You always hear about how important it is to have good credit. But, for a lot of people, they aren’t aware of how to get there. When you’re looking to buy a home in Canada, it’s crucial that you understand the importance of establishing and maintaining good credit. In this blog post, I’ll explain what good credit looks like to …
Getting A Mortgage While Having A Previous Bankruptcy
Getting a mortgage while having a previous bankruptcy or consumer proposal can be difficult. While some banks won’t even consider giving you a mortgage, some lenders will provide you with a mortgage under certain conditions. In this blog post, I’ll discuss the difference between a bankruptcy and a consumer proposal and what conditions you’ll have to comply with when you …
Confused About Your Credit Score – You’re Not Alone
Here’s a typical scenario: You and your spouse are applying for a mortgage loan. You’ve had credit for years with three or four credit cards, a car loan and a line of credit. You always pay the minimum obligation, and always on time. Your spouse, on the other hand, doesn’t use much credit, perhaps has only two or three credit …
Different Credit Scores and What They Fit For Mortgage Programs
Credit is more important now than ever before. Equifax and Transunion recently changed how they calculate your credit score, with very good credit getting even higher and not so great going lower in most cases. I cannot explain exactly what they changed other than their formula for calculating, and that they put more emphasis on delinquencies and also positive factors …
Bad Credit & Private Lending Mortgages
There can be many reasons for having to get a private or B lender mortgage. Some of the main reasons are the following: Damaged or bad credit Past bankruptcy or consumer proposal No credit Thin Credit (Haven’t had credit for very long) Collections Etc There are many reasons a client or clients may need to get a higher priced mortgage …