As of April 19, all unsigned pre-approved mortgages will be made null and void due to the new qualifying rate rules.
If you have been pre-approved for a mortgage at a specified rate, but as of April 19 have still not signed the purchase agreement, be forewarned that new qualifying rate rules will apply.
According to the Canada Mortgage and Housing Corporation (CMHC), a mortgage pre-approval does not represent a binding agreement for the lender to provide the said funds. Therefore, unless you sign your purchase agreement prior to the April 19 cutoff date, the rate you qualify for will be subject to the new rules.
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ScoreMaker gives advice to potential homebuyers on how to boost their credit score.
ScoreMaker is the new product from True Business Solutions available to potential homebuyers in need of advice on how to boost their credit rating prior to qualifying for a mortgage.
When a credit report is pulled by a mortgage broker on your behalf, ScoreMaker will instantly analyze the report and tabulate how many points by which your current score can be increased. You’re under no obligation to buy the ScoreMaker report unless you feel the amount by which your credit score can be improved is worthy of such. If you do opt to purchase the ScoreMaker report, you will be given a series of steps to take in order to improve your credit score the said amount of points.
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Twenty-four per cent of all U.S. mortgagors owed more than their home was worth as of the end of the last quarter.
Twenty-four per cent of all U.S. mortgagors owed more than their home was worth as of the end of the last quarter, in comparison to Canada’s mere one per cent.
Trends illustrate that as U.S. homeowners amass increased negative equity, or the amount owed on their home continues to exceed the actual market value of the property, so to does their tendency to default on their mortgage.
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