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mortgages: How your FICO (Beacon) Score will impact your credit rating - Canadian Version - 11/07/07 05:25 PM
You may have heard and read a lot about the (U.S. Version) of the FICO Score and how it will impact your credit. Outlined below are the details unique to Canadian borrowers and how you can improve your score and in turn save yourself thousands of dollars in interest charges.
The credit score, also referred to as a "FICO score," is a mathematical formulae created by Fair, Issac and Company.The credit score is used by most companies to decide if the applicant is a good credit risk or not. Equifax and Trans Union will calculate the numbers from the credit report and generate a number between 300 … (2 comments)
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mortgages: Current Credit Squeeze and Its Impact on the Mortgage Market - 10/01/07 08:12 AM
It's far from over, suggests Benjamin Tal of the CIBC.
The news from the US subprime space will get much worse in the coming year, with default rates surging to unprecedented levels. But what really counts for the market is how much of this bad news is already reflected in current prices. It turns out that not only did the barrage of negative headlines of recent months raise the level of market immunity to adverse subprime news, but in fact, even after its recent improvement, the mortgage-backed market is currently pricing in a darker picture than the one likely to emerge when … (0 comments)
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mortgages: No Down Payment is a very simple concept - 06/01/07 07:31 AM
In Canada we have exceptional no down payment programs which I use quite often to satisfy the needs and expectations of not only first time buyers but also more seasoned purchasers alike. With recent revisions and improvements to the program, it is now possible to arrange 100% at what we deem "fully discounted rates" (up to 1.40% off posted rates). A no down client can now qualify for the same rates someone with 5%, 25% or even 50% down payment would qualify for. (subject to credit and min. Beacon Score requirements)
A great example of one advantage of a no down payment mortgage is I just completed a transaction where it made more sense for the … (16 comments)
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mortgages: Changes to Federal Legislation affecting High-Ratio Mortgages - 04/30/07 03:13 PM
Recent federal legislation has increased the maximum loan to value ratio under which conventional lending can be done in Canada without a requirement for mortgage insurance.
An amendment to the Canadian Bank Act came into effect on April 20, 2007, which increases the threshold for mandatory mortgage default insurance on residential real estate secured loans to 80% loan-to-value ratio (LTV) from 75% LTV. Mortgage default insurance in the 75.1% to 80% range is no longer required by Law.
Why is this great news? It makes home ownership more accessible as the purchaser will no longer have to work to build up a 25% … (1 comments)
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mortgages: Spring-cleaning could save you thousands - 04/02/07 06:32 AM
Wouldn't spring-cleaning be so much more gratifying if - somewhere under dusty barbecue parts and outgrown hockey skates - you found an envelope with, say, $5000 in cash? Wouldn't that make spring-cleaning worthwhile? Of course it would!
Well, you may not uncover a financial windfall when you're cleaning the garage this spring, but a little time and attention to the task of spring-cleaning your financial house can be very rewarding. This spring, dust away the cobwebs and take a hard look at your debt servicing costs.
Are you continuously carrying a large monthly balance on your credit card? Or are you making regular … (0 comments)
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mortgages: Home free – Six ways to pay your mortgage down faster - 03/27/07 11:54 AM
It's smart to speed up the process. If you have a 25-year mortgage for $300,000 at an average rate of 5.75 per cent, you'll pay $262,500 in interest. Here are six ways to pay off your mortgage in record time.
1. Buy what you can affordEven if you're pre-approved for a big mortgage, look for a less expensive home. You'll save on interest and won't have to rely on your line of credit to make ends meet. Never let your combined debts (mortgage, car loan, student loan, credit cards, etc.) exceed 40 per cent of your gross income.
2. Get a … (1 comments)
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mortgages: Canada's mortgage market "picture of health" - 03/19/07 09:07 AM
Canada News Wire TORONTO - In a bid to stave off concerns, a Canadian mortgage industry association called the domestic mortgage market "a picture of health," compared with the United States, where default rates have jumped in the higher-risk subprime mortgage segment and forced some U.S. lenders out of business.
As world financial markets monitor the U.S. subprime slide for possible ripple effects, the Canadian Association of Accredited Mortgage Professionals took pains yesterday to point out differences in the two markets.
It said the subprime market makes up 5% or less of all outstanding mortgages in Canada, versus about 20% in the United … (0 comments)
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mortgages: More Canadians purchasing second homes - 03/13/07 07:55 AM
More Canadians than ever are purchasing second homes. No longer the purview of the wealthy, second home ownership has gone mainstream. For many Canadians, it's the dream of a summer cottage, golf retreat or a winter chalet. For others, career or family demands fuel the desire for a second home: for business stays, or to shelter the university student studying in a distant community.
Now that the Canada Mortgage and Housing Corporation (CMHC) has introduced a Second Home program - helping Canadians borrow up to 95% of the home's value - the purchase of a second home is easier than ever. And … (3 comments)
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mortgages: Using Your Mortgage to Lower Your Debt - 03/09/07 07:39 AM
"Where the heck does it all go?" You're looking at your T4 slip from last year... or maybe your most recent pay stub. Sure, many people wish that those numbers after the dollar sign were a little higher, but it's the vanishing act that alarms you most. Tax time is especially sobering; you can see how much money you made... but your credit card is still maxed out and you don't have much to show for a year's income.
If you're looking for the holes in your wallet, start by making a list of your debts. Are your credit cards teetering at … (0 comments)
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mortgages: Renovation Nation: Canadians use their home equity to feather their nests - 03/06/07 09:25 AM
More than a decade ago, trend spotters began to tell us about the future trend of "cocooning". They predicted that decorating magazines, home renovation businesses and luxury home fashions and furnishings would see a big boom. But in 1991, we continued to look outside the home for our entertainment, and the idea of nesting at home seemed unlikely.
But the futurists were right, and Canadians have come home en masse: to work, to play, to socialize and to retreat. Not surprisingly, they are re-shaping their homes to accommodate their new passion for home life. Canada has become the renovation nation, with more … (0 comments)
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mortgages: 100% Mortgage Program just got better…..fully discounted rates! - 02/26/07 01:40 PM
Mortgage Intelligence is pleased to announce that in co-operation with Genworth Financial together with Canada's Premier Lending Institutions, the introduction of the 100% Mortgage Program, at fully discounted rates.
Similar programs are currently being offered at the Bank Posted Rates of up to 7.44%* where this new program clients can qualify for discount rates as much as 1.65% off posted rates.*
1. Eligible Properties:
New or existing propertiesOwner Occupied Primary residencesMaximum 2 unit duplexes2. Maximum Loan to Value Ratio:
100% of the property lending value insured by Genworth Financial. Insurance premium can be capitalized into the mortgage.3. Acceptable Loan Purpose:
Purchase Transactions onlyPurchase … (0 comments)
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David Yeoman
Barrie,
ON
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Mortgage Intelligence Inc. (David Yeoman)
Office Phone: (877) 725-7757
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