Lending
Switching mortgage lenders for a lower rate
Posted by Brad Speniel | May 22, 2015 at 1:27 pm
ESTIMATED READING TIME: 2 minutes

With today’s historically low rates, many Canadian homeowners are looking for advice as to whether they should move their mortgage for a better rate. You can switch to another lender at any time, although the renewal date is often when homeowners decide to transfer their mortgage. Some typical questions you may have when switching mortgage lenders:
Will I pay a penalty if I transfer my mortgage?
There are no fees or payout penalties if you switch at mortgage renewal, otherwise there likely will be a penalty, although often paying the penalty to get a lower rate can save thousands.
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.
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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.
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Shop Smart: Get a pre-approved mortgage before you hunt for a home
Posted by Brad Speniel | May 22, 2015 at 8:59 am
ESTIMATED READING TIME: 3 minutes

When you are house hunting, knowing what you can afford and the amount of mortgage you are qualified for will help you find the right home for the right price. If you have been saving a down payment and are planning to purchase a property in the next three to six months, getting a pre-approved mortgage should be your next step.
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