Is Going with a Mortgage Broker Right for You? Let’s face it: shopping for mortgages is tough. There’s a lot of information to sift through and a long checklist waiting to be done. You’ll use the excuse that you’re too busy and keep procrastinating. This will lead you to making the wrong decision by going with your bank or a mortgage broker who may not be offering you the best deal. But, mortgages don’t have to be tough. Or boring. Think of it as paving the way for a new life or leading your company into the great unknown. So, is going with a mortgage broker best for you? Walk with me… Assess What a Mortgage Broker Does Canadian mortgage brokers are licensed and must maintain their accreditation. This means they are always in the know of the latest information on the Canadian real estate and mortgage financing market. Canadian mortgage brokers provide you with expert advice according to your requirements, the market updates, rules, and regulations. Canadian mortgage brokers have more contacts among lenders because some them only work with brokers to get good clientele. Because mortgage brokers work with so many lenders, they help you get offers

How a Landlord Reports to a Credit Bureau Landlords need to screen tenants to limit the amount of trouble and financial strain they will encounter once a tenant takes up residence in their building. They have many factors to consider when screening—credit being a major aspect. Tenants are often uneasy when a landlord does a background check because they worry about their credit scores. While tenants can supply their potential landlords with credit data, landlords will also do a credit check by requesting information from credit bureaus. What Do Credit Bureaus Do? A credit bureau collects and updates credit information on individuals. This includes: repayment history the amount of credit available the amount of credit currently in use outstanding debt public record details (bankruptcy, foreclosure, repossession) Credit bureaus also have an individual’s personal information, such as their address, previous and current employers, and salary information. A credit bureau’s sources consist of a variety of businesses that provide consumer information, resulting in variations depending on the credit bureau you choose. Credit scores are sometimes erroneously calculated, for instance, when two individuals have similar personal information, but this can be disputed. Trust the Unbeatable Mortgage Team to help

A home is the largest purchase you will ever make in your life. Understanding how mortgages work is crucial, as it allows you to discover the best lending options for you. There are numerous mortgage types, but to help introduce some lending jargon, we have listed the five most popular. Conventional Mortgages As the name itself indicates, this is one of the most popular mortgage options. A conventional mortgage requires you to put down a minimum down payment of 20%, with the remaining amount being covered by your loan. A down payment is usually funded by your own savings, but an alternative to fund a down payment is withdrawing money from your RRSPs. Example: If Mary wants to buy a $100,000 home, she will be required to submit a downpayment of at least $20,000. High Ratio Mortgages These mortgages require the borrower to place a down payment less than 20%. The minimum down payment is 5%, with the lending institution covering the remaining 95%. Because these mortgages are more high risk, they do require the purchase of mortgage default insurance, the cost of which is passed on to you as a lender. High ratio mortgages are capped at residential properties

You’re looking to buy a new home and you understand the importance of a credit score, but you’re not completely sure what it is f. Credit refers to your ability to borrow money and can be considered your “reputation” in the lending world. According to CBC, 31% of Canadians don’t know how to attain a good credit rating and more than half have never checked their current score. Good credit history is essential in many large life events, such as renting an apartment, purchasing a car, or getting a mortgage, and is crucial to your overall financial health. Check Your Credit Score If you develop bad credit, banks and other financial institutions will view you as a risk. You may be wondering if there is a way to know your credit rating in advance. There are two types of credit checks: A Soft Credit Check. This is when a credit check is made as part of a background check or personal inquiry and will not impact your overall credit score. A Hard Credit Check. This occurs when a prospective lender makes an official request to view your credit in an effort to decide if they should lend to you. Hard