Tag Archives: bad credit

Mortgage Brokers vs. Bankers

It is a mortgage tale as old as time… and one of the biggest choices that mortgage shoppers face when getting into the market is where to go….. broker or bank?

It can be a tough choice, many of us have been with our banks for years and it just seems easier to meet with the specialist there. Our parents went to the banks, your friend got a “great rate” at the bank and well, it just seems like the traditional thing to do.

Word is on the street that our society is taking a turn back towards “traditional” ways but before you make an appointment at your nearest financial institution, here are the top 5 reasons why mortgage brokers are just plain GREAT!

We offer mortgage plans that a banker does not have access to: Part of being an independent mortgage broker is that I am able to “shop around”! Banks only have typically about 3 products to offer, I can take your application to over 50 lenders and without a doubt find you the best rate and plan to suit YOUR needs.

We don’t turn our noses up at those with bad credit:  Mortgage brokers have flexibility and can often find a lender who will work with you.  Unfortunately, bankers have to adhere to their bank policies often placing restrictions on available options.

Flexