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Improve Bad Credit Stop Cycle Of Private Mortgages BC

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Private Mortgage Improve Credit BCImprove Bad Credit & Stop the Cycle of Applying For Private Mortgages

How to you stop the cycle of bad credit mortgages? When refinancing a mortgage or taking out home equity with bad credit you have very few options. I have many private mortgage lenders that are happy to offer financing at an increased rate of interest if you are suffering from bad credit.

How to Improve Your Credit Score & Stop High Interest Mortgage Loans

 Credit scores are a funny thing and how to improve your credit score can depend on a variety of factors:

  • Credit inquiries, people that apply for credit multiple times a year impact their credit in a negative way.
  • Trade Lines above 50% of the limit. Credit is intended for a short period loan not a monthly budgeting plan. Keeping balances at 50% of the limit negatively impacts your credit score.
  • Missed or late payments. Keeping at lease the min monthly payment current will go along ways to maintaining good credit history.
  • Collections R5 to R9 payment history. Taking care of past collections or letting old collections fall of credit reports can be a slippery slop. It is best to discuss what to do with a mortgage professional or debt consolidation agent.

BC Debt Consolidation Equity LoansPaying off Credit Cards in Collections May Improve Your Chances of Conventional Mortgages?

 If you have a private mortgage with accounts in collection on your credit bureau you have to determine if you are going to pay these collections out or if they will be falling off your credit bureau in a manageable time. Strategies should be discussed with a mortgage broker or financial advisor because without improving your credit score traditional financing will be a difficult process to qualify for.

 Credit Reports, What Are They?

A credit report is a record about an individual that includes:

  1. Name, Address, Employment etc: Information about the persons Identity
  2. Creditors, Limits and Balances owed payment history.
  3. Information regarding past or present bankruptcies, court judgments, debts assigned to collection agencies & repossessions.
  4. Credit enquirers like how many times client apply to have their credit researched.

mortgage broker BCCredit Reports, How To Access Yours?

 You can access a free copy of your credit report online that requires two pieces of ID.

In BC, you can send your request to either or both of the two companies operating in the province. They are Equifax Canada and TransUnion.


mortgage broker BCUseful Information Regarding Credit Reports:

  • For a maximum of 6 years from the point a payment is missed or was late is the limit it can stay on your bureau.
  • A first bankruptcy will remain on your credit bureau for 6 years from the date of discharge.
  • Second bankruptcies do not have a statutory limit to report.
  • You must provide consent before someone can view or obtain your credit report.
  • Consent must be provable, meaning signed & documented in most cases.
  • If there is an error on your credit report you can provide a 100 word statement to the reporting agency. ( you can contact the Consumer Protection BC to assist with this)

If You Need Assistance With Your Mortgage Or Financing Needs Please Call Me 778-839-3963

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Paying Down Debt Top Financial Concern For Canadians in 2015

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Paying down debt Top Financial Concern for Canadians in 2015

Make A List Of DebtsIn a CIBC pole Canadians were asked, what is the top financial priority for 2015. This year like the past four years it is to pay down consumer debt. The focus for most mortgage brokers is educating clients on how to pay down or consolidate debts.

Steps To Consolidate Canadians Debts

Equity Loan List

 

Where to start, is most Canadians biggest challenges when starting to look at how to Consolidate Debts.

 

 

  1.  Collect Your Personal Information: Make a list of current debts but wean out the debts that might not qualify for debt consolidation.
  2. Check Credit Score: Applying to Equifax Canada will give you an idea how good or poor your credit score is.
  3. Look into Loan Options: There are several avenues to look at when dealing with debt consolidation. If it is unsecured financing you are looking for check with a few banks. If you are looking for a home equity loan to consolidate debts check with a mortgage broker who specializes in equity take out financing. Equity Loans are not all the same and it is important to have a professional research between banks & alternative lenders to find the best product for your needs.
  4. Get Rid Impulse Purchasing: Take credit cards out of your wallet or any other credit or overdraft that could tempt you in making foolish purchases. Remember a consolidation loan isn’t there so you are able to manage a payment and spend more. It is there to lower your payment so you can attack your debt more effectively.

EQUITY LOANS VERNON BC

 

If we can be of any assistance to you in your search to reduce your debt give us a call we would be happy to give you a no obligation assessment of your situation.