How To Maintain Great Credit

Once your credit is in great shape, make sure it stays that way!

Our August Report outlines five tips to help you maintain great credit and delves into what exactly constitutes “good” and “excellent” credit scores.

Click HERE for my client testimonials.

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.

How To Repair your Credit

If you want to finance your home purchase or even seek to change your insurance, one thing is clear: good credit opens doors and can help you lock into great rates. However, a financial setback can occur at any time and, as a result, impact your credit.

Our July e-report outlines five tips to help you repair your credit if you’ve experienced a setback, such as a missed payment, a default on a loan or bankruptcy.

Click HERE for my client testimonials.

 

 

 Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.

Ottawa Tightens Mortgage Requirements and Targets Foreign Money

Mortgage application rules are tightening beginning October 17, 2016 as reported by www.CBC.ca.

Ottawa has announced new rules aimed at limiting foreign money into Canadian real estate and ensuring that borrowers take on mortgages they can afford.

“Overall, I believe the housing market is sound, but as minister of finance, I want to make sure we are proactive in assessing and addressing the factors that could lead to excess risk,” Finance Minister Bill Morneau said in making the announcement Monday in Toronto.

For the full story click HERE.

 

For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.

 

Change your Habits To Save for a Down Payment

Saving for a down payment is a challenge for many first – time buyers. If this sounds like you or someone you know, it might be time to change your habits. The below offers tips to help you change your habits and save more money.

saving more for a down payment

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.

Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.

20 Tips To Get Your Credit In Check In 2016

Happy New Year!!

Make this the year you get your credit in order. Whether your goal is to buy a new home, become debt free and raise your credit score, or just make your payments more manageable, these 20 tips for handling your credit can help get you there.

1. Meet with a Mortgage Specialist. If you’re planning to buy a home anytime soon, meeting with a Mortgage Specialist can clarify what you’ll need to do in order to qualify and qualify for the best rates.

2. Check your credit. You can pull your report at www.Equifax.ca. Your credit score will not be affected if you check your score on this consumer site. When a lender (ie.applying for a credit card) pulls your credit score your score will be affected.

3. Dispute anything that’s incorrect. It may take some time and effort, but removing incorrect items from your report can have a great impact on your score.

4. Don’t waste your time trying to get collection accounts off your credit report. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years.

5. Set little goals. Paying off a large balance can seem overwhelming. Setting weekly or monthly goals to pay down your credit can make it feel for manageable, and also help keep you on track when that handbag is calling your name.

6. Pay off the smallest accounts first. It may seem smarter to attack the large balances first, but getting small balances paid off will lower your monthly output and allow you to redirect those funds to other balances once they’re paid off.

7. Or, pay off the account with the highest rate first. Since this is the one that’s costing you most every month.

8. Contact your creditors. It might be that they have a program to help you pay your debt.

9. Negotiate your rates. A call to your creditors may yield a lower rate.

10. Transfer balances. You can make it easier to pay your balances by taking advantage of an existing card with low or no interest.

11. Don’t have a card with a low rate? Open a balance – transfer credit card – This allows you to move expensive debt over to a new card, with a low, often 0% APR, for a set time period.

12. Get a secured card. If you’re trying to re-establish credit after a bankruptcy or after paying off old delinquent accounts, a secured card from a bank can help you build it back up.

13. Even if you can’t wipe out all your debt now, pay down your balances. One of the major factors in your credit score is how much revolving credit you have versus how much you’re actually using. The smaller that percentage is, the better it is for your credit rating. The optimum: 30 percent or lower.

14. Pay your bills on time. It’s the easiest and most effective way to keep your score good, or improve it.

15. If you’re buying a home, don’t apply for any more credit cards without your Mortgage Specialist’s approval. Each application will hurt your credit score.

16. Set up payment reminders. If you’re the type that forgets or overlooks payments, make sure you’ve got it covered. Setting a reminder from the creditor or putting a reminder in your phone can help.

17. Set your accounts on auto pay. You’re less likely to miss a payment if you have it set up automatically to draw from your account. Just make sure you keep enough money in your account to cover the payments or you’ll have to pay overdraft fees.

