Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Being self-employed has its pros and cons: you may have a more flexible schedule, but you also have a lot more responsibility, especially when it comes to managing your own finances. According to Statistics Canada, 2.8 million people were self-employed in 2017. And with the swelling ranks of the se.... More »
Did you file your 2017 taxes on time, yet your NOA is MIA? If so, you’re not alone! I’ve had this happen with a few of my clients… as well as with my own tax return! That’s right! My accountant filed my personal tax return in April… and for months, I didn’t receive my NOA. Every tim.... More »
What do you do when your competition has a 32-year head start? If you’re Equitable Bank, you pay brokers 150% more than normal. That’s the surprising move Equitable has made to build momentum in its reverse mortgage business. This degree of compensation is virtually unprecedented in this sector..... More »
There’s more to a real estate transaction than a mortgage..... More »
The word is out on a little-known policy used to qualify anyone with a HELOC who is applying for additional financing. Several of the Big Six banks have already adopted the policy, which requires applicants to prove they can afford the theoretical monthly HELOC payment based on the limit of that HEL.... More »
If you faithfully pay your loans, mortgage and credit cards each month, then you’ve probably received a call or letter from your bank with the news that you were pre-approved for a credit increase or a line of credit.
You might be thinking, I don’t even use all the credit I currently have. I don’t need an increase.
But guess what? Turning down a pre-approved credit increase may actually hurt your credit score.
Why you were offered an increase
If you already have an account with a bank, and it pre-approves you for a credit increase or new line of credit, it’s typically because you are being recognized for being a good customer. By diligently paying off your card every month and staying on top of your current loans, your bank now trusts that you will pay them back if they increased your limit.
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