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Blog by Linda M Linfoot

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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

Helpful Real Estate Tips

November 15th, 2011
Helpful Real Estate Tips Whether you're a prospective real estate investor, or someone who's simply in the market to buy a primary residence, we can all benefit from the nuggets that were shared via Twitter during the Real Estate Investment Network (REIN) BC Workshop last Friday (@REINCanada). ...
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Posted in Real Estate 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

House Hunting Tips

October 18th, 2011
House hunting tips Every house hunter has a story - and a real estate lesson they learned along the way. Nothing proves this point better than BMO's recent Great House Hunter Contest . While the contest is said and done - it ended on October 10 - there is still plenty to learn from the finalists' ...
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Posted in General

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

Making the most of small Spaces

September 19th, 2011
Making the most of small spaces As urban centres across Canada (and the world) become more populated - and developers try to find more ways to squeeze more money out of their projects - you've probably noticed that condo units have gradually decreased in size. Whether you're looking to downsize and ta ...
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Posted in Real Estate 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

Turning your Principal residence into a rental

August 2nd, 2011
Turning your principal residence into a rental So, you're ready to move out of your starter home and into a larger residence. The thing is, your first home is so well-located that you'd love to hold onto it for a little longer - and maybe use it as a tool to launch you into the rental market. Be ...
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Posted in General

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