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 speedyforme |
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Posts: 7611 (05/15/08 4:25 PM) Registered user |
superguppie wrote: that ain't happening up here in Canookistan
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Monsieur Muggles |
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Posts: 3827 (05/15/08 4:41 PM) |
The thing is that you need at least seven years of good credit history in order to get a decent mortgage offer. You should never clear your debt with your
credit cards because it shows up as zero balance on your credit report. Credit reports don't list your monthly statements, only how much debt you have with
a specific bank/card and whether or not you paid on time. Banks therefore have no way of telling if you're capable of paying off a $200K loan incrementally
as opposed to all upfront when you have a $1,000 credit card bill due every month. No history=no loan.
Think of it this way: you get your first bill for your mortgage at the end of your first month of living at your new home. Are you going to pay off the house right then and there or are you going to pay the monthly minimum (without incurring penalties)? A bank can't read your mind or your intentions, so they have no way of actually knowing whether or not you can afford to pay that monthly minimum without looking at your history. Like BlackTux said, paying off your student loans early may have actually hindered you as opposed to helping you in the future. |
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 BlackCatTux |
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Posts: 2214 (05/15/08 4:43 PM) Registered user |
Down here in the states, you can get a copy of your credit report from all 3 credit bureaus at least once a year for free. Also, you can get your "credit
score" sometimes for free or maybe for a small fee
No one should apply for a mortgage loan without this info. |
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NewOrleansIsSinking |
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Posts: 10070 (05/15/08 4:59 PM) Registered user |
You switch companies, and you take another hit on your credit.
I told you to go to a mortgage broker. Did you ? Did you go to a bank and use their regular rep or their mortgage rep? You go to TD and CIBC and Royal and a broker and that's 4 hits on your credit report. |
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Softtaco |
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Posts: 2534 (05/15/08 5:11 PM) Registered user |
It seems like everything you do fucks up your credit in one way or another. Which makes sense in a douchebag-money-lender sort of way.
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speedyforme |
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Posts: 7612 (05/15/08 5:13 PM) Registered user |
NewOrleansIsSinking wrote: How many hits can I take? I thought if your credit reports were related to mortgage shopping it's OK? So far I only have 2 I think at most.
My friend who recently bought a house dealt with a mortgage broker and I will contact them soon as well since they got a good deal. |
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NewOrleansIsSinking |
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Posts: 10071 (05/15/08 5:34 PM) Registered user |
I give up.
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speedyforme |
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Posts: 7613 (05/15/08 5:39 PM) Registered user |
NewOrleansIsSinking wrote:So I should just go to a broker and get my pre-approval from there and that's it? |
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TequilaVaquero |
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Posts: 1424 (05/15/08 6:25 PM) Registered User |
I believe that now up to a certain number of hits within a certain time period counts as one hit, that way it isn't so counter intuitive.
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speedyforme |
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Posts: 7614 (05/15/08 6:38 PM) Registered user |
Although other elements such as your mortgage information and any personal inquiries you have made may also be included in
your credit report, they usually do not influence your credit score.
http://www.fcac-acfc.gc.ca/eng/publications/CreditReportScore/UCreditScore_e.asp#whatfactors |
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Tres Gay |
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Posts: 3330 (05/15/08 7:40 PM) Registered user |
We didn't have any problem and were pre-approved in 10 minutes - even though I already have a mortgage and have no immediate intentions of selling that
house.
You need to use your card a bit each month and pay it off each month. That's what a credit analyst told me to do. My credit score went up 40 pts in 3 months doing that. |
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speedyforme |
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Posts: 7615 (05/15/08 8:10 PM) Registered user |
I might be interested in getting a copy of my credit score, but I have a feeling my credit score is fine...
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goner1 |
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Posts: 4749 (05/15/08 10:28 PM) Registered User |
Why is this so complicated for you? Go see the mortgage person at your bank (assuming you like dealing with your current bank) and ask for an approval -
they'll tell you your shopping price range. Aim well below that. Look for something that is adequate (not great) and has decent investment potential. As a
single gaysian, you'll want a 3 bedroom single garage townhouse or a two bedroom condo with two parking spaces. There, your home search is half done.
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itsakat |
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Posts: 6886 (05/15/08 10:30 PM) Registered User |
I'm not inviting a single one of you sorry broke fucks to my mortgage-burning party this year.
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NewOrleansIsSinking |
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Posts: 10073 (05/15/08 10:37 PM) Registered user |
Yes go to the mortgage broker. Do not go to the bank unless you want a higher rate.
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Tres Gay |
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Posts: 3331 (05/15/08 10:59 PM) Registered user |
Speedy, there can be errors on your report. I was denied for a stupid little credit card three years ago and pulled my report. All kinds of fuckedupery.
Looking at that report my own mom wouldn't have loaned me $20
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speedyforme |
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Posts: 7616 (05/16/08 7:20 AM) Registered user |
Alrighty, I contacted my friend's mortgage broker and we shall see what I can get from her. And when they run my credit report I shall ask them my score
and if I can see it.
I am basically in the market for a freehold semi, no more, no less, no condo shit, no townhouse shit, no condo fees shit... Minimum 3 bedroom, 3 bath etc... |
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merkyl |
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Posts: 53044 (05/16/08 7:26 AM) Registered loser |
I might be interested in getting a copy of my credit score, but I have a feeling my credit score is fine...Here's the problem, you have no idea what your score is. And when they run my credit report I shall ask them my score and if I can see it.Not sure about up there, but in the US the have to show it to you. Plus every credit agency is required by law to give you one free credit report a year. So if yo stagger it you can get a free credit check every 4 months. |
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speedyforme |
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Posts: 7617 (05/16/08 7:34 AM) Registered user |
merkyl wrote: Hm I spoke to my friend who works at a bank and he never mentioned it's required by law but he did say I can ask so I assume it's not required by
law up here. He also said that running mortgage reports do next to nothing to my credit score.
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ripeplum |
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Posts: 53 (05/16/08 8:28 AM) |
Given all of your information and taking it to be fact, there is no reason you should not be able to get pre approved for some amount of mtge. The basic rule
is 30% of your gross income = your mortgage payment, 40% gross income = your mortgage payt and all other debt servicing including insurances and property
taxes. I have a great mtge broker who is in Hazels town if you want the name and # I will pm it to you. He gets money for people I wouldn't lend 50 bucks
to.
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