How to Read Your Credit Report + MORE Jun 1st

Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News

Is your mortgage up for renewal during the pandemic? Here’s what you need to know Sep 8th

First things first: If you’re staying with your existing lender, then you typically don’t have to requalify..... More »

Q3 2020 Bank Earnings – An Update on Big Bank Deferrals Sep 11th

The country’s Big Six banks provided an update on the state of their mortgage deferrals, with each reporting varying results in terms of getting those borrowers back to making regular payments. Both RBC and National Bank of Canada saw their mortgages under deferral drop substantially from Q2 t.... More »
 bank mortgage

Is the COVID-19 emergency over? An economists prosepective. + MORE Sep 14th

I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation.   It was good to hear real financial experts make sense of what has happened and what will most likely hap.... More »

Is a reverse mortgage right for you? + MORE Aug 15th

Many Canadians are “house rich.” Their net worth appears healthy (the average tops $675,000), but in reality, a large chunk—sometimes 50% or more—of that wealth is tied up in their homes. Factor in the nation’s growing personal debt (according to Statistics Canada, we collectively owe $1.7.... More »

Mortgage Rates Keep Setting New Record Lows Jul 1st

While mortgage rates have been tumbling steadily over the last couple of months, many are now in record-setting territory, with certain 1- to 5-year fixed rates now available for under 2.00% from discount brokers. Concerns over a second wave of COVID-19 have caused Canada’s 5-year bond yield t.... More »
Canada’s housing sector indicators, including prices, sales and home starts, aren’t expected to return to pre-COVID levels until at least the end of 2022, according to CMHC’s latest Spring Housing Outlook. “Following large declines in 2020, housing starts, sales and prices are expected to start to recover by mid-2021 as pandemic containment measures are lifted and economic conditions improve,” said the housing agency’s chief economist, Bob Dugan. “Sales and prices are likely to remain below their pre-COVID19 levels by the […]

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How to Read Your Credit Report


How to Read Your Credit Report
Your credit report summarizes your credit history and helps lenders weigh your credit risk. Often your credit report is initiated when you apply for your first credit card. Over time it can help you reach your larger financial goals such as obtaining a rental agreement or mortgage. When you apply for a credit product, you may request your report to get one number—your credit score. But that detail is just one aspect among a long list of confusing text and alphanumeric codes. Credit reports can seem cryptic and hard for the average consumer to interpret. However, reading and understanding them is an essential part of maintaining good credit and healthy financial habits.
In Canada, consumers are allowed to request their credit report free of charge at least once a year from the two main credit bureaus, Equifax and TransUnion. Asking for your information from one reporting agency and then the other every six months can help you stay up to date with your credit report and ensure the information is accurate…

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