How your credit score works + MORE Oct 9th

Company: CMLS Financial Ltd. Position Title: Regional Manager, Business Development Years of Experience Required: Strong background in residential mortgage credit, with comprehensive knowledge of the mortgage brokerage community in your…

Mortgage brokers have seen a surge in people who bought pre-construction condos a few years ago and are now “scrambling” to get financing to close deals.

The FICO score, the basis for most credit scores, consists of five major categories based on data in your credit report. The percentages in the chart reflect how important each of the categories is in determining how your FICO score is calculated. The biggest factors are how much debt you have, whether you’ve paid your bills on time and how long your credit history is. You may also be penalized if you don’t have a good mix of types of credit and if you’ve opened too many new accounts recently.
Reading your credit score

Your credit score rates creditworthiness out of a possible 900 points, and compares your credit standing to that of other Canadians. Lenders generally consider you a good credit risk if your score falls between 660 and 724. Anything below 560 is poor.
The real cost of a lower credit score
Homebuyers’ budgets will stretch much further if they have an optimal credit score. Consider these three different lending scenarios for a five-year fixed mortgage, based on the purchase of a $370,000 home with a 5% down payment…

A government shutdown is having far-reaching consequences for some, but minimal impact on others. Mail is being delivered. Social Security and Medicare benefits continue to flow. But vacationers are being turned away from national parks and Smithsonian museums, and that’s having a ripple effect on those businesses and communities that rely on tourism. Borrowers applying for a mortgage can expect delays, particularly many low-to-moderate income borrowers and first-time homebuyers. A look at how services have been affected, and sometimes not, by Congress failing to reach an agreement averting a partial government shutdown:
TRAVEL
Federal air traffic controllers remain on the job and airport screeners continue to funnel passengers through security checkpoints. Furloughs of safety inspectors had put inspections of planes, pilots and aircraft repair stations on hold, but the Federal Aviation Administration says it is asking 800 employees — including some safety inspectors — to return to work this week…

Investors Flock To Canadian Bonds Amid Growing U.S. And Global Debt Fears
October 7, 2013: Toronto, Ontario – Government of Canada bonds are once again the go-to safe haven for investors seeking stability amid increasing debt fears in the U.S. and worldwide. This will lead to a slight reversal of last month’s climbing fixed mortgage offerings, as lenders adjust their mortgage rates in tandem with yields. Variable mortgage rates will uphold the status quo, however, as Canadian economic growth factors remain below par, failing to prompt any change to monetary policy or interest rates in the near future.
Fixed Mortgage Rates: Down
Government of Canada bond yields have moderated slightly over the short term as uncertainty lingers over the American debt ceiling, driving investors to safe haven investments. This will prompt lenders to conservatively lower their fixed mortgage rate offerings.
Variable Mortgage Rates: Unchanged
Economic growth engines such as exports and business investment continue to stall, failing to fill the gap left by diminished consumer spending…