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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...

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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...

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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%...

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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...

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