If you are in the market for a property, one of the determining factors to get approved for a mortgage is a credit score. Sure, you need a down payment, and income but a credit score shows lenders how you manage credit. Without an acceptable credit score, getting a mortgage will prove to be a challenge. Here’s what you need to know about your credit score in order to get approved for a mortgage in Canada.
If a home loan is not approved on the first try, it pays to apply with another creditor that will be open to saying yes. There are countless lenders that offer mortgages specifically for buyers with bruised credit or other financial situations. All borrowers should know their credit score in advance so they have an idea of their chances for approval.
Every adult on the planet carries some degree of debt during their lifetime. In fact, the normal rite of passage for young people is to get credit cards or student loan debt as soon as that first paycheck is earned. As time passes, mortgages, auto loans and other types of credit is added to the pile of money owed to creditors. However, there is a possibility that debt can affect mental health when finances get out of control.
In a perfect world, you find a house you love, you buy it, and live happily ever after! If only house hunting was as fast and easy as a transaction at the mall. Buying a property is a process that requires time, money, energy, and a qualified team to help you navigate the journey. To help you build your team and prepare for a house purchase, here is what you need to know!
Buying a house is a big step. It’s expensive, time-consuming and stressful. But when everything is said and done, it can be one of the most rewarding experiences in your life. Having a partner to navigate this experience with you can be a blessing with the proper planning and communication. Here are 4 things to discuss with your partner before buying a house together.
It isn’t always easy to spot misinformation because of the volume of money myths going around. Therefore, there’s no greater time than the present to debunk myths that have impacted how people use credit, save money, and make investments. In no particular order, here are ten of the most popular money myths!
Every year, millions of consumers fall victim to lender fraud in some form or another. The fight to find a legitimate lender is a real concern to potential home buyers, students, and other borrowers. But with the abundance of information and resources available, more consumers are obtaining fair financing one legitimate loan at a time.
Various circumstances lead people to the doorstep of the bankruptcy court. Some people find themselves with bad credit due to a job loss, illness, divorce or other unforeseen reason that leaves no other option besides bankruptcy. Failed business ventures result in liquidating company assets via the bankruptcy process. This article will explore bankruptcy recovery topics like Symptoms of an Impending Bankruptcy, Which Bankruptcy is Suitable, Staying Financially Healthy and more!
A small personal loan can be all that is needed to solve a minor financial issue. An affordable loan can be paid as agreed, which may lead to improved credit. Whether borrowing online, in person, or from an alternative lending source, the key is to ponder the pros and cons before jumping into a commitment, a combination which leads to a good ending.