Marie-France Lavigne and Michele Quinn – Dominion Lending Centres The Mortgage Source 10145 | financing tips
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financing tips

financing tips, home purchase, mortgages / 28.05.2019

When is it time to think about saving for a down payment? I would say about a year before you think about buying a home. While that’s ideal in today’s world, we often do not have much time to save for a down payment. Sometimes your landlord is planning on retiring and wants to sell the property. How do you get a down payment? Here’s a few ways to get a down payment for your home: Save – it’s old fashioned but it works. Open a Tax Free Savings Account (TFSA) and put a set amount into it. If you don’t...

financing tips / 26.04.2019

When applying for any sort of loan, one of the most important metrics a lender is going to look at is your credit score. But what really is a credit score, who keeps track of it, and most importantly, how can you improve yours? There are a few simple ways to keep your credit score in good shape. First off, prioritize paying your bills on time. Missing payments on your credit cards, lines of credit and so on, can have a very negative impact on your score. You can spend an entire lifetime building up for good credit. All it takes is one mistake...

financing tips, mortgages / 21.02.2019

1. Too Much Debt When home buyers seek a mortgage, the words “debt-to-income ratio” quickly enters into the vocabulary, and it’s not without reason. Too much debt is a red flag to lenders, signifying you may not be able to handle credit responsibly. Lenders will analyze how much debt you carry and what percentage of your income it takes to pay your debt. Debt ration is just as important as your credit score and payment history. Two affordability ratios you need to be aware of: • Rule #1 – GROSS DEBT SERVICE (GDS) Your monthly housing costs are generally not supposed to exceed 32%...

financing tips, Uncategorized / 10.01.2019

Though credit scores aren’t always an indicator of financial health, they are used in a variety of ways that could have a major impact on your life. Interest rates (including mortgage rates) are almost always determined by your credit score. Some employers & landlords may require a credit check to see if you have past credit issues. Remember this is your credit report, not your “I’m Fiscally Responsible” report. Lenders want to know how you have historically handled credit in order to determine if you are a good credit risk. Higher risk = higher rates! The Rule of Two: • You should always...

financing tips / 13.09.2018

There is a lot of misinformation floating around about credit bureaus, credit reports and credit scores – not only that, but a large amount of the clients I work with have never even seen their credit report or score before! I’d like to shed a bit of light, as they say, on the importance of your credit score and what does (and does not) affect this ever-changing number. Keeping Your Credit Score Healthy There are a few ways that you can actively ensure that your credit score is kept at a nice high number: Pay your credit cards and other debts on time –...

financing tips, mortgages, real estate / 13.07.2018

7 QUESTIONS TO HELP YOU DECIDE IF YOU SHOULD PURSUE A HELOC, REFINANCE OR SECOND MORTGAGE HELOC, Refinance or Second/Third Mortgages? Which one should you choose to go with? If you have decided to tap into the equity in your home, the three can seem to be interchangeable at times and for many consumers can be a difficult decision on which one to select. We have laid out seven questions to guide you through the decision, for your unique situation. We’ve also broken this down into three categories, Equity, Payment and Availability. PAYMENT 1. HOW WILL I RECEIVE THE MONEY? • HELOC: Home Equity...

financing tips, Uncategorized / 10.07.2018

Put yourself in a bank or lender’s shoes. Someone comes into your branch and asks you to politely loan them $300,000. You are a big bank, but $300,000 is still a lot of money. How do you ensure this person is going to pay back the money you loan them, on time, and in the right amount? Look at their record for borrowing other people’s money. This is why taking on different kinds of debt when you are young is a good thing, but it must be within reason. Credit Cards Lenders want to see a minimum credit limit of $2,000 as well...

financing tips, home purchase / 04.07.2018

To get out of debt, you need a plan and you need to execute that plan. That’s why I’ve created this simple, five-step, get-out-of-debt checklist that can help you leave that financial burden behind you. As you work on your plan, you’ll need to make all necessary adjustments to your budget along the way so you don’t overspend and slide back into debt. Plus, if you don’t have an emergency fund, consider setting some money aside in savings beforehand. Keep this checklist someplace where you’ll see it often (like your refrigerator door ), and make it your goal to check a task...

financing tips, mortgages, real estate, Uncategorized / 20.06.2018

Have you spoken to a mortgage broker lately? When it’s time to renew your mortgage you have the freedom to do a number of things that are not possible at any other time without a financial penalty. Renewal time is an opportunity. Have you looked at your mortgage amortization lately? Let’s say that you started your present mortgage 10 years ago and you had a 30-year amortization. You now have 20 years left on your mortgage but your situation has changed. Your children have grown up and one is ready to leave for college and another one will follow in a...

financing tips, home purchase, mortgages, real estate, Uncategorized / 08.05.2018

Looking back at predictions from 50 years ago of what a home would look like and be able to do today, it’s almost laughable. Back then, the home of the future would include rooftop pools that act as air conditioners and a garage for our airplane automobile that has folding wings. Fast forward 50 years from now and depending on where you live in the future, a garage for your car may not even be needed. Dave Pedigo is the VP of Emerging Technologies with CEDIA, a North American association representing the home technology industry. In 50 years from now, he...