BUYING A HOME? CHECK YOUR CREDIT SCORE FIRST

Credit Score

Before you type into Google, “homes for sale,” you should be taking a deep look at your credit report. We get it. It’s not the glamorous side of buying a new home but knowing how the credit bureaus rate your creditworthiness will save you time and reduce stress when you start viewing homes. HOW CREDIT SCORES IMPACT YOUR MORTGAGE RATE The majority of home buyers do not have the funds to purchase a home outright and need a loan to cover the costs. Because you are applying for a loan, your bank or lender will make a ‘hard inquiry’ on your…

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DO YOU KNOW YOUR CREDIT SCORE?

credit score

Have you been struggling to land your dream job? Maybe it’s not your qualifications that are keeping you back but your credit. Yes, we said credit. Lenders are not the only people who can access your credit history. Employers, landlords, and even cell phone companies can review your credit history. Before sending in that next job application, stop, drop, and check the score. Your credit score that is. WHAT DOES A GOOD CREDIT SCORE MEAN? Your credit score is a three-digit number between 300 and 900 that is used by lenders to determine how dependable you are with paying back…

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Top 5 Tips for First-Time Homebuyers

First-time homebuyers

Shopping for first-time homebuyers can be overwhelming if you don’t know where to start! Here are the top 5 tips for the first-time homebuyers: Build your team One of the best decisions to make in the early stages of preparing to buy a home is to start building yourself a team of trusted professionals. First, contact a Mortgage Broker who can help you with your long-term financial goals and from there you will want to find a realtor, lawyer and home inspector. Determine what you can afford It is financially savvy to first talk to a professional Mortgage Broker and…

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Downpayment Options

Downpayment options

What Are My Downpayment Options? One of the biggest challenges of home ownership is saving the required downpayment. Your lender will be looking for a minimum 5% down payment on your property. There are generally 5 options available. Your down payment can come from more than one source. Using Your Own Savings or Investments One of the most straight forward down payment options is your own savings or investments.  You will need to provide recent 3 month bank statements to show the history of the savings.  It is required that the full amount of  savings for your down payment must be in…

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Why I check my Credit Rating every 6 months

Credit rating

When is the last time you checked your own credit rating? I’ve made it a habit to check my credit bureau every 6 months or when I close a loan or credit card and here’s why. I purchased a new computer in the fall.  I had the money to buy it out right but decided to use the 0% financing & no payments for 3 months.  The balance was paid on the very last day and received a stamped confirmation of payment. Two months later, I receive a call from CitiFinancial that I owe $106 in late interest.  I corrected…

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House Hunting: 5 Tips to help with the Homebuying Process

House Hunting: 5 Tips to help with the Homebuying Process

There are so many options when you start the house hunting process. It can be overwhelming! Here are a few house hunting tips to help make the process a bit easier: 1)  Get Pre-approved First of all, the #1 thing in home buying is that you need to know how much you can afford before you go house hunting. This saves grief and frustration from looking at homes that are beyond the reach of your budget. In addition, it also puts you in a better position when making a serious offer. There is a difference between being pre-qualified and pre-approved. When you are pre-qualified, a mortgage…

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4 Signs You’re Ready to be a Homeowner

4 Signs You are Ready to Be a Homeowner? Are you ready to be a homeowner? Buying a home is a big commitment that is exciting and nerve wracking. How do you know if you are ready? Here are 4 signs that you are ready to take the plunge into home ownership.   1) TIRED OF RENTING Finding that ideal property to rent for a good price can be tough! If you are tired of being a transient moving from one rental home to another because you have no control on landlords decisions; maybe it’s time to look at what…

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Buy now or wait for the rates to go down?

Buy now or wait for better rates ? Recently I was asked a great question from a local realtor.  Her clients are looking to buy BUT are on the fence about whether to buy now or wait 6 months to see if the interest rates go down. With the state of the economy now, there is anticipation that home prices may drop in the future, however there is also talk that mortgage interest rates are on the increase. What is the best option for saving money? Buy now or wait 6 months? There is no crystal ball in the mortgage world. …

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4 Tips to Manage a Layoff

4 Tips to Manage Your Finances When Faced with a Layoff The Canadian economy is in a recession and there are uncertain times for many. Low oil prices and the change of both Provincial and Federal government leadership has had a tremendous impact on the economy, resulting in many layoffs in 2015. More layoffs are predicted in the upcoming months. What happens if you have lost your job or are faced with a huge income cut? Losing a job or facing an income reduction is an emotional time when many are already living pay check to pay check. Step out…

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