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.
First-Time Home Buyer Incentive now available
The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.
The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada. It offers:
5% or 10% for a first-time buyers purchase of a newly constructed home
5% for a first-time buyers purchase of a resale (existing) home
5% for a first-time buyers purchase of a new or resale mobile/manufactured home
The Incentives shared-equity mortgage is one where the government has a shared investment in the home. As a result, the government shares in both the upside and downside of the property value.
By obtaining the Incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage. The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly costs.
The homebuyer will still have to repay the Incentive based on the propertys fair market value at the time of repayment. If a homebuyer received a 5% Incentive, they would repay 5% of the homes value at repayment. If a homebuyer received a 10% Incentive, they would repay 10% of the homes value at repayment.
The homebuyer must repay the Incentive after 25 years, or when the property is sold, whichever comes first. The homebuyer can also repay the Incentive in full any time before, without a pre-payment penalty.
Ask me for more information.
Consumer Price Index climbs in July
In July, the consumer price index climbed 0.5% (not seasonally adjusted), three ticks higher than the median economist forecast. The rise left the year-on-year measure unchanged at 2.0%. In seasonally adjusted terms, the CPI was up 0.4% in the month on increases in recreation (+0.9%), transportation (+0.6%), and food (+0.3%), among others. The Bank of Canadas preferred core measures on a year-on-year basis pegged in as follows: 2.1% for the CPI-trim, 2.1% for the CPI- median, and 1.9% for the CPI-common. The average of the three measures remained in line with the BoCs midpoint target of 2.0%. It is worth noting that the momentum has been building of late. Our in-house replication of the CPI-trim and the CPI-median for the three months to July reached 2.5% and 2.6%, respectively, on an annualized basis. Whereas the Fed can point to soft annual inflation figures to justify rate cuts, the BoC is faced with a very different situation. Whats more, in a context marked by a tight labour market and a weak Canadian dollar, we cannot rule out stronger inflation down the road.