Credit
New Immigrants Face Hurdles as First-Time Home Buyers
Posted by Brad Speniel | May 23, 2015 at 8:29 am
ESTIMATED READING TIME: 2 minutes
New Canadians are making their numbers felt in the housing market, as they get settled and make the transition from renter to owner, purchasing their first homes in this country.
Over 280,000 new immigrants arrived in Canada in 2010, the highest amount in 50 years according to the Department of Citizenship and Immigration. Immigrants are expected to play a large role in the housing market in the coming decades. Between now and 2031, the foreign-born population of Canada could increase approximately four times faster than the rest of the population.
For these new Canadians, first-time home ownership may prove harder than anticipated, as they face some unforeseen obstacles, but there are definite opportunities.
What Lenders are Looking For: How to Manage your Credit Score
Posted by Brad Speniel | May 22, 2015 at 12:12 pm
ESTIMATED READING TIME: 3 minutes
So maybe you let a few bills slide when things were tight. Or maybe you haven’t seen a zero balance on your credit card in longer than you can remember. Or maybe that temporary line of credit somehow became permanent. It’s amazing how many things we do that weaken our credit score.
Your credit score – the higher the better – is your passport to financial opportunities.
Known as a FICO score – with a possible range of 300 to 900 – your number tells lenders what kind of a risk you are likely to be as a borrower.
more What Lenders are Looking For: How to Manage your Credit Score
What Lenders are Looking For: Get to know your Credit Score
Posted by Brad Speniel | May 22, 2015 at 10:31 am
ESTIMATED READING TIME: 2 minutes
Your credit score is a three-digit number that lenders use to predict your credit worthiness. Credit reporting companies calculate your score based on your payment history, how much you owe, how long you’ve had credit and how often you apply for new credit. In general, the higher your score, the less likely you are to become delinquent on credit. If it’s above 650, you’ll probably qualify for a standard loan. If it’s lower, you may have trouble getting new credit.
more What Lenders are Looking For: Get to know your Credit Score
What Lenders are Looking For: The Five C’s of Credit
Posted by Brad Speniel | May 21, 2015 at 12:32 pm
ESTIMATED READING TIME: 3 minutes
Whether you are buying your first home or have been a home owner for years, when you are looking at purchasing a property, finding the best mortgage solution for your specific situation can be an intimidating experience. Working with a mortgage broker will ease much of the tension – you can rest assured you will receive the best representation by working with someone with years of experience and access to many lenders. However, knowing the basics behind what lenders are looking for will help you better understand the process and be more comfortable as your broker goes to work for you.