Terminology Tuesday – When you pull your own credit what can you expect!

As we all have learned Credit Scores are huge in determining if you can get a loan or mortgage.  Lenders have used this system for many years and the #1 agency used is Equifax.  There are a few others out there you can get access to to give you can idea of where you are at when the time comes to get a mortgage, financial loan, secured lines of credit and so on.  However the score you get when you pull your own bureau many times is much different that what we as mortgage brokers and the lenders get. So, why is that?  The inquiry you are doing…

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True Impact of the Bank of Canada Change to the Mortgage Market

The BoC recently released a document detailing what it believes to be a positive report on the Canadian Mortgage Market, but this article clearly shows how out of touch our government is. The BoC is applauding their statistics… yet, these numbers show that the government appears to be measuring affordability as a multiple of one’s income – and not by the proven, standard method of debt servicing ratios. This is very odd and, quite frankly, I find it absurd. So, the BoC is saying consumers who borrower above 450% of their annual salary are more prone to default or financial hardship should interest rates rise. They use 250%…

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