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...]
Fixed Rates Officially Going Up, Variable Rates going down.
June 4, 2009 By 1 Comment
Great deals only last for a limited time. We all knew it was coming, we just didn't know how soon... Canada's biggest banks are increasing key mortgage rates. Royal Bank of Canada announced the change on five-year, fixed-rate mortgages to 5.45%, an increase of 0.2%. Bank of Montreal, Toronto-Dominion Bank, Bank of Nova Scotia and Canadian Imperial Bank of Commerce are following. The changes at … [Read more...]
Mortgage Matters: Fixed vs. flexible – Gazette
April 6, 2009 By 2 Comments
Last week, the gazette printed an interesting article on the factors to consider when chooing a mortgage. It says that, in the past choosing a fixed or variable mortgage has traditionally been which strategy would save the most money, and now that it's not always the case. Choosing a type of mortgage and term today may come down to what makes sense for the individual home owner rather than what … [Read more...]
What you need to know about credit scoring: Part II
September 9, 2008 By 1 Comment
Part II: The Five Factors of Credit Scoring There are five factors that comprise the credit score. They are listed below in order of importance, just as an underwriter would look at the score: 1. Payment History: 35% impact. Paying debt on time and in full has a positive impact. Late payments, judgments and charge-offs have a negative impact. Missing a high payment has a more severe impact … [Read more...]
What you need to know about Credit Scoring
August 7, 2008 By Leave a Comment
Part I: Good Credit Translates into Lower Rates for the Consumer In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really a matter of trusting an individual to be a "man of his word," so to speak. Fair Isaac sought to take human error out of the equation with a reliable system that … [Read more...]
Ottawa is tightening mortgage insurance rules
July 11, 2008 By Leave a Comment
The federal government said Wednesday that it is tightening the rules relating to government-guaranteed mortgages. The new rules, set to take effect Oct. 15, are a "responsible and measured approach … to reduce the risk of a U.S.-style housing bubble developing in Canada," the Department of Finance said in a news release. The measures will apply to new, government-backed, insured mortgages. … [Read more...]
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