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Latest News
How much income do I need to qualify for a mortgage in Canada? + MORE Aug 20th
The first two rate cuts from the Bank of Canada (BoC) are finally making a mark on housing affordability.
According to the latest monthly affordability report from Ratehub.ca (Ratehub Inc. owns both Ratehub.ca and MoneySense), it became easier to qualify for a mortgage for the average-priced hom.... More »
You bought a home—should life insurance be next? + MORE May 9th
Buying a home is one of the biggest financial milestones for young Canadians, and one of the riskiest. For many households, a mortgage becomes the single largest expense they’ll ever take on, often requiring two incomes to keep it manageable.
That reality is driving more homeowners to buy life .... More »
Bully for the white-collar crackdown + MORE Sep 20th
(Mark Wilson/Getty Images)
In early 2005, Martha Stewart was sitting in a prison camp in West Virginia, serving out her five-month sentence for lying about the sale of a few thousand shares in a biotech company. At the same time bankers, analysts, traders and mortgage underwriters at some of America.... More »
Mortgage arrears have yet to peak, but unlikely to reach long-term norm: BMO + MORE Aug 1st
Despite a gradual rise, Canadian mortgage arrears are expected to remain manageable due to the economic recovery and the mortgage stress test.... More »
This millennial couple makes $130,000 combined. With a baby on the way, a mortgage and car debt, how can they prepare? + MORE Sep 8th
Matt and Elicia’s monthly take-home pay is $6,100. While that may be enough for a couple, they know that they’ll have to prepare to save more for child-care costs soon..... 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…