18. Use cash for everything. Financial experts often recommend this tactic to keep us in check about what we’re actually spending. There aren’t any surprises at the end of the month when you’re only using the dollars and cents you have in your wallet.

19. Think about debt consolidation. Many experts consider this a last-ditch resort because its “quick fix” solution may actually cause more problems down the line. Be sure to read up to make sure this is the right step for you.

20. File for bankruptcy, but only if you have no other option. While going this route allows you to wipe the slate clean, it also has a devastating impact on your credit. Bankruptcy is meant to be a last-resort option but there are certain situations when filing may be your best bet:

•You’re being sued by debt collectors

•Your wages are being garnished

•You can’t pay your bills (due to a job layoff or an unexpected illness)

•You’re in danger of losing your home

Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.

New Down Payment Rules

David Stoddard Buyer Planning Sessions

 

 

As announced this morning by the Federal Finance Minister, the Federal Government is raising the minimum down payment for new insured mortgages to 10 per cent from 5 per cent for the portion of house prices above $500,000-$999,999.

The new rule will take effect on Feb. 15, 2016.

Down payment rules for mortgages for properties below $500,000 will be unchanged.

For example, a Buyer looking to purchase a $600,000 property:

  • $25,000 for the $500,000 (5%)
  • $10,000 for the extra $100,000 (10%)
  • Total Minimum Down Payment = $35,000

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.

Tax Deductions And Credits for Homeowners

Great article in http://CanadaRealtyNews.com

Many taxpayers overpay their taxes simply because they fail to claim some of the common deductions and credits they are entitled to. As a homeowner, there are several home tax deductions and credits that you can claim.

Before you submit your next return, check the following list. It represents the most frequently over-looked tax breaks available to typical working Canadians.

First-Time Home Buyer’s Tax Credit

If you are buying a home for the first time, you can claim a non-refundable tax credit of up to $750. This new non-refundable tax credit is based on a percentage of $5,000. You or your spouse or common-law partner can claim the home buyer’s tax credit.

GST/HST Tax Rebate (new housing rebate)

If you buy a new home as your principal residence, and if it’s less than $450,000, you may be able to claim the GST/HST new housing rebate too. Ontario and B.C. residents may also claim the provincial portion of the HST if they buy, build or do a major renovation on their principal residence. Other home tax deductions exist for homes that are built by the owner as well as for residential rental properties.

Click here for more.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.​

Mortgage Rates Have Fallen Again…..Are You Ready?

Mortgage rates have fallen to kick off the Spring buying season.

Below are current historical low mortgage rates from my Team Mortgage Specialist.

Here is what you can do next.

Come to one of our informative Buyer Planning Sessions to discuss your real estate buying options.

Click on the image below to schedule a No Obligation meeting at our office to learn about the current real estate market and what you can do now to prepare for your home or condo purchase

David Stoddard Buyer Planning Sessions

 

 

Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.​

Mortgage Rates to Decline Following Rate Cut. It’s Time to Meet…..

TORONTO — Canadian homeowners have likely gained a reprieve from an expected increase in mortgage rates this year.

Economists were expecting rates to dip slightly in response to the Bank of Canada’s surprise move Wednesday to cut its trend-setting interest rate to 0.75 per cent, from one per cent, to soften the blow of dropping oil prices on the Canadian economy.

“This signals that low interest rates will be with us a while longer,” said Avery Shenfeld, the chief economist at CIBC World Markets, noting that the central bank’s rate cut will likely mean a corresponding 0.25 drop in variable, or floating, mortgage rates.

Fixed-rate mortgages are also likely to see a slight decline, as they follow bond yields, which will move lower in response to the rate cut.

However, TD Bank (TSX:TD) was quick to announce Wednesday it will maintain its prime interest rate at three per cent, noting that factors beyond the central bank influence its rates.

“Not only do we operate in a competitive environment, but our prime rate is influenced by the broader economic environment, and its impact on credit,” the bank said in a statement.

Click HERE for the full story.

