday festivities are finally over, and for many of us the financial hangover is just starting to creep in. The black and white reality of January credit card statements can be a shock, especially after realizing what the annual interest rate is for this type of debt. Before you panic, please call to discuss payment options that may help ease the pain of ...
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Posted in Mortgage Information

What is Credit Reporting?

December 5th, 2010
What is Credit Reporting? Many people don’t realize how important it is to maintain a good credit rating. Nor do they understand what is involved in achieving this. The first step is to review your own individual credit report, which is a detailed history of how consistently you meet your financial obligations.  In Canada there are two major credit bureaus – Equifax and Trans Union.  Eac ...
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Posted in Mortgage Information

Banks vs Mortgage Brokers

December 5th, 2010
Banks vs. Mortgage Brokers: What's the Difference? Banks offer mortgages; Mortgage brokers offer mortgages. What's the difference? The difference starts with the range of financing solutions offered. Banks offer their own products, a select group which may or may not satisfy your needs, while mortgage brokers have access to products, rates, terms and conditions from a wide variety of lenders ...
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Posted in Mortgage Information

Referral Program - Special Offer!

December 4th, 2010
I would like to help out with your Christmas shopping, by offering you an opportunity to receive  $250.00 !!! You can receive this cash, simply by passing along the name and number of a referred client, family member, friend or co-worker who is willing to receive my call and is looking for mortgage assistance (refinance, consolidation, purchase, lender transfer, investment etc.)  The refer ...
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Posted in Mortgage Information

Mortgage Shopping? Tips on how to do it Right

October 14th, 2010
   Mortgage Shopping? HERE’S SOME IMPORTANT TIPS ON HOW TO DO IT RIGHT! First: Ensure you’re working with an Accredited Mortgage Professional that understands the business of Mortgages. This is likely the largest financial transaction of your life and it’s too important to put into the hands of someone that cannot advise you properly on the loan process.   There are 4 simple questions I r ...
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Posted in Mortgage Information

Prime Rate Increase

July 20th, 2010
Bank of Canada Hikes Key Interest Rate Today The Bank of Canada hiked its key interest rate by a quarter point today, for the second month in a row.  In its statement the Bank noted that it “expects the economic recovery in Canada to be more gradual than it had projected in…April, with growth of 3.5 per cent in 2010, 2.9 per cent in 2011, and 2.2 per cent in 2012. This revision reflects a ...
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Posted in Mortgage Information

Avoid a Mortgage Rejection

June 9th, 2010
Avoiding Rejection Few things are more heartbreaking than finding the perfect home for you, but then getting turned down for a mortgage. By knowing some of the common reasons lenders reject otherwise qualified applicants, you can be proactive in avoiding them. Here are a few rejection reasons:       Information on your application is inaccurate or incomplete. Lenders will want to k ...
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Posted in Mortgage Information

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