Found 4 blog entries tagged as credit report.

Your credit score is a three-digit number that represents your creditworthiness. It is calculated based on your credit history and financial behavior. A higher credit score indicates that you are more likely to repay your debts on time, while a lower credit score suggests that you may be a higher risk borrower. In Canada, credit scores range from 300 to 900, with a score of 650 or higher considered to be good.

Your credit score is important because it affects your ability to get approved for credit, such as a credit card or loan, and the terms and interest rates that you are offered. It also impacts other areas of your life, such as renting an apartment, getting a job, and even setting up utilities.

When applying for credit, lenders will…

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Is the Canadian real estate market a mountain to climb? For a lot of young professionals who are first-time homebuyers, getting into the housing market can be a challenge, whether it’s saving up enough money for a down payment, finding the right home or securing a mortgage in order to buy it.

From tighter mortgage lending standards to higher interest rates, there is a lot to learn for the current crop of first-time homebuyers, and we’re here to help with this simplified guide to securing a mortgage for the first time.

The First-Time Homebuyer’s Guide to Securing a Mortgage

If you’re a first-time homebuyer, where do you even begin when applying for a mortgage? Let’s start with the basics.

Ensure You Have A Sufficient…

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When you purchase a home, a down payment is typically applied to the purchase price, and the balance is to be paid off over your term of the mortgage. The loan you receive from a lender in order to pay for the house is called a mortgage.

Simply put, a mortgage is a legal and binding agreement between a lender and a borrower for a specific amount of money that must be paid back within a predefined amount of time. The mortgage is a secured loan in that the house you are buying is collateral for the loan. This means that, should you not meet your mortgage repayment obligations, the lender has the right to take the property.

Purchasing a home and taking on a mortgage is a big commitment. In addition to the amount borrowed,…

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