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Blog by Linda M Linfoot

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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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Posted in Mortgage Information

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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Posted in Mortgage Information

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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Posted in Mortgage Information

Linda Linfoot FULL Mortgage Broker Offering "Exclusive" Banking and Financial Services

June 12th, 2015
Exciting News!! My brokerage is now also a licensed BANK which means I can offer you great products and rates (along with great mortgage products). This ADDs to the advantage of having 55 lenders exposed to me for mortgage products! Banking Products available are as such: - NO FEE chequing accounts - Unsecured Lines of Credit – This can help with your client’s Down payments - TFSA's - s ...
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Posted in General

Why You Should Choose a Xeva Mortgage Professional

May 6th, 2015
https://www.youtube.com/watch?v=XlZ8YaFhB-g
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Posted in Mortgage Information

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

Prime Interest Annoucement

April 16th, 2015
Good Morning Yesterday’s announcement left prime lending rate unchanged and remaining at 2.85% Next announcement is scheduled for – May 27th http://www.cbc.ca/news/business/bank-of-canada-leaves-rate-unchanged-at-0-75-after-economic-wobble-to-start-2015-1.3033495
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Posted in Mortgage Information

The Bank of Canada Rate Annoucement

March 4th, 2015
The Bank of Canada has opted against a second consecutive interest rate cut today, keeping the key overnight rate steady at 0.75% “Financial conditions in Canada have eased materially since January, in response to the bank’s recent monetary policy action and to global financial developments,” the Bank of Canada said. “This easing is reflected across the yield curve and in a wide range of asse ...
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Posted in Mortgage Information

Collateral Mortgages

February 2nd, 2015
Beware of the Downside of Bank Collateral Mortgages When you shop around for your mortgage, what comes to mind in the preferred features most Canadians desire? Best interest rates, flexible repayment terms, and low payments are at the top of the pile. However the mortgage market has changed dramatically over the last few years with the introduction of the banks using the collateral charge mor ...
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Posted in Mortgage Information

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