Mortgage & Finance

There are currently 2 blog entries related to this category.

Understanding Your Credit Report

Monday, December 19th, 2011 at 12:30pm. 2,819 Views, 1 Comments.

When it comes to obtaining a mortgage loan, your credit report is a key piece of the puzzle that will be used to determine how much of a loan you can take out as well as what your interest rate will be. Therefore, it is important for you to have a solid understanding of what your credit report is as well as how it will impact your mortgage loan terms. To that end, here is a look at the type of information you can expect to see in your credit report as well as how to fix your report if it contains errors.

Identification Information

The first part of your credit report will simply contain the information necessary to identify who you are. This information includes:
  • Name
  • Social Insurance Numbers
  • Date of Birth
  • Current Address
  • Previous Addresses

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New Mortgage Rules Coming into Effect

Tuesday, February 22nd, 2011 at 2:57pm. 23,780 Views, 1 Comments.

You may have heard but the deadline is fast approaching. The government is reducing the maximum mortgage amortization period to 30 years, from 35, as well as the the maximum amount of a home's value that can be refinanced.

These changes come into effect on March 18, 2011; exceptions will only be made where there is a binding home purchase/sale contract in place and the financing condition must be satisfied. Exceptions will also be made when it comes to financing and refinancing your current home, but you must also have an exsiting agreement in place (with your institution or mortgage broker).

For more details and to understand how this may effect you, feel free to view GVREB Mortgage Rules or visit www.fin.gc.ca.

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