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7 Crucial Need-to-Know Facts Effecting Your Credit Score
Key information they don’t teach you in school!
Tell Us Your Story
I am Rate-Shopping
You have an approval from your bank but you feel that there are better deals out there. Let us know what rate to beat, and we’ll beat it, simple as that!
I want a Home Equity loan
You have been in your home for at least 1 year and would like to turn your equity into a loan or line of credit at an interest rate much lower than a loan or credit card. Ideal for renovations or debt consolidations.
I am Self-Employed
Can’t prove your real income? Many banks treat self-employed and commission sales as second-class citizens. Luckily we know lenders that want your business without sacrificing your rate.
I want to Refinance or Renew
Whether your mortgage is up for renewal or not. We will refinance your existing mortgage while providing you additional funds to consolidate, invest, etc. at the lowest rate and save you money in the long-term.
I just started a New Job
The big-5 banks won’t approve you, just because you changed jobs. Don’t get discouraged. We have a lender that will accept your new job while you are on probation.
I have Bruised Credit
If your credit history is not perfect, you can still get a good mortgage rate. We can find an A or B-lender that will look at your overall situation, not just your credit score.
Buying a Rental or Second Home
The big-5 banks will structure your mortgage exactly how you tell them, however, what you say may work against your rate or insurance premium. We have creative solutions to work in your favor. Let’s talk!
Looking for a Private or Second Mortgage
Look no further! We have 20+ private and 30+ second mortgage options to get you the best deal with a close eye on mortgage rates – Up to 90% of the value of your home!
In addition to consolidating debt and home equity loans, there are more products we offer. And it’s all FREE.
7 NEED-TO-KNOW CREDIT FACTORS AFFECTING YOUR MORTGAGE RATES
- There are two major companies who hold your credit reports are Equifax and TransUnion.
- Credit scores range from 300-900 (you need at least a 680 to qualify for mortgage “A-Lending” as these are CMHC and Genworth’s criteria).
- Payment History is worth 35% of your total score. Be sure to make payments on time, the longer past due, the lower the score. Frequency is also a factor, the number of times you are late. This also applies to bankruptcies, liens, mortgages, and judgments.
- Amounts Owed is worth 30% of your score. Are you maxed out on all your credit cards? If you don’t want to have this affecting you then be sure to use only 75% of your credit limit. If your limit is $5000 don’t use more than $3750 or it will affect your mortgage credit score.
- Length of Credit History is worth 15% of your score. How long have you had your loan/credit card for? Have you been using your credit cards recently prior to getting a mortgage?
- New Credit is worth 10% of your score. Make sure you do not apply for credit too often. Newly activated accounts may lower your score. Also, make sure you do NOT have your credit checked too many times when applying for a mortgage. This will lower your score. They want to make sure you are not living beyond your means.
- Types of Credit you use are worth 10% of your score. Watch out if you have several credit cards with high limits. This could mean that at anytime you can max these out and have a financial hardship because unlike installment loans, you do not need re-approval to reach the maximum limit. NOTE: If you are the person who likes paying with cash, make sure you use your credit card at least once a month to boost your credit score to get the ideal mortgage rate.
Jason found a more flexible mortgage
“I would use Search Mortgage again for any future mortgage needs. They are very knowledgeable and always returns my calls. He put me in a mortgage that was half line of credit, half mortgage, I had no clue this product even existed!”
Jason Nylund, Toronto
Compare industry 5-Year Fixed mortgage rates as of
2.89%
2.81%
2.63%
2.69%
Don’t Just Take Your Bank’s “Exclusive Rate”.
5 Reasons To Shop Around With A Broker:
Better Mortgage Rates
Let us shop around – We can often get better deals than you at the big-5 banks. We negotiate special group rates for our clients as well we can use our commission to get you an even lower rate. A broker can save you thousands. In most cases, we can even guarantee the lowest rate!
Second chances – Even if you’re turned down by the big banks, we might still get you a deal with an A-lender (bigger banks that offer better rates). How? We know which lenders use which rules to qualify you.
Know Disadvantages Of Ultra-Low Rates – A low rate can be deceptive. You might get a low rate on your mortgage, but if you sell early or refinance, your bank may punish you using a higher posted rate. We can find you the same rate without that risk. Or we can find you a better mortgage altogether that will serve you better. Sometimes a higher rate can save you money in the long term or improve your cash flow in the short-term (e.g., with interest-only payments).
More Mortgage Options
We have relationships with over 100 lenders. We can find you diverse and flexible options not offered by the big banks.
Here are some ways we’ve made our clients’ mortgages more flexible:
Count a greater % of your rental income Purchase with as little as 5% down
Pay Interest-Only = More cash in your pocket 35-Year Am Mortgages
Mortgage & Credit-Line Combo Non-Provable Income.
1 Credit Check = 100+ Lender Options & Save Your Score
Get more options and protect your credit score. Every bank you get a quote from will run a credit check, which will lower your credit score. When we shop around for you, we’ll do a single credit check so we don’t hurt your credit score, even if we’re checking dozens of lenders.
Donald Trump says “Get a Mortgage Broker, Get a Good One…”
Did you know that the lender currently with the lowest rate is not a big-5 bank? And the only way to use this lender is through a mortgage broker!
Did you know that TD has the highest prime rate of the big-5 banks? This means although their variable might be advertised at Prime minus .5% but their prime rate is actually higher than everyone else, misleading, don’t you think!
These are only a couple examples of how a mortgage broker can save and make you money!
Our Mortgage Rate Shopping Services Are FREE
We get paid a commission by the bank where you get your mortgage, but we don’t work for banks. We are not loyal to any bank or lender. We work for you. That’s why we’ll sometimes use our own commission to buy down your rate – so you get an even better mortgage rate!
Beware The Cheapo, Zero Service Guys
Some companies will drop their rates below competition to the point that they have no money left to offer any service. Your mortgage is important. Avoid sloppy or last-minute paperwork. We’ve seen it, and trust us. You want this to go smoothly.
When you get a mortgage through us, we take care of everything. We ask for documents upfront, so it’s all ready for the big day. No last minute surprises.
Ready To Talk About It?
We’ll look at your unique situation and offer 2-3 options for you to think about. We work with only licensed and insured lenders. A smaller lender can offer a better mortgage than your big bank.
Shop around!
We respond within 3 hours on weekdays. No obligation. You’re just shopping around.
Get help from Sterling Wong and his team of licensed
mortgage specialists…Finance the Smart Way!
Toll-Free: 855.241.RATE (7283)
416.993.7653 ext.3
Apply@SearchMortgage.ca
Search Mortgage Corp.
50 Village Centre Pl. Suite 100
Mississauga, Ontario L4Z 1V9
Br#12652 : Lic#M08008042