It happens to many of us from time to time. Either we need to build our credit, or even rebuild it. Well, the good news is there is a card on the market that can help you do just that.
With this card, you put a deposit down to secure a line of financing from Visa. This is ideal for those who need to rebuild credit, perhaps to switch to a new mortgage deal or to get a mortgage in the first place. The card works just like a credit card and can help raise your credit rating as long as your monthly payment is made on time. You can see what all this card entails and apply for it here.
Continue reading “How to build credit with a Home Trust Secured Visa card”
We’ve all heard about the 6 month deferred mortgage payment option. It was thrown out there by the government in an attempt to help property owners. We now have some more info that I’d like to share.
I’m getting a little sick and tired of the media being so negative and pessimistic. The banks and other financial institutions are offering to defer mortgage payments for 6 months. This is GOOD news. While it might not seem that way if you read some of the media posts, let’s clear things up:
- NO, it won’t harm your credit rating.
- NO, it isn’t expensive. Read on…
- NO, this isn’t automatic. Your mortgage payments will not be forgiven for 6 months without calling anyone. But most lenders are happy to postpone your payments without much fuss.
Continue reading “6 month mortgage deferral will help, not harm, despite what media say.”
What is your credit score?
A credit score is an important part of your financial picture. Credit scores can range from 300 to 900 and are used by lenders to determine what kind of a risk you are likely to be as a borrower. Your score is based on several attributes. Continue reading “The making of a credit score and why it matters.”
Quoting rates isn’t straightforward anymore. Your final rate is based on your credit score, purchase price or home value (homes over $1 million purchased after Oct 17, 2016 have higher rates), the loan to value (mortgages under 65% LTV and above 80% LTV get best rates), location, job type and income confirmation documents.
That’s right… ALL these factors will determine your interest rate!
Today, there’s a great variable rate available at Prime minus 1.09%. That translates to 2.39%. This is a real rate… it’s not a bait-and-switch ad like so many rate-comparison sites are quoting these days.
Continue reading “Prime minus 1.09%… Yes, this is a record-low Variable Rate!”
A couple in their 30s contacts me for a mortgage. They want to buy a new home. She’s a high school teacher and he’s a computer firm manager. Incomes are good. I check their credit.
Let’s stop here for a minute… If they have good credit, an approval is simple and we can provide the clients with several mortgage options.
But let’s assume that this couple ran into some debt and credit issues three years ago… and they made three different choices about how to resolve those credit problems: 1) Credit Counselling; 2) Consumer Proposal; or 3) Bankruptcy. I want to take you through each scenario and show you how long each of these three options affects your ability to finance a home. I bet the results will surprise you! Continue reading “Credit counselling, Consumer proposal or Bankruptcy… Which option is most favourable?”