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It's true, negative credit items can remain on your credit report for up to 7 years (up to 10 years for public records, such as a bankruptcy, tax lien or judgment). But this doesn't mean that you have to wait 7 to 10 years to begin re-establishing a good credit rating. 4 Dos and Don'ts when it comes to rebuilding your credit: 1. Three months prior to securing your mortgage, DON'T apply … [Read more...]
Updated from our Mortgage and Financing Archives. Originally posted in March 2009 Pre-qualification is the starting point in your search for mortgage financing. A quick snapshot is taken which includes income, existing debt, savings, length of employment, etc. All of these factors will then be analyzed to determine your loan eligibility. Pre-approval is written documentation that shows you … [Read more...]
Consumers are often baffled by the home appraisal process. They may feel their home is worth a certain dollar amount, and therefore, the appraised value doesn't make sense to them. It is important to know that appraisal guidelines are dictated by the lenders. In many provinces, the lenders must disclose the purpose of the appraisal, as each situation carries its own set of rules. In essence, … [Read more...]
If you are looking to buy, invest in, or obtain a better rate on your current mortgage now or in the coming months, your credit is going to play a more significant role in today's tight-fisted credit environment than it has in the past. It's that simple. Would-be borrowers need to address any and all credit issues now to avoid having to pay for it later. But, here's the kicker: a great number … [Read more...]
A Step-By-Step Walkthrough 1 Loan Application and Pre-Approval – Lenders are encouraging buyers to get pre-qualified for a mortgage even before they begin looking for a house. This way, buyers know ahead of time how much house they can afford. 2 Loan Search – Although buyers often use a lender recommended by their Real Estate agent, some prefer to do their own comparisons. Borrowers may … [Read more...]
Good credit is well worth the effort it takes to both achieve and preserve it. If you have good credit, the following tips will help you keep it that way. If you are looking to improve your credit, however, now is the time to get started. Give us a call. We'll review your credit and find out exactly where you stand. In the meantime, if you plan on entering into a loan transaction in the next 6 … [Read more...]
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deyanira@McGillRealEstate.com
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