Now is the PERFECT time to meet with my Team Mortgage Broker for a mortgage consultation.

Home affordability is at an all time low.

Knowing what is required for a successful mortgage application begins many months before your home search begins.

To request a FREE mortgage consultation please click HERE.

 

Mortgage Consultation

 

 

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Early Exit From Closed Mortgage Can Cost You Dearly

Great article in www.TheStar.com 

When you buy a house and sign up for a fixed-rate mortgage, you probably don’t ask about the cost of getting out early.

But life is full of surprises — and if you have to sell or refinance before the mortgage term ends, you can be hit with a monstrous penalty.

Take Douglas Clinton Govier Jr., who sold his house this year. He had just over six months left on a closed five-year mortgage with CIBC.

“I was charged over $12,000, which was more than one full year of interest,” he says. “I expected to pay a reasonable penalty, but not one as unreasonable as this.”

He asked on at least two occasions how the penalty was calculated and couldn’t get an answer. He was told that the amount could not be reduced unless he took out another mortgage with the bank.

Here’s the problem: Govier was selling because he couldn’t afford to live in his house any more. He had hoped to use the sale proceeds to pay off bills, but now he was still in debt.

I asked CIBC to review the complaint, but the penalty stayed the same.

“I am truly disappointed and frustrated,” Govier says.

I have a friend named Eric, who was selling his house in Toronto and retiring to Ecuador. He wanted a lower cost of living in retirement.

With 18 months left on his five-year mortgage, he figured he could make an early exit without too much pain. He was stunned to learn otherwise.

“I always knew that cancellation of a mortgage contract involved a penalty of a few months’ interest,” Eric said. “But I’m finding that Laurentian Bank is going to ding me for a $13,000 penalty on a $330,000 balance.”

If interest rates go up after you take out a closed mortgage, you can usually get out early by paying a penalty of three months’ interest. Your lender can sign up a new borrower at a higher rate.

Click here for more.
Here is what you can do next:
David Stoddard Buyer Planning Sessions

CMHC Raises Premiums

Great article in http://www.mortgagebrokernews.ca​

CMHC is increasing its mortgage insurance premiums for homeowners and 1-4 unit rental properties effective May 1, 2014.

The change will only apply to mortgages underwritten after May 1, 2014 and it will apply to all homeowner business from that day forward as a result of increasing capital targets. Premiums will rise about 15 per cent, according to CMHC, though it isn’t expected to have a major effect on the housing market.

“In 2013 the average CMHC insured loan at 95 per cent loan to value ratio was $248,000; using these figures a higher premium will result in an increase of approximately $5 to the monthly mortgage payment for the average Canadian homebuyer,” Peter De Barros, at CMHC ‘s executive director of communications said during the media conference call. “This is based on a five-year term using current mortgage rates and 25 year amortization. The premium increase is not expected to have a material impact on the housing market.”

CMHC also expressed its plans to make an announcement about its premiums – which are reviewed each year – in Q1 of every year going forward. The Crown Corporation has made a number of changes to its premiums; though this hike is the first increase since decreases between 2002/2003 and 2005/2006.

The increase was not a department of finance initiative, according to CMHC.
“Not in response to anything in particular although, certainly, the international and Canadian regulatory guidelines over the past years have trended to higher capital holding levels for mortgage insurers and obviously we are no exception to that,” Brian Nash, chief financial officer of CMHC told reporters.

It remains to be seen whether Canada’s two other insurers, Canada Guaranty and Genworth follow suit.

“I can’t comment on what they might do,” Steven Mennill, CMHC’s vice-president, insurance operations told reporters.

Click here for more on the CHMC website.

Here is what you can do next?

Free Tour of any Condo or Home

Free Buyer and Seller Reports:

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

Personal Credit Scores

A message from our Team Mortgage Specialist Jerome Trail

Personal Credit Scores are vitally important when Lenders assess the credit-worthiness of applicants.  Prospective home buyers should watch their Credit intensely the months leading up to a home purchase.  By using the services of an independent Mortgage Broker, such as ourselves, Clients will receive feedback on their Credit score and position to ensure access to the best Lenders and best Mortgage products.  Specifically, clients need to:

  • Make credit card and line of credit payments on time
  • Do not miss payments
  • Keep credit card balances to below 80% capacity
  • Do not open, or close, credit cards or lines of credit in the months leading up to a home purchase
  • Do not use a credit card to the maximum limit
  • Do not borrow from finance companies

Credit management is very important.

