Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
OSFI unlikely to tweak the mortgage stress test tomorrow + MORE Dec 16th
Canada's banking regulator is set to announce the results of its annual review of the mortgage stress test's minimum qualifying rate on Thursday..... More »
Renting out your home can bring cash—and complications + MORE May 21st
If you search “Airbnb how to get started” you’ll reach their splash page with a big number. As of May in Toronto, Airbnb says you can make more than $4,000 per month during the FIFA World Cup. It’s a powerful lure for someone who needs help with their rent or mortgage, and has a spare room t.... More »
Canada’s best credit cards for people with bad credit 2021 + MORE Jun 4th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score, you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. When used properl.... More »
When You Might Need an Alternative Lender Mortgage + MORE Sep 21st
The majority of homeowners are blissfully unaware of alternative mortgages. They presume everyone is entitled to sub-3% mortgage interest rates, with no fees of any kind. But there is a growing, significant percentage of borrowers who need a different type of mortgage financing solution. Sometimes t.... More »
Should I sell and rent or get a reverse mortgage? + MORE Jul 7th
I’m an 82-year-old widowed woman, and my savings are depleting fast. I feel privileged, as I have the luxury of owning my own two-bedroom, one-bathroom condo.
I have two options: to selI and rent a one-bedroom apartment, probably starting at $2,000 a month, or staying in my home and getting.... More »
Mortgage Pre-Approval: How to Improve Your Credit Score
– ratesupermarket.ca
Are you interested in learning about the mortgage pre-approval process? Or, do you want to learn how to improve your credit score? One of the biggest steps you’ll take in life is buying a home. And, while you might want to go and pick out your dream home first, this is a mistake. You need to get pre-approved first so you’ll know how much money a lender (bank) will give to you. You’ll also need a good credit score to lock in the best interest rates. But, if your credit score is low, don’t worry. There are several ways to improve it.
Here’s how to increase your credit score and get pre-approved for your dream home (so you can go pack!).
Steps for Mortgage Pre-Approval
Often, when people shop for their first home, they hop online and check out the real estate websites. Or, they drive through their favorite neighbourhoods and pick out a place. They might even stop in at an open house and take the tour. While it’s exciting to search for a home with the gorgeous landscaping or the huge master suite, that’s actually Step 3 in the homeownership search…
The Benefits and Risks of Co-Signing for a Mortgage
– canadianmortgagetrends.com
Thanks to tighter mortgage qualification rules and higher-priced real estate—particularly in the greater Vancouver and Toronto areas—it’s not always easy to qualify for a mortgage on your own merits. You may very well have a great job, a decent income, a husky down payment and perfect credit, but that still may not be enough. When […]
