RECEIVE EMAIL UPDATES:

RECEIVE EMAIL UPDATES:

SUBMIT YOUR EMAIL BELOW AND KEEP UP TO DATE WITH MY BLOG

Thursday, June 21, 2012

Tips on how to improve your credit score


 Tips on how to improve your credit score 
 
 
  
Avoid late payments on your credit cards. If you can, don't wait until the end of the month to pay you credit card bills. If you buy something today, go the bank the next few days and pay it off in full or make the payment earlier and not wait until month end. Also make more than interest only payments.

Do not let people pull your credit too regularly because your score will go down.
Only pull when necessary to buy a property.

Do not close your credit cards.
The older your accounts, the better your score is

Avoid having high balances on your credit cards.
Try to stay below your credit card limits and not be over the limit. Your credit card balance should be no more than 80% of your credit limit.

No credit is bad credit.
Try to establish some credit to show that you can be responsible with your payments. Worst case, use cash as collateral to secure credit

Avoid bankruptcies, credit proposals, judgments and collections.
 

  

For more information contact us at 
416-920-9931 or mortgages@eddiemac.ca

Visit us online at www.eddiemac.ca

Your Toronto Mortgage Broker
637 College Street, Suite 201, Toronto ON, M6G 1B5

Tuesday, June 12, 2012

Tips on how to reduce your mortgage


Tips on how to reduce your mortgage

and save for the long term...

 

   Tips on how to reduce your mortgage.

1. Always go biweekly on your mortgage payments and NOT monthly.  Monthly payments will work out to 12 installments and biweekly will end up to be 13 monthly payments a year.

2. Always try to exercise your pre-payment privilege each year.  With most banks you can put 10-20% on the original mortgage towards the principal.  So when you have extra money, your tax refund or vacation pay, put it towards the mortgage principal.

3. Go variable but make your mortgage payments based on the fixed.  This way you will be throwing more principal towards your mortgage.

4. Sometime's its not only the mortgage that people have to pay.  It is also the other debt such as car loans and credit cards.  It is best to refinance the mortgage plus the debt and make one payment, that way you are able to save money and be more aggressive on your mortgage payment.




For more information contact us at 
416-920-9931 or mortgages@eddiemac.ca

Visit us online at www.eddiemac.ca

Your Toronto Mortgage Broker
637 College Street, Suite 201, Toronto ON, M6G 1B5