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Latest News
Where do you want to retire? + MORE Aug 30th
Photo by Jonathan Chevreau
Once it’s no longer necessary to commute to and from a downtown or suburban corporate job, where in the world do you want to be? I touched on this in a recent blog on reverse mortgages. Most full-time retirees know they want to be close to hospitals, universities and lib.... More »
Latest in Mortgage News: Industry Announcements + MORE Jan 17th
Equitable Bank Improves Reverse Mortgage Process Reverse mortgage clients of Equitable Bank can expect a quicker and less expensive closing process, according the the bank. Equitable, one of just two reverse mortgage providers in Canada, announced the launch of its new closing process this week. The.... More »
HomeEquity Bank raises $200M through CHIP Mortgage Trust note sale May 3rd
Oversubscribed issuance underscores investor demand for reverse mortgage-backed funding.... More »
Making it all work + MORE Dec 30th
(Photograph by Jennifer Roberts)
We invited our readers in January to take an active role by writing to us and explaining in a few sentences why they needed a personalized money makeover with a MoneySense Approved Financial Advisor. We got close to 400 letters and, in the end, chose two couples and .... More »
Pending sales of US homes fell 1.1 per cent in June; pace remains slower than in 2013 + MORE Jul 28th
WASHINGTON – Fewer Americans signed contracts to buy homes in June, as the real estate market appears to have cooled off this summer.
The National Association of Realtors says its seasonally adjusted pending home sales index slipped 1.1 per cent to 102.7 last month. The index remains 7.3 per c.... More »
B2B’s “Business for Self Expanded” Mortgage
– canadianmortgagetrends.com
Remember the “good old days” when self-employed borrowers could readily obtain stated income mortgages to 80% loan-to-value? It could take years before those days return to the prime mortgage market, if ever. But a few lenders still offer out-of-the-box solutions for business-for-self (BFS) clients, and B2B Bank is one of them. A few weeks ago […]
Applying For a Mortgage? How To Improve Your Credit Score Now
– ratesupermarket.ca
As most homebuyers can attest to, the wait for confirmation of mortgage approval happens with bated breath. To avoid any disappointment, it’s best to get up close and personal with your financial profile ahead of time, anticipating what might hurt your chances at approval and working towards remedying any snafus.
Wondering what factors might hurt your chances most? A recent survey of mortgage professionals by FICO revealed what raises flags when it comes to mortgage loan applicants. Fifty-nine per cent of respondents said “high debt-to-income ratio” was their top concern, followed by “multiple recent applications for credit” (13 per cent) and a “low FICO score” (10 per cent).
What is a FICO Score?
As for what comprises a FICO score, “there are five components,” says Anthony Sprauve, senior consumer credit specialist for FICO. “Payment history (35 per cent), credit utilization (30 per cent), length of credit history (15 per cent), new credit (10 per cent) and types of credit used (10 per cent)…
Wondering what factors might hurt your chances most? A recent survey of mortgage professionals by FICO revealed what raises flags when it comes to mortgage loan applicants. Fifty-nine per cent of respondents said “high debt-to-income ratio” was their top concern, followed by “multiple recent applications for credit” (13 per cent) and a “low FICO score” (10 per cent).
What is a FICO Score?
As for what comprises a FICO score, “there are five components,” says Anthony Sprauve, senior consumer credit specialist for FICO. “Payment history (35 per cent), credit utilization (30 per cent), length of credit history (15 per cent), new credit (10 per cent) and types of credit used (10 per cent)…
Take Control of Your Cash
– ratesupermarket.ca
They say knowledge is power – and that’s especially true when it comes to your finances. A healthy credit score, solid assets and everyday frugal know-how can pay off in spades… so, are you as informed as you should be on the state of your money?
This week’s MoneyWise is all about taking control, whether you’re whipping your credit score into shape or shaving dollars off your grocery bill. Read on to get caught up.
Applying for a Mortgage? How to Improve Your Credit Score Now
Planning to enter the housing market? Even if your home-buying dreams are six months to a year off, you need to act now to ensure you’re in tip-top shape to apply for a mortgage. That means looking into – and fixing – any red flags that may be lingering on your credit score. Read on to learn more about what affects your score, and how to take action.
Read Jaclyn’s Blog | How to Improve Your Credit Score Now
Why I Switched Banks for my TFSA and Home Insurance
When Ally Bank was purchased and shut down by RBC last year, Sean Cooper faced a choice – should he house his tax -free savings account with the acquiring lender (and take a resulting cut to his interest earnings), or should he shop around for a better deal? Despite the hassle of moving his money, he chose the latter…
This week’s MoneyWise is all about taking control, whether you’re whipping your credit score into shape or shaving dollars off your grocery bill. Read on to get caught up.
Applying for a Mortgage? How to Improve Your Credit Score Now
Planning to enter the housing market? Even if your home-buying dreams are six months to a year off, you need to act now to ensure you’re in tip-top shape to apply for a mortgage. That means looking into – and fixing – any red flags that may be lingering on your credit score. Read on to learn more about what affects your score, and how to take action.
Read Jaclyn’s Blog | How to Improve Your Credit Score Now
Why I Switched Banks for my TFSA and Home Insurance
When Ally Bank was purchased and shut down by RBC last year, Sean Cooper faced a choice – should he house his tax -free savings account with the acquiring lender (and take a resulting cut to his interest earnings), or should he shop around for a better deal? Despite the hassle of moving his money, he chose the latter…
