HawthorneVillager.com

Hawthorne Village (Milton) Discussion Board
It is currently Thu Mar 28, 2024 7:17 am

All times are UTC - 5 hours




Post new topic Reply to topic  [ 1 post ] 
Author Message
PostPosted: Wed May 04, 2016 8:58 am 
Offline

Joined: Mon Mar 23, 2009 9:06 pm
Posts: 158
When your mortgage application is being considered, your lender will look at your credit habits: do you pay your bills on time? Do you tend to get over-extended on your credit card? These habits are reflected in your credit rating. In order for your lender to assess your borrowing profile, you’ll need two revolving sources of credit that are each at least two years old.

Worried that some sloppy financial habits might keep you from a great rate or even from getting a mortgage? Here’s the thing: you can give yourself some credit. This important factor in your mortgage negotiation is entirely within your control. Start now to develop good credit habits:

1.Pay every bill on time. That one habit is your single biggest game-changer.

2.Don’t run up your credit cards. Use the 50% rule. If your limit is $5000, never let the card go higher than $2500.

3.Don’t ever let any bill go to collections, even if it’s for a small or disputed amount. These black marks on your credit are hard to erase. If it’s happened, be prepared to explain why, and be sure it’s paid in full and reported to Equifax.

4.If you’ve ever been bankrupt or under a consumer proposal, you’re going to have some extra challenges. You’ll need to have been discharged for two full years. And you’ll need to prove that you’ve re-established credit after the discharge, with at least two re-established revolving credit items and two-year history of satisfactory repayment. Strong income and downpayment will help.

If you’re wondering how to polish up your credit, get in touch with me. I can review your situation and give you some tips on how to boost your credit rating. What are you doing next week? It might be a perfect time to get started.

_________________
Paul Smith
Mortgage Agent
Mortgage Intelligence
Lic# M09000464
P - 905-691-6796
E - paul@bemortgagefree.ca
W - www.bemortgagefree.ca

Found On Facebook: Be Mortgage Free


Top
 Profile  
Reply with quote  
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB® Forum Software © phpBB Group
[ Time : 0.011s | 15 Queries | GZIP : Off ]