It is always a good idea to check your personal credit score at www.equifax.ca at least once a year. Finding and dealing with any credit glitches now will help in your mortgage application down the road.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

For a free, no obligation mortgage consultation with Jerome please click here.

What to Do Now to Avoid Tax in January

Great article in http://www.thestar.com 

Your holiday to-do list likely involves plans around decorating, baking, buying presents and visiting family and friends. But don’t forget to add year-end tax planning. Why bother sifting through a year of paperwork now instead of the New Year? Because some savings are only available by month’s end.

“Bottom line, year-end tax planning can be your ticket to extra cash,” says tax expert Evelyn Jacks, president of Winnipeg-based Knowledge Bureau. “Who couldn’t use more money to pay bills, especially after Christmas?”

With that in mind, here are 12 things to do now to save money in the New Year.

Click here for more.

Here is what you can do next?

Free Tour of any Condo or Home

Let’s Meet for a Coffee: Free Buyer Planning Session.

Free Buyer and Seller Reports:

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

Mortgage Application Rules Have Changed….Are you Mortgage Qualified?

A Mortgage Specialist is a critical part of your Home Buying Team. My name is Jerome Trail and I am a Mortgage Specialist with GreedyMortgage.com.

I work with David Stoddard’s clients to provide the most flexible, client friendly mortgage solutions possible.

In over 95% of the time, one of the first questions that a client asks me is “What’s the best rate that you have to offer?”  With access to over 30 different Lenders, we have access to virtually any mortgage product.  The internet, and aggressive advertising campaigns by some Lenders, have created large information gaps for any mortgage applicant and consumers are finding out about this the hard way. There is a lot more to a good mortgage than just the rate.

In the last couple of years, the federal government has made a variety of significant changes to the mortgage industry – essentially making mortgage qualifying much more difficult.  Amortization periods have been cut, qualifying rates have increased and affordability ratios have tightened.

Over 90% of my business is providing ongoing education to my clients: explaining the rules and regulations , working through processes as laid-out by Lenders and the government body that oversees our highly-regulated industry, providing down payment options, working with you on your personal budget, advising you on how best to manage your credit.

I spend a lot of time working with First Time Homebuyers, clients that are New to Canada, clients that are Self-Employed and clients that are Refinancing.

This is my craft.  I love my business.  I thoroughly enjoy meeting new people.

I look forward to meeting you over a cup of coffee in a free Mortgage Consultation. There is no obligation.

Planning your mortgage application many months in advance of your home purchase , whether 6 months or more than a year , is very important and without a firm plan in place months in advance I have seen applicants experience significant delays with their home buying goal.

Please register for your FREE mortgage consultation by clicking here.

Also, I will be joining David on November 23,2013 to co-host a seminar on how the Federal Governments Home Buyer’s Plan can assist you in your home purchase. Please register here.

Please contact me direct, 416-520-6746, or by email David@DavidStoddard.ca

Here’s How to Save on Your Mortgage

Great artice in http://www.financialpost.com

Both variable and five-year mortgages are now available for less than 3%. Those low rates won’t last forever, and there’s a simple way to protect yourself against rising rates and save money at the same time.

Finance Minister Jim Flaherty had the right idea last year when he tightened the rules for mortgage insurance by cutting the maximum amortization from 30 years to 25.

Critics argued that because this measure boosted the minimum monthly payment for an insured mortgage, many Canadians who would have bought homes could no longer qualify – and have blamed this change for the subsequent slowdown in real estate markets.

But all Canadians planning to take advantage of today’s low rates to buy a home or renew a mortgage would be wise to follow Mr. Flaherty’s lead — and go a step further by opting for an even shorter amortization.

Click here for more.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca