Secured Credit Cards a Safer Solution to Rebuild Your Credit Score?
May 30, 2008
Has your credit score taken more hits than a car in a demolition derby? If so, you may be tempted to get a credit card and try to rebuild your credit with a solid, systematic track record of on-time payments. Done correctly, this could possibly be a smart solution, but for too many people credit cards have been a one-way ticket to financial ruin. For this reason I’m opposed to credit cards almost universally. However, if you’ve made the decision that credit card use is how you want to improve your credit standing, here’s how you can do it without risking your entire financial future. Read more
Need to unlock your home's equity - but have a few questions? Why not consider a free private email consultation with me, Darrin Roseborsky? There's no obligation or commitments to worry about. Just helpful answers to your questions. Use the short form in the top-right corner to get started. And in a few minutes, you'll have the answers to all of your questions.
Canadian Market Report: It’s a Seller’s Market…for Now
May 28, 2008
The Canadian market is showing small signs of weakening in the coming months, but overall is still much stronger than our American neighbors to the south.
This translates into a mixed bag depending on who you are and what your goals are. The numbers show a grab bag of good news for everyone: interest rates are expected to decline again, which is welcome news for anyone wanting to refinance – and home prices are generally still rising, which is great for anyone hoping to sell their home. Read more
Protecting Your Retirement is as Easy as 1, 2, 3
May 26, 2008
The news reports keep telling you the financial sky is falling and that hard times lie ahead. If you’re concerned that rising gas and food prices and falling stock market returns are putting your precious retirement fund at risk, you should take action today to help ensure that Alpo isn’t on your retirement menu. There are 3 great ways of doing this and it starts with refinancing your home.
Weekly Q & A: Can I Get a Mortgage After Bankruptcy?
May 23, 2008
QUESTION: Hi Darrin, I filed for bankruptcy 7 years ago. Can I still get a mortgage?
ANSWER: Hi There! Thank you for the great question, I hear it asked a lot. Now on to your answer. I’ve got good news for you! YES, in Canada, you start qualifying for - “A” - rate mortgages (lower interest rate mortgages) 2 years after your discharge from bankruptcy. With your 7-year grace period, you should be in the clear. However, there is one contingency. Your approval and interest rate will depend on your newly re-established credit and post bankruptcy payment history. If the last two points are sufficient, you should be on your way to getting the mortgage you’ve been looking for.
Hope this help. Thanks again for the question!
30 Secret Factors Affect Your Credit Score…Learn What They Are
May 21, 2008
So you think you know what affects your credit score and what gets overlooked? There are actually about 30 items that go into an analysis of your credit profile. If you’re thinking about any kind of a loan you need to know what they are so you can test your credit-readiness. Find out what they are so you can put yourself into the best possible position before you apply by reading the entire article at http://finance.yahoo.com/education/loan/credit_basics/article/101287/about_30_factors_influence_your_credit_score
30 Second Canadian Market Update
May 19, 2008
The Canadian dollar has taken yet another hit. As evidence mounts that Canada’s once red-hot economy has completely burned out and the Bank of Canada is considering slashing interest rates once again, analysts are expecting further economic news to be just as grim. You can read all about it in the 30 Second market Update:
http://www.bloomberg.com/apps/news?pid=20601082&sid=aXA5kqWhsQkc&refer=canada
A Little Known Refinancing Tactic…Even in a Down Market
May 15, 2008
You’ve got your ducks in a row by ensuring that your credit report is unmarked by blemishes. You think everything is in order and approval is all but guaranteed. Unfortunately, you’ve overlooked one vital detail and as a result of this oversight, your refinancing plans have been shot down.
In case you haven’t noticed, real estate values are dropping. This can be distressing under normal circumstances, but if you’re considering refinancing it can be especially frustrating. You face special challenges during difficult economic times if your area has been flagged by lenders as being in a “declining market”. There is hope, however. Here’s what you can do.
Foreclosures up; Are Tough Times Coming?
May 12, 2008
There are increasing signs of troubled times ahead for Canadians, as the credit crunch in the U.S. begins to jump the border and affect the Canadian economy. Foreclosures are up – which means that as a taxpayer you’re on the hook for any losses lenders incur on these loans because many of them are insured by the government. Will things get as bad as they are in the U.S.? For the answer, read this insightful article in the Star http://www.thestar.com/Business/article/422277
Weekly Q & A: Will Poor Mortgage Payment History Affect My Interest Rate
May 9, 2008
QUESTION: Can we refinance our home at a good rate even if we are having problems paying the mortgage now? We have a couple of payments late already and I don’t want to call it quits but might have no choice since the bank doesn’t want to consolidate our debts.
ANSWER: Hi. Thanks for the question. I’ll try and keep the answer short and sweet. Your interest rate really depends on the strength of your credit score. Of course there are other factors, but your beacon score will have the most impact on the interest rate outcome. If your credit score is good then the lender won’t ask for a “rating” on the mortgage. However if your beacon score is poor, then the lender will want to make sure that the payments aren’t more then 30 days late. Every situation is different. The best way to find out exactly what you can expect is to call an experienced mortgage broker. You can learn more about how to choose a good mortgage broker here…
Hope this helps.
5 Things Personal Bankruptcy Can’t Stop
May 7, 2008
If you’re facing seemingly insurmountable debt problems you may be tempted to throw in the towel and file for personal bankruptcy protection. Before you do, carefully analyze your situation. It may not help you as much as you think it will – and it will kill your beacon score.
You’ve seen TV ads from personal bankruptcy lawyers telling you about all the ways filing for bankruptcy can help you. What they don’t tell you is that there are some severe limitations. Here are some of the things that it CAN’T do:
Stop Repossession – Filing for personal bankruptcy won’t stop repossession, so if you’re behind on your payments and you file for bankruptcy protection, you can kiss your car goodbye. It will delay the process, so it can be a long goodbye. The only way to stop the repossession process is to get current with your payments. If you can’t catch up you need to face the harsh reality that you can’t afford to keep it and you’ll probably need to get used to walking.
