Improve your credit score!
For some of us, spending money is part and parcel of our everyday lives and it’s so easy! We see what we want, hand over our piece of plastic and we’ve got it. Great, but the crunch can come when we need some extra money for something special and serious, like buying a home. This is where we approach a financial institution for a mortgage loan, and they tell us that our credit rating isn’t good enough!
You would like a fresh, clean credit record, wouldn’t you? The first thing is to determine the state of your finances as it appears to the outside world and whether the records are accurate. You can obtain a report from the two Canadian bureaus, Equifax and TransUnion. Should you discover discrepancies, immediately report them to the appropriate bureau and have them corrected. If you’re considering buying a home, seek some advice from your mortgage broker, who has the experience and expertise to present your financial position in its best light!
Should there be outstanding payments on your credit report, make arrangements to pay all the outstanding collection items on your credit report. Neglected or late payments of accounts, especially if related to a previous mortgage or another type of loan agreement can significantly affect your credit score. Therefore, it could be seen as crucial for your payment to be received by the creditor and processed by them before the due payment date.
It is likely that the majority of borrowers do not realize that their credit score is impacted as soon as the credit amount on your account reaches sixty-percent of the available credit limit. Your financial position is that closer you are to your credit limits greater the impact on your credit score. If you are considering buying a home or other property and require financing, then it’s strongly recommended that you approach a qualified mortgage broker for some experienced guidance regarding your credit standing.
Financial management is in the economic conditions of today, crucial to our lifestyles. Owning our own home is one of the ultimate goals, and for any first-time homebuyer, it is a significant step towards future prosperity. Therefore, it should be considered essential that if you considering home ownership and a mortgage loan approach the Mortgage Guys and plan how you can achieve it!