It’s Spring Mortgage Season + MORE Apr 1st

Q: Which is more important, credit utilization or credit-­to-­income ratio?
 Right now I earn $60,000 per year and have access to three credit cards with a combined limit of $20,000. I have no other loans or debts and my current credit score (based on a FICO calculator) is about 720. I ask, because I’m starting to look at buying a house, and want to know what lenders consider as a more important ratio? Also, is it possible to better my credit score by reducing my credit utilization (which I would do by cancelling one credit card or asking for a lower limit)?
— House hunter, Halifax, N.S.

Answer from Robert McLister, mortgage planner with Ratespy: A strong credit profile and reasonable debt ratio are equally important if you want the best mortgage rates and terms.
Let’s start with credit first. People tend to overly focus on the credit score. It’s important, yes, but lenders don’t stop there. They scrutinize your payment history, unpaid debts, total debt load, number of open debts and age of accounts, to name just a few…

Tesla Model S (Photo By John Leyba/The Denver Post via Getty Images)
On Thursday, Tesla Motors unveiled its latest car, the $35,000 Model 3 sedan: the first truly affordable all-electric car capable of going zero to 100 kph in under six seconds.
By the time CEO Elon Musk took the stage at Tesla headquarters in Hawthorne, California, crowds were already lining up to place their pre-orders. As of Friday morning, more than 134,000 people have placed their US$1,000 (that’s about CAD$1,300) deposits.
Admit it, you want one too.
The first Model 3s are due to ship at the end of 2017. During his presentation, Musk said, “I do feel fairly confident it will be next year.” If you note a hint of hedge in that statement, that’s because there might be. Tesla has a history of missing deadlines. Before we all break out the credit cards, here’s a quick look at the Model 3 by the numbers:
Base Price: US$35,000
That’s higher than the similarly all-electric Nissan Leaf (at $29, 010) but lower than the BMW i3 (at$42,400)…

Correct negative thoughts that damage self-esteem and discover you love the body you have—even during bikini season.

Temperatures are rising – and that means open houses are popping up in markets across Canada. It’s one of the most competitive times to buy a home – so be sure you’re prepared if you plan to jump into the fray.
Brush up on your mortgage know-how this week with tips for saving for a down payment, improving your credit score – and understanding the current state of the market.
Saving for a Down Payment
Are you planning to buy a home? You’ll need to shell out for at least part of your purchase up front. Saving for a down payment is an important part of the home buying process – and the size of your down payment can even impact how much of a mortgage you qualify for. Here’s how to effectively save while hunting for your dream home.
Read Penelope’s Blog | Saving for a Down Payment
Liberals to Assess Foreign Real Estate Investment in Canada
The Canadian federal government wants to take a closer look at the extent of foreign ownership of real estate across the nation – but critics are saying their efforts won’t go far enough…

On the surface of things, Lindsay Tithecott would seem the financial envy of most millennials. The 29-year-old engineering consultant from Kamloops, B.C., earns $71,000 annually, owns an affordable $150,000 condo and already has $46,000 of investments amassed in her RRSP and TFSA. To be sure, Lindsay’s very proud of her accomplishments: “I’m saving 20% of my salary and my housing costs are just under 30% of my income, which is nearly unheard of in B.C.” There’s just one problem: Her spending surpasses her income every month, and she’s piling up significant consumer debt. Right now, Lindsay owes $11,000 on her line of credit as well as a separate $15,000 car loan. “I try so hard to achieve financial balance in my life, but it doesn’t seem attainable,” she says. “I don’t understand what I’m doing wrong.”
Lindsay feels she has her savings under control, noting that she’s currently socking away $400 a month to her TFSA and $220 a month to her RRSP (an amount her employer matches) to achieve her goals…