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.
Whether you need a mortgage for your home or for a commercial property; whatever your personal circumstances may be, we can help.
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.
Our well-established relationships with over 60 lenders – including Canada’s four major banks – allows us to get you very low low mortgage rates.
With our full range of services, we offer one-stop shop mortgage and financing solutions to fulfill all your lending requirements.
Contact us directly to learn more about how we can help you.
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.
Scotiabank: Why Canada needs to focus on ways to encourage more home building
The recent run-up in housing prices, and the attendant worries about affordability and accessibility, have many stakeholders scrambling to find quick solutions. While understandable, those approaches are likely to have only minimal impacts on Canadas housing situation and its consequences for people looking for a reasonably priced place to live. Focusing on interest rate policy or macroprudential instruments, such as stricter mortgage stress tests, draws attention away from the underlying cause of the problem: the inability of supply to meet demand. Put simply, this country doesnt build enough housing. We should not be surprised by this. Canada has increased immigration dramatically in recent years to tremendous benefit to the economy, but we failed to pro-actively address the housing challenges the consequent population boom was sure to bring. Policy efforts must focus far more on anticipatory, collaborative, multistakeholder and very specific solutions to the housing situation rather than on the short-term and ultimately ineffective macroprudential Band-Aids applied in recent years. Scotiabank Economics is publishing research this week looking at the increase in Canadas housing stock relative to the increase in population over the past several years to get a sense of how effective we have been in creating new units. The numbers are not encouraging. One way to look at it is by using the ratio of new housing to population growth. By that measure, construction has been well below its historical average since mid-2017. That is perhaps not surprising, given that Canada has seen an immigration-fuelled population boom since 2015. In the three years leading up to the COVID-19 pandemic, population grew nearly twice as fast as new housing units were being built. That ratio improved somewhat with the COVID-related stall in immigration, but it is likely to reverse course once immigration returns to planned levels.
Dan Rees is group head, Canadian banking at the Bank of Nova Scotia. Jean-Franois Perrault is Scotiabanks chief economist
Two-thirds of Canadians were asset resilient in the year prior to the pandemic
Just over two-thirds (67.1%) of Canadians were asset resilient for at least three months in 2019, up from 63.6% in 1999.
Over these two decades, several factors contributed to the overall rate of asset resilience. For one thing, Canadians held more liquid assets at the end of the period. Median person-adjusted household liquid assets rose from $6,300 in 1999 to $10,700 in 2019. Canadians were also slightly older, on averagethe median age of Canadians increased from 36.4 years to 40.8 years. Family income has also been rising since 1999, and asset resilience is associated with higher income. The median person-adjusted, household after-tax income of Canadians increased by one-third (+34.9%), rising from $37,300 in 1999 to $50,300 in 2019, while the share of Canadians below the LIM-AT edged down from 12.4% to 12.1%.