Found 2 blog entries tagged as Creditworthiness.

In the ever-evolving landscape of real estate and personal finance, Canadians are discovering innovative ways to leverage the equity in their homes. One such financial tool that is witnessing a resurgence among homeowners is the second mortgage. With property values soaring across the country, homeowners find themselves sitting on substantial untapped equity in their residences. This article explores what a second mortgage is and the myriad ways it can be employed to consolidate debt, finance home improvements, or even fund an investment property.

Understanding the Basics

A second mortgage, also known as a home equity loan or a home equity line of credit (HELOC), is a loan taken out against the equity you have in your home. The equity is the…

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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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