Real Estate Blog for Buyers & Sellers

Category: Financing (36 posts)

Tips for Improving Your Credit Score Before Applying for a Mortgage

November 1, 2023 | Posted by: Donna Alamolhoda

Tips for Improving Your Credit Score Before Applying for a Mortgage For many people, buying a home is a significant milestone in their lives. However, getting approved for a mortgage is ...

Bank Of Canada Rate Update June 7, 2023

June 7, 2023 | Posted by: Donna Alamolhoda

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 4.75%, with the Bank Rate at 5% and the ...

What are credit scores and how are they important?

September 1, 2021 | Posted by: Donna Alamolhoda

A credit score is a number that shows how likely you are to pay or default on credit. It ranges from 300 to 850; the higher the number, the more creditworthy lenders deem you. Your credit history dete ...

How Good vs Bad Debt Impacts Your Household

January 28, 2021 | Posted by:

In order to understand the difference between good and bad debt, it's important to track your income and expenses and established saving goals for your family. Financial stability allows you to mee ...

3 Tips on How to Better Your Credit Score

January 7, 2021 | Posted by:

Having a good credit score is of paramount essence as it affects your ability to access loans and borrow money. Your credit score rating influences the amount of mortgage you qualify for. You may ...

Should You Refinance Your Mortgage?

August 6, 2020 | Posted by:

There are a multitude of reasons why a homeowner may be considering refinancing their mortgage. However, before any final decisions are made it is always a good idea to consider carefully whether refi ...

Real Estate: How to Boost Your Credit Score Before Buying Applying for a Mortgage

June 18, 2020 | Posted by:

For the vast majority of home buyers, obtaining a mortgage will be a vital part of the purchasing process. Of course, in order to be approved for that mortgage, you will need to ensure that your cre ...

How Much House Can You Afford? Ask Yourself These Critical Questions to Find Out

May 28, 2020 | Posted by:

It is the perennial question for every first-time homeowner. How much house can I afford? As with so many life-changing decisions, there is no one right answer to this common query, and the size of th ...

3 Simple Ways to Repair Your Credit

May 21, 2020 | Posted by:

For many Canadians looking to purchase a home, bad credit scores stand in the way of getting a mortgage. Most lenders prefer your score to be 650 or higher. If they do allow for lower credit scores, i ...

3 Smart Ways to Use a Home Equity Line of Credit

March 26, 2020 | Posted by:

For homeowners across the globe, home equity lines of credit (HELOCs) have become a handy way of tapping into the value of their homes. However, when borrowing money against your home, it is always ...

How to Improve Your Chances of Being Approved for a Mortgage

February 20, 2020 | Posted by:

For most first time home buyers, obtaining a mortgage is a crucial part of the purchasing process. However, being approved for a mortgage is often easier said than done. It can be disheartening to f ...

The Pros And Cons Of Reverse Mortgages - A Quick Guide

February 6, 2020 | Posted by:

No matter how carefully you plan, life can put a dent in your retirement funds. A life-altering accident or illness can turn your life upside down. Dipping into your retirement to meet uncovered expen ...

Should You Get a Shorter-Term Mortgage, Make Extra Payments, or Something Else?

January 9, 2020 | Posted by:

When getting a home mortgage, if you can afford higher payments, often the option of a 15-year loan instead of one of 30 years is an option. It can be an enticing idea to know that you'll be free of a ...

Real Estate: How to Refinance a Mortgage with a Bad Credit Score

December 5, 2019 | Posted by:

There are many excellent reasons a homeowner may look into refinancing their mortgage. To refinance means to replace your current mortgage with a new one, almost always with a lower interest rate. For ...

Planning to Refinance Your Mortgage? Ask These 4 Questions First

October 24, 2019 | Posted by:

Deciding to refinance is a crucial financial move that can help you make significant savings. When you plan properly, do your research, and take time to evaluate where you stand financially, you'll be ...

Four Strategies That Can Help You Get Approved for a Mortgage

September 26, 2019 | Posted by:

So, you've decided to take the big step and look into getting what will likely be the biggest loan of your entire life: a mortgage. Applying for a mortgage can be a bit of a nerve-wracking process, es ...

Can You Afford to Buy a New Home?

September 5, 2019 | Posted by:

Is Purchasing a New Home in Your Budget? If you're throwing your hard-earned money away on rent each month, putting that same amount towards your own home could be an incredible advantage. However, i ...

Five Reasons Why You Should Have More Than One Bank Account

August 1, 2019 | Posted by:

In today's tech world, being victimized by hackers can leave you penniless if you have only one bank account. The following five situations demonstrate how a having a backup account can keep you ...

Five Ways to Simplify Your Financial Life

July 4, 2019 | Posted by:

No matter who you are or what you do for a living, it can seem like your bank statements, credit card receipts, and other financial documents are burying you alive. If you are struggling under the wei ...

Savvy Spender: Simple, Smart Ways to Make the Most of Your Credit Cards

June 20, 2019 | Posted by:

Savvy Spender: Simple, Smart Ways to Make the Most of Your Credit Cards With their vast array of special perks and member benefits, credit cards are an appealing financing option for modern consumers ...

Buying a Home, Step One: Mortgage Pre-Approval

May 9, 2019 | Posted by:

Whether you're looking to buy your first home, or haven't purchased a home in the past several years, you may be surprised to discover that searching your local real estate listings is not the best pl ...

Why Remortgage? 4 Excellent Reasons to Consider Refinancing Your Home

April 25, 2019 | Posted by:

Your home is probably the most significant purchase you'll ever make, yet it's surprising how many people simply continue paying their mortgage every month without thinking too much about it. However, ...

Saving For College: Four Tips For Parents

March 7, 2019 | Posted by:

One of the prime concerns of parents, especially parents of teenagers, is how their children will be able to afford college tuition. With prices going up each year at even state and community colleges ...

Is Having No Credit As Risky As Having Bad Credit?

February 14, 2019 | Posted by:

Let's clear up one misconception, right off the bat: having no credit is not the same as having bad credit. 'No credit' simply means that your credit history - which tracks your loans and repayments o ...

Why Should I Repair My Credit?

January 31, 2019 | Posted by:

Your credit history is more than just a number; it affects nearly every aspect of your financial life. If you are suffering from a low credit score, you're probably an excellent candidate for credit r ...

How to Manage Your Credit Card Debt: A 4-Step Strategy

January 3, 2019 | Posted by:

Being in debt is undoubtedly stressful, more so when the interest rates keep pushing your overall debt to skyrocketing amounts. Many people fall into the temptations of unnecessary expenditures and en ...

Why is Saving Money so Hard?

December 20, 2018 | Posted by:

Saving money is a lot like dieting -- easy to understand but difficult to execute and follow through. Intellectually, you know that having that extra piece of pie or second helping of French fries is ...

3 Ways to Change Your Financial Habits

December 6, 2018 | Posted by:

Some financial habits are good, but others can hold you back and prevent you from saving. If you need to change your financial habits, it is important to take a step-by-step approach. This three-step ...

5 Smart Ways to Improve Your Credit Score

November 22, 2018 | Posted by:

Whether you want to buy a house or just get a better rate on your credit card, your credit score will play a big role in how well you do and how much you have to pay. If you do not know your ...

Important Steps to Take in Your 30s to Prepare for Retirement

November 1, 2018 | Posted by:

Some adults begin planning and saving for retirement immediately after graduating college and entering the workforce. Others delay retirement planning, believing that they have several decades to save ...

Great Tips To Pay Off Your Mortgage Early

October 25, 2018 | Posted by:

Are you looking for ways to speed up paying off your mortgage? Most mortgages are taken out for 15- to 30-year periods. However, this shouldn't stop you from paying off your mortgage early if you come ...

Strategies to Dig Yourself Out of the Debt Hole

October 18, 2018 | Posted by:

Debt. It's something almost everyone will have at some point in their life. But what happens when your debt begins to get the better of you? What options are available? Some simple strategies can help ...

Why You Need an Emergency Fund - And How to Get One

August 9, 2018 | Posted by:

Building an emergency fund is something most people know they should do but few actually get around to doing. A recent study found that nearly two-thirds of Americans did not have an emergency fund, a ...

Financing Your First Home

July 26, 2018 | Posted by:

A lot of emotions are involved when preparing to apply for your first mortgage, including excitement, apprehension, joy, and dread. If you do the necessary preparation before diving into the home-buyi ...

How to Maintain a Good Credit Rating Throughout the Year

July 5, 2018 | Posted by:

If you want to make it easier to get an auto loan, mortgage, or new credit card account, you need to maintain a good credit score. It's easy to do so, particularly if you follow the tips presented her ...

How Much Can I Afford To Pay For A Home?

June 21, 2018 | Posted by:

To determine 'affordability' you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is your principal residence you are p ...

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