Tag

credit history
Published: • In this article we’ll look at the 5 most popular questions when it comes to consumer proposal: How does a Consumer Proposal work Who is eligible for a Consumer Proposal Will my spouse be affected by my Consumer Proposal OSAP & Consumer Proposals Second Time Proposals How does a Consumer Proposal Work Consumer...
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Published: •  Here in Canada, your credit score always matters — even when you are applying for a mortgage with an alternative lender or a private mortgage lender. It’s true they specialize in helping borrowers with damaged credit, but they still want to see signs of rehabilitation and repayment performance in the applicant’s track...
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Published:   •   The Truth about Alternative Mortgage Lenders Some members of the media have gone overboard painting a dark and dour picture of alternative mortgage lenders. The impression they give is that a bank mortgage is lily-white-extra-virgin-be-all-and-end-all, and anything else is inferior — and perhaps unsavoury. We hear terms like shadow lending, sub-prime lending, private lending,...
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Published: • I met a couple recently who want to refinance their house to pay off some debts. Their home is worth $900,000 and their current mortgage is $450,000, so with lots of equity to play with you would think this will be really easy. The debts total around $40,000. After gathering all their personal...
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No credit history qualified for a mortgage Five months ago, Arun Kumar  from Right at Home Realty referred his clients Raj and Nindy to me for a pre-approval for a mortgage for their first home. Raj has a good job making $71,000 per year, and Nindy was about to re-enter the work force and take a job...
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Two credit cards are better than one The other day a reader wrote in and asked “is it bad for my credit rating to have an inactive credit card?  I prefer to only use one and use the back up card only if I misplace the one I regularly use”. I replied “Good question. It’s...
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Rebuilding Credit Wants to Buy Home This morning I received an email from a reader who is re-establishing his credit history and interested in buying a home next year. Hello Ross, I need your help on credit building. I think everyone’s situation is unique, in my case I have paid all collections but there is...
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Pre approved mortgage denied because of consumer proposal Today’s question came from a reader in Alberta who is currently in a consumer proposal and also wants to buy a new home. “I moved to Alberta in 2007 for a family crisis and have had some personal hurdles to overcome in regards to employment – as a...
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Consumers spend too much on housing In our zeal to qualify for a mortgage, we strive to meet the debt service ratios used by all major mortgage lenders. The rule of thumb the lenders use is your mortgage payments, property taxes and heating bills should be less than 32% of your gross monthly household income....
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