Credit Financing Tips For Home Buyers In Toronto

It's a great time to buy property in Toronto as it has too become a buyer's market. Although mortgage rates are hovering at fifty year lows lenders can be quite challenging in releasing fund readily. In order to be an appealing mortgage candidate it is recommended to have a healthy down payment. 15% would be considered pretty health. 20% down payment would eliminate paying an insured premium for the mortgage. Solid employment record certainly helps the process.
Just as important if not more is the ability of making debt payments in a timely fashion. Let's take a look at the very important credit score, also known as Beacon score. Actually a brand of credit score issued by Equifax, the largest credit-reporting agency in Canada. Trans Union, another widely used agency, also issues credit scores under a different name. Credit scores are based on a complex formula. They range from 300 to 900, with 700 being near average. Individual scores can change every month.
It is recommended to get an experienced and knowledgeable mortgage specialist.
By getting the right professional will minimize a lot of possible headaches down the road.
If there are issues which affect your creditworthiness. A mortgage specialist can advise you what and how you can correct these issues in an effective period of time. It may require restraints in putting off certain expenditures and cut back on spending to reshape finances. But if home ownership is your goal, crafting a good credit score is essential to putting those house keys in hand. Read More

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Savio Vaz

Savio Vaz

Broker
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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