A Gupta mortgage agent at Northwood Mortgage™ Ltd. Who is one of the GTA’s largest brokerage firms. We provide unmatched mortgage funding and investment services.
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We prides on being able to help you finance your home or business property when others cannot.
Each year, we loan approximately half a billion dollars to homeowners as well as industrial and commercial businesses.
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Everything you need to know about your credit score
Everything you need to know about your credit score
We separates fact from fiction.
Its something most of us have, but dont know much about. Were talking about credit scores. Credit scores play an important role if youre looking to make a large purchase, like buying a house or car. Financial expert Robyn Thompson breaks things down and separates fact from fiction.
What is a credit score?
Your credit score can range from as low as 300 to as high as 900. While theres no magic number, the following ranges are generally used by lenders.
725-759: Good job!
561-659: Some debt.
300-560: Poor credit.
Keeping your credit score in check
Check your credit score annually
A check can reveal signs of identity theft or errors that appear on your report. Do this annually for both credit bureaus. Ensure that attempts have not been made to open credit cards, other loans, or mortgages in your name. And request any errors be corrected.
Monitor your payment history
Your payment history is the most important factor for your credit score. To improve your payment history:
*Always make your payments on time
*At the very least, make the minimum payment
*Contact the lender right immediately if you cant pay a bill
*Never skip a payment even if its in dispute
Use credit wisely
Dont go over your credit limit and use less than 35 per cent of your available credit. Lenders view the use of maximum credit as a greater risk factor, even if you pay your balance in full by the due date.
Limit your credit applications and credit checks
A credit check is recorded as an inquiry by the credit bureau. If there are too many credit checks on your report, lenders may think you need credit urgently or that youre living beyond your means by juggling credit.
Some of the most common credit myths are:
**Your score drops if you check your own credit. Viewing your own report and score is counted as a soft inquiry and doesnt change the score one way or another. On the other hand, hard inquiries by a lender or creditor can slightly lower your credit score.
**Closing old accounts raises your score. Wrong. This might actually have the opposite effect because your credit history appears shorter. If you need to close accounts, shut down the new ones first.
**Paying off a negative record takes it off your credit report. Negative records collection accounts, late payments, etc. will remain on your credit reports for up to seven years from the date of first delinquency. It will still have some effect until it is purged from your report by the credit reporting company.
**Co-signing a loan takes the heat off you. No, it doesnt. You are held legally responsible for joint or co-signed accounts. And activity on the joint accounts shows up on the credit reports of both account holders. You can end dual liability on joint accounts by having one party refinance the loan or persuade the creditor to formally take you off the account. Better yet, avoid joint or co-signed credit.
**Paying off a debt boosts your credit score by 50 points. A myth. Because of the
complexity of credit-score calculations, its almost impossible the effect one factor might have on points. For the best credit score pay your bills on time, lower your debts, and ensure inaccuracies are corrected. A proven record of sound financial management will have the most significant impact on your score.
Almost no annual growth for national HPI
The national HPI has grown at a below-inflation rate of 0.5% over the last 12 months, the smallest gain since November 2009. Moreover, the fact that monthly gains are reported for May and June does not mean that the market recently turned the corner. These two months typically register the strongest growth rates in a year. Indeed, the two latest rises were among the weakest in history for months of May and June. If seasonally adjusted, the national HPI would been down in both months this year. However, the weakness is not regionally broad-based. The national HPI was dragged down by 12-month home price declines in Western Canada metropolitan areas (Vancouver, Calgary, Edmonton and Winnipeg) and a tiny increase in Victoria. In Central Canada and in the East, home price growth ranges from decent to strong (left chart). This is consistent with the state of home resale markets. For example, the Vancouver market turned favorable to buyers at the end of last year, while the Toronto market remained balanced and Montreal’s market has never been this tight since 2005. That being said, a rebound in home sales recently occurred in Canada which was also felt in the largest Western metropolitan areas. This should help limit home-price deflation in these areas.
The Teranet–National Bank Composite National House Price Index increased 0.8% in June, a second gain in a row after an eight-month string without a rise.
On a monthly basis, the index rose in 8 of the 11 markets covered: Winnipeg (0.1%), Quebec City (0.3%), Montreal (0.8%), Toronto (1.3%), Halifax (1.5%), Hamilton (+1.6%), Victoria (+2.1%) and Ottawa-Gatineau (+2.2%). The index was down in Calgary (-0.1%) and Vancouver (-0.3%), and flat in Edmonton.
From June 2018 to June 2019, the Composite index rose 0.5%, the smallest 12-month gain in ten years. The HPI declined in Vancouver (-4.9%), Calgary (-3.8%), Edmonton (-2.6%) and Winnipeg (-0.4%). It was up in Victoria (0.3%), Quebec City (1.5%), Halifax (2.7%), Toronto (2.8%), Hamilton (4.8%), Montreal (5.4%) and Ottawa-Gatineau (6.3%).
Source: National Bank Financial Markets; Marc Pinsonneault
NORTHERN STAR (FOR NOW...)
In contrast to the US, Canadian growth is accelerating sharply going into the second quarter, following a solid gain in domestic demand to start the year.
Fast, and accelerating, population growth, and remarkably strong employment growth are providing a solid underpinning to consumer spending and the housing market.
Positive export data suggest that the ongoing strength in domestic demand will be buttressed by net exports in the second quarter, and possibly beyond.
Canadian inflation is at the Bank of Canadas target, in sharp contrast to the US, where it has moved away from the Feds objective. This gives the BoC room to keep rates on hold if inflation remains on target.
Downside risks remain important and are all linked to US-centric developments, with worries about US trade policy ongoing despite the pause with China.
Recent Canadian developments stand in sharp contrast to events in much of the rest of the world. Whereas US growth is clearly decelerating, Canadian growth is on an upswing, with recent indicators pointing to a very sharp rebound from a somewhat sluggish start to the year. Canadians appear to be, for the time being, largely insulated from the broader malaise facing the global economy as consumer and business confidence has improved sharply in recent quarters, owing to strong sales and job creation. While there are a number of factors suggesting that the growth rebound observed will persist through 2020, there is a risk that a divergence between Canadian and US outcomes may not last.
Source: Scotiabank Economics