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By admin, July 10, 2009 3:58 pm

Your credit score is used by most companies to see if you are a good credit risk or not. A credit score of over 680 is considered excellent.

What Can You Do to Improve Your Score?

1. Order a copy of your credit report from www.equifax.com or www.transunion.com to review it and make sure there are no errors.
2. Pay your bills on time.
3. If your credit history is questionable, open a few new accounts and use them responsibly.
4. Don’t open accounts and not use them. Having 6 or 7 of the same type of credit does not work in your favour.
5. Keep your balances low relative to your amount of credit available.
6. Pay off credit card debts!

What Does This Mean to Home Buyer’s?

The better your credit score the higher you buying power (income dependent as well). You will also qualify for the best mortgage products at the best rates.

To see what your credit score is and how much of a home you can afford, make sure to talk to your Real Estate Agent and Mortgage Broker before shopping for your Toronto Home.

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By Lisa Collins, December 9, 2008 9:05 pm

The Bank of Canada made a bold move today and cut the rate 3/4’s of a percentage point, more than the originally anticipated 1/2 percent. This is the lowest it has been since 1958.  In 1958 there was also a recession, some say the least worrisome of the some 25 that have happened.

The Big 5 banks are not passing all the savings onto the consumer even though their cost of borrowing is lower.  Expect rates to be cut by 1/2 a percent over the next few days.  Just the same, now is the best time in recent history to buy!

I can put you in touch with my preferred Mortgage Professional to see about getting you the best possible rate for your circumstances.  Call me 416-518-8188.