5 Tips for Raising Your Credit Score

Mortgages Gert Martens 12 Jun

Your credit score largely affects what kind of rates you will receive on your La Crete mortgage. Therefore, it is important that you familiarise yourself with your current score so you have a better understanding of what type of mortgage you will qualify for. Your credit score not only determines how high of an interest rate you will receive, but it also dictates what kind of loan you will be able to apply for since each loan has a different requirement.

To help, Gert Martens with Dominion Lending Centres has made a list of 5 tips to help raise your credit score.

Tip #1: Make Sure Your Credit Report Is Correct

It is not uncommon for credit card companies to make a mistake on someone’s account. This means you should review your financial record to make sure all the information listed is correct. If there is an error on your record, fixing this problem could help improve your score.

Tip #2: Do Not Miss Payment Due Dates

If you skip a payment or have multiple late payments pending, your credit score will be negatively affected. Write on your calendar when these payments are due, or set up a reminder on your cell phone so you know exactly when you need to make your payments. Being organised and paying off late payments can help increase your credit score.

Tip #3: Pay Off Debt

Being in a lot of debt can hurt your credit score, so the more you pay towards your debt, the more your credit report will be improved. You can consolidate your debt by refinancing your La Crete mortgage. This can be done by accessing the equity in your home and using that money to pay off any outstanding balances you have. For more information, contact your local broker at 780-933-0109.

Tip #4: Get A Credit Card

If you do not have a credit card, your score could be very low and be affecting your ability to make big purchases. Getting a credit card can improve your credit if you stay on top of the payments and do not spend more than you can afford.

Tip #5: Avoid Retail Credit Cards 

If you are out shopping and a retail store says you will receive exclusive deals if you sign up for their credit card, do not accept this deal. Regardless if you get approved or not, filling out this application can cause your credit score to drop. If you want or need this type of credit card, avoid applying for one until you have already been approved for a home loan.

Contact Us

For more information on how to raise your credit score, please contact Gert Martens, your local La Crete mortgage broker, at 780-933-0109.

Tips for Buying in a Seller’s Market

Mortgages Gert Martens 12 Jun

It is no secret that buying a home can be a stressful experience, especially if you are buying in a seller’s market. This means the market is very competitive when looking for a resale home. As your local Wembley mortgage broker, I have made a list of five secrets to help relieve this stress and assist you when buying in a seller’s market.

1. Substantial Savings: The more money you have saved the more you can put towards your home’s down payment. This can help make you stand out when dealing with seller’s because it lets them know you are financially prepared to take on this commitment.

2. Patience: When trying to buy in a seller’s market, it is important to be patient. Do not let your emotions control your impulses because then you will end up spending more than you wanted. Getting impatient can cause you to go further into debt, so make a budget and stick to it. The right house in your appropriate price range will come around so do not fret. Set financial goals and stick to them so you are not paying more towards your Wembley mortgage.

3. Options: Keep your options open when shopping the market. If you are having no luck in a specific area then it might be best to start expanding your search. Fixating your search on one area will be harder for you to place an offer.

4. Back-Up Plan: If you are selling your house while also looking to buy a new one, then your current home might sell before this happens. This situation is common in a seller’s market, therefore, it is important to be prepared and have a backup plan. To avoid being homeless, make sure you find temporary housing to live in.

5. Seek Assistance: Don’t try to buy a home in a competitive market all by yourself. Seek assistance such as a real estate agent with years of experience. Using an agent who is familiar with the fast-paced market can provide special assistance to help you close on a home faster.

Finding out you want to buy a home in a seller’s market can be overwhelming but do not stress. As your local Wembley mortgage broker, I can assist you in helping you financially prepare for this new commitment. I would love to work with you and help make your dreams of homeownership come true. So don’t wait, call Gert Martens today at 780-933-0109 to get started.