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Blog by Linda M Linfoot

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Drop in Prime Lending Rate

January 22nd, 2015
“This decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada” Rate Dropped to 3/4 Per Cent The Bank of Canada announced today that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cen ...
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Posted in Mortgage Information

Holding Companies VS Operating Companies

October 23rd, 2014
"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 operatin ...
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Posted in Mortgage Information

Buying an Income Property

August 10th, 2014
Interested in buying an income property? Owning a rental property can be a profitable investment - but it's not for everyone. It’s important to do the research needed to have a clear understanding of the steps in financing an income property and all the responsibilities that will come with an investment. I’ve provided some information below to help you get started. If ...
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Posted in Mortgage Information

Understanding the Mortgage Process

July 7th, 2014
Please click on this link to provided informatio to help you better understanding the mortgage process when qualifying. This gives details on the mortgage process, understanding why your credit score is important and how it is used in the process, and an explanation on closing costs. Understanding the Mortgage Process
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Posted in Mortgage Information

How the Property Tax Rate Set

May 30th, 2014
HOW THE PROPERTY TAX RATE SET (Don't forget to claim your grant even if your lender is collecting your property tax for you.) When the annual budget is adopted by city council for the current year, City Council passes a rating bylaw. This bylaw sets a levy rate for every taxable parcel of land, as defined on the BC Assessment roll. This levy must be sufficient to raise enough revenue to ...
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Posted in General

Province News Paper - Mortgage Brokers go the extra Mile

March 26th, 2014
Mortgage Brokers go the extra Mile
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Posted in Mortgage Information

Bank of Canada Qualifying Rate

March 7th, 2014
Bank of Canada 5-year benchmark rate (Qualifying Rate) will be decreased to 4.99%. This rate is used for qualifying for a variable rate mortgage, homeline product or any term less than 5 yrs. Great news!!
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Posted in Mortgage Information

First Time Buyer - Property Transfer Tax Threshold

February 19th, 2014
The BC Government has just tabled budget 2014 - and one of the changes will affect our first time buyer clients who are purchasing “Many British Columbians buying their first home will pay less Property Transfer Tax, as the Province is increasing the threshold for the first-time homebuyers program to $475,000 from $425,000, an exemption that can save the purchaser up to $7,500 when buying ...
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Posted in General

Debt Consolidation

January 15th, 2014
Most families today experience a variety of household and personal needs that can turn into a mountain of debt.  Very few realize that debt consolidation can save thousands of dollars per year and actually improve their valuable credit rating.  Homeowners are often paying high rates of interest on credit cards, automobile loans, student loans, or personal loans for home repairs, ...
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Posted in Mortgage Information

Should you help buy your kids a house?

January 4th, 2014
Should you help buy your kids a house? Ted Rechtshaffen | December 14, 2013 7:30 AM ET More from Ted Rechtshaffen One of the interesting factors supporting real estate growth is the role of financial support of parents and grandparents on some home purchases. The rationale for this growing practice is simple. Parents want their children to be able to get into the real estate marke ...
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Posted in General

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