Wednesday, March 31, 2010
Loophole may help banks to lend to first-time buyers
Friday, March 26, 2010
Wednesday, March 24, 2010
Tuesday, March 23, 2010
The Toronto Star article on this is attached.
Canada’s housing boom leads developed countries - thestar.com
Wednesday, March 17, 2010
Tuesday, March 16, 2010
Monday, March 15, 2010
Saturday, March 13, 2010
Friday, March 12, 2010
Changes to the CMHC Self Employed Product will be effective April 9, 2010. For purchase and portability the maximum LTV will be 90%. For refinance the maximum LTV is 85%. Qualification rules have changed for this product. If a client has been self employed in the same business for more that 3 years, they are NOT eligible under the CMHC Self Employed Product without Traditional third party validation of income (qualified deal). CMHC will continue to require that the borrower have a minimum of 2 yeas experience in the same field. This can include time spent working as a non self employed worker in the same field. Lenders are expected to obtain a copy of the business or GST license or Articles of Incorporation. Therefore if a client is self employed over 3 years, then you cannot do a self employed product. It must be qualified. If a client is self employed up to 3 years, you can do a self employed product.
8) Commissioned income will no longer be eligible for the CMHC Self Employed Product without traditional third party validation of income.
I have been notified that GENWORTH will follow suit.
Wednesday, March 10, 2010
Canadian Mortgage Broker News - Guidelines tightened for self-employed borrowers
Sunday, March 7, 2010
Thursday, March 4, 2010
Wednesday, March 3, 2010
Tuesday, March 2, 2010
Monday, March 1, 2010
5 steps to a Higher Credit Score
Learn how to manage your credit score and improve your creditworthiness. Think of your credit score as a picture of your credit risk. This picture reflects your risk at a specific point in time. A picture does not change; however, when you take another one, you will probably look a little different. Similarly, when your credit information changes, your score will also change to reflect the updated information.
There are steps you can take to ensure that each time a new "credit picture" is taken, it shows your best side. By observing the following guidelines, you can influence your credit worthiness for the better:
- Be punctual - Pay all your bills on time. Late payments, collections, and bankruptcies have the greatest negative effect on your credit score.
- Check your credit profile regularly and take the necessary steps to remove inaccuracies - Don't let your credit health suffer due to inaccurate information. If you find an inaccuracy on your credit profile contact the creditor associated with the account or the credit reporting agencies to correct it immediately.
- Watch your debt - Keep your account balances below 50% of your available credit. For instance, if you have a credit card with a $1,000 limit, you should try to keep the balance owed below $500.
- Give yourself time - Time is one of the most significant factors that can improve your credit score. Establish a long history of paying your bills on time and using credit responsibly. You may also want to keep the oldest account on your credit profile open in order to lengthen your period of active credit use.
- Avoid excessive inquiries - A large number of inquiries occurred over a short period of time may be interpreted as a sign that you are opening numerous credit accounts due to financial difficulties or overextending yourself by taking on more debt than you can easily repay.