Comments on: Live Smith Manoeuvre Example, August update http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/ This is where your finance takes place Sat, 05 Jul 2008 19:52:32 +0000 http://wordpress.org/?v=2.3.1 By: Canadian Money http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/#comment-392 Canadian Money Sat, 01 Sep 2007 14:51:36 +0000 http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/#comment-392 So far I'm finding the book quite good and easy to understand. Its a quick and easy read. I wish I had read it back in the 1980s! I just posted some coments on the book. So far I’m finding the book quite good and easy to understand. Its a quick and easy read. I wish I had read it back in the 1980s!

I just posted some coments on the book.

]]> By: The Financial Blogger http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/#comment-391 The Financial Blogger Fri, 31 Aug 2007 17:15:05 +0000 http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/#comment-391 Hi CM, I'll get September update probably by the end of next week. I always believed in the SM but never had a chance to do it. Then, I'll be able to prove if I was right or wrong about it! I heard the book was not that great. While I read a lot about the SM, I never read the "official book". Let me know what you think about it! Cheers, FB. Hi CM,
I’ll get September update probably by the end of next week. I always believed in the SM but never had a chance to do it. Then, I’ll be able to prove if I was right or wrong about it!

I heard the book was not that great. While I read a lot about the SM, I never read the “official book”. Let me know what you think about it!

Cheers,

FB.

]]> By: Canadian Money http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/#comment-390 Canadian Money Fri, 31 Aug 2007 14:54:02 +0000 http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/#comment-390 Thanks for sharing your real time experiences with the SM. I just started reading his book. I look forward to more of your updates. I like the fact that the SM is a "gradual process". This gives one some time to "get use to the idea" of not paying down the debt and to break out of the working class paradime that says we must run away from our mortgage debt as fast as we can. CM Thanks for sharing your real time experiences with the SM. I just started reading his book. I look forward to more of your updates.

I like the fact that the SM is a “gradual process”. This gives one some time to “get use to the idea” of not paying down the debt and to break out of the working class paradime that says we must run away from our mortgage debt as fast as we can.

CM

]]> By: The Financial Blogger http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/#comment-340 The Financial Blogger Fri, 17 Aug 2007 11:50:05 +0000 http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/#comment-340 Hi Dawger, The $3,500 corresponds to the amount of principal I would have paid on a regular mortgage since I started my SM back in February. In order to setup a HELOC, you absolutely need a minimum of 20% equity in your house. This means that if your house is appraised at 300K, your bank will offer a HELOC for a maximum of 240K (80% of 300K). However, some banks offer this product up to 90% of the appraised value (I know National Bank has this product) but other specific conditions applies. Hope this helps! Hi Dawger,
The $3,500 corresponds to the amount of principal I would have paid on a regular mortgage since I started my SM back in February. In order to setup a HELOC, you absolutely need a minimum of 20% equity in your house. This means that if your house is appraised at 300K, your bank will offer a HELOC for a maximum of 240K (80% of 300K). However, some banks offer this product up to 90% of the appraised value (I know National Bank has this product) but other specific conditions applies.
Hope this helps!

]]> By: dawger http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/#comment-339 dawger Fri, 17 Aug 2007 01:19:10 +0000 http://www.thefinancialblogger.com/live-smith-manoeuvre-example-august-update/#comment-339 Does this mean you have just $3,500 in equity on your mortgage? My banker dismissed my idea of opening the HELCO and doing the smith manoeuvre because I did not have 20% equity built up in the house. Could you clarify. Does this mean you have just $3,500 in equity on your mortgage? My banker dismissed my idea of opening the HELCO and doing the smith manoeuvre because I did not have 20% equity built up in the house.

Could you clarify.

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