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How MortgageGirl helps you GET BACK TO BEST RATES after a private mortgage or financing setback.

How MortgageGirl helps you GET BACK TO BEST RATES after a private mortgage or financing setback.

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    Back to Best Rates Back to Best Rates Presentation Transcript

    • Martene & Jackie Woodward Mortgage Associates, Argentum Mortgages P: 866.932.8412 E: info@mortgagegirl.ca Whether it is a relationship breakdown, job loss or illness, we know bad things happen to good people. The MortgageGirls arehere to help you get back to best rates by helping you to improve your financial profile. Here are some general tips to help you look better on paper;
    • creditWe suggest you orderyour own credit reportonline with a credit cardand review it with yourmortgage professional.This is to ensure all theinformation on yourcredit report is accurateand correct and todiscuss any issues whichrequire you to takeaction. Martene & Jackie Woodward Mortgage Associates, Argentum Mortgages P: 866.932.8412 E: info@mortgagegirl.ca
    • creditIf your credit report contains any 0 Collectionsof the items shown here it wouldbe beneficial to you to discuss 0 Judgementsactions that you need to take withan experienced professional 0 Over limit debtsmortgage broker. We cannot 0 Late paymentsstress how important it is toinitiate a discussion as eachindividual’s financial profile isdifferent and specific actions forone person may not be applicableto another. Ask us! Martene & Jackie Woodward Mortgage Associates, Argentum Mortgages P: 866.932.8412 E: info@mortgagegirl.ca
    • credit Now that you have dealt with the “bad” credit, it is time to show some “good” credit in order to “cancel” out the bad credit.Anytime you have credit issues it is veryimportant you deal with them and clearthem up and then get “back on the horse”so to say in order to re-establish good creditpaying habits. Again, talk to an experiencedmortgage professional who can providedirection on how to obtain credit facilitieseven though you have defaulted in the past.Keep in mind you probably will not get thebest rates at first, however, this can changeas time goes on and you make timelyconsistent payments. A common way forindividuals to rebuild their credit is to obtaina secured credit card. This means you needto provide money upfront that is “held” bythe issuer while you operate and manage a Martene & Jackie Woodwardcredit line with a limit similar to that initial Mortgage Associates, Argentum Mortgagesamount of cash that is currently being held. P: 866.932.8412 E: info@mortgagegirl.ca
    • Try to have at least one revolving debt like a credit card of some sort as well as one instalment debt like a car loan or a personal loan for an RRSP.You also need to be careful not todefault on credit again. At leastuntil the old derogatory rates drop creditoff the credit report. If you are KEEP BALANCES ON YOUR REVOLVING DEBTSconsistently missing payments or BELOW 80% OF YOUR AVAILABLE LIMIT.going over limit the lender willassume that is what your EXAMPLE; IF YOU HAVE A LIMIT OF $1000,repayment habits are always like KEEP YOU BALANCE BELOW $800.and you will be deemed higherrisk, which could mean higherrates or less chance of approval. Martene & Jackie Woodward Mortgage Associates, Argentum Mortgages P: 866.932.8412 E: info@mortgagegirl.ca
    • Martene & Jackie Woodward Mortgage Associates, Argentum MortgagesP: 866.932.8412 E: info@mortgagegirl.ca
    • Martene & Jackie Woodward Mortgage Associates, Argentum Mortgages P: 866.932.8412 E: info@mortgagegirl.ca If you are self-employed, we understand that you may not declareA LENDER IS LOOKING FOR all your earnings to the governmentEVIDENCE OF CONTINUOUS so you do not have to pay taxes on it.EMPLOYMENT EARNINGS IF THIS IS Lenders acknowledge that asWHAT THEY ARE BASING THEIR well, however they will be looking forLENDING DECISION ON. START confirmation that you are self-KEEPING TRACK OF WHAT YOU ARE employed. And ensure allEARNING; documentation supporting source of earnings are kept in your records. If you have an incorporated company, pull out those incorporationemployment documents. If you don’t have a business but still earn an income, we have options for that too.
    • Martene & Jackie Woodward Mortgage Associates, Argentum Mortgages P: 866.932.8412 E: info@mortgagegirl.ca employment0 If you are commissioned or receive bonuses, obtain documentation to support the source of the funds you receive. We can use that towards income if there is a paper trail.0 If you don’t have your income taxes done, we have options, however most lenders offering best rates will request confirmation that your personal taxes are filed up to date.
    • Martene & Jackie Woodward Mortgage Associates, Argentum Mortgages P: 866.932.8412 E: info@mortgagegirl.caclosingWhen dealing with mainstreamlenders such as banks, creditand employment are the mainfactors a lender considerswhen reviewing your mortgageapplication. If those 2 areasare strong, you will likely get If you want to be a perfect 10 onbest rates. paper, you can also start a savings program as a positive net worth is like the cherry on top for a lender.