Posted on
November 22/2021By
northwood
Nobody wants to be thought of as just a number, and of course, you are so much more. However, your credit score goes a long way to unlocking financial benefits such as the best rates for loans and credit cards. Unfortunately, if you’re not careful, you could hurt your credit score without realizing it. While it might not impact your day-to-day life, when you want to buy your dream car or need a mortgage, you’ll understand how important your credit score is. 7 Mistakes That Can Hurt Your Credit Score We are creatures of habit, but not all of our…
Posted on
October 04/2021By
northwood
Is your credit score holding you back from getting the home of your dreams? Are lenders withholding the best interest rates because of your credit rating? Having a strong credit score can unlock a lot of financial doors for you. On the other hand, a low score can hinder the mortgage solutions you’re offered. Here are some of the best practices you can use to improve your rating. Pay Bills On Time When you pay your bills on time, you’re building a good credit history, which can boost your score. It demonstrates to lenders that you are reliable and that…
Posted on
August 16/2021By
northwood
A mortgage is a loan for a lot of money, usually given to purchase property, but also provided to those looking to make renovations or get extra cash from their existing property’s value. When looking for a mortgage, lenders want to know that they can trust you with that sum of money. It’s why they conduct a thorough background check during the qualifying process. One of the things they want to see is whether you have a high or low credit score. The answer to that question will impact whether your mortgage application is approved, and what types of interest…
Posted on
May 22/2020By
northwood
For potential homeowners, getting a pre-approved mortgage seems like the right step to buying a house. However, it’s important to note that pre-approval does not guarantee the buyer will get actual mortgage approval. There’s still a chance the buyer can get rejected based on several factors. In this article, we will discuss how mortgage pre-approval can affect your credit score and how to avoid a big decrease. The Effects of Soft and Hard Inquiries Before applying for a pre-approved mortgage, you should keep track of the types of inquiries you make that could affect your credit score. “Soft” inquiries happen…
Posted on
January 15/2019By
northwood
If you need funds quickly, but don’t have cash in the bank and can’t get a loan, borrowing on your property is a good next option. In fact, getting a second mortgage in Toronto is usually cheaper than a loan because you are using equity in your home as security for the borrower. Second Mortgage in Toronto However, there are certain steps you can take to improve your chances of getting a second mortgage. If you have applied for a loan and been refused, you’ll know the reason why—and it’s most likely bad credit history. First, use one of the three main online credit bureaus to find out what your credit score is. By checking out your credit rating, you should be able to pinpoint the problem and possibly fix it. For example, if you are weighed down with credit card debt, find a way of paying it off. Or,…
