How to Check your Credit Bureau Rating
It is recommended that you check your credit rating annually. This will allow you to see what is recorded under your name in the credit bureau files, and ensure that the information is accurate and up-to-date. Both partners should check their ratings, even if one is unemployed.
If there are any inaccuracies, you can then work on getting the information amended or deleted.
You should also check your report:
Before making a major purchase that may involve a loan.
Before applying for a new job. Many companies look at your credit history when hiring employees.
To guard against identity theft.
In Canada, there are two credit bureau agencies, Equifax Canada and TransUnion Canada.
You can request your credit bureau information online athttp://www.equifax.ca.
Information is on the Equifax website as to how to request a credit rating.
Please note that you can obtain free credit reports by phone (1-800-465-7166) or mail (there is a form on the Equifax website to complete and mail). However the free reports will not include your credit score, which is important information to know, as the credit scores are used by lenders in making credit decisions.
To get the basic report plus your credit score, by mail, the fee is currently $ 11.95.
For an immediate online report plus credit score, the cost on the site is currently $23.95.
For an immediate online report only, the cost is $15.50.
At a very minimum, we would suggest that you order your basic credit report for free, at least annually. When you order the report yourself, your credit score will not be impacted.
At Northwood Mortgage, we would be pleased to look at the reports you obtain from Equifax, to assess the ratings and provide feedback.
Please note that Northwood Mortgage can only request the credit bureau reports ourselves if we have actually received a completed approval or pre-approval mortgage request with identification provided and some proof of income.
Canadian home sales fall further in July
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined further in July 2017. Highlights:
National home sales fell 2.1% from June to July.
Actual (not seasonally adjusted) activity in July stood 11.9% below last Julys level.
The number of newly listed homes edged back by 1.8% from June to July.
The MLS Home Price Index (HPI) was up 12.9% year-over-year (y-o-y) in July 2017.
The national average sale price edged down by 0.3% y-o-y in July.
Julys interest rate hike may have motivated some homebuyers with pre-approved mortgages to make an offer, said CREA President Andrew Peck. Even so, sales activity continued to soften in the Greater Golden Horseshoe region. Meanwhile, sales and prices in Montreal continue to strengthen. All real estate is local, and REALTORS remain your best source for information about sales and listings where you live or might like to.
July marked the smallest monthly decline in Greater Golden Horseshoe home sales since Ontarios Fair Housing Plan was announced in April, said Gregory Klump, CREAs Chief Economist. This suggests sales may be starting to bottom out amid stabilizing housing market sentiment. Time will tell whether thats indeed the case once the transitory boost by buyers with pre-approved mortgages fades.
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Decline in single-family component moderated by gain in multi-family dwellings
Canadian municipalities issued $8.1 billion worth of building permits in June, up 2.5% from May and the second highest value on record. Higher construction intentions for multi-family dwellings and commercial buildings were mainly responsible for the national increase. All building components reported gains in June, except for single-family dwellings.
The value of residential building permits fell 0.9% in June to $5.0 billion, the fourth decrease in five months. The decline was mainly the result of lower construction intentions in four provinces, notably Ontario.
In June, the value of permits for single-family dwellings decreased 12.5% to $2.4 billion. Seven provinces registered declines, with Ontario being the main contributor to the decrease.
Conversely, construction intentions for multi-family dwellings rose 12.5% in June to $2.7 billion, marking a third consecutive monthly increase. Seven provinces registered gains, led by Ontario and British Columbia.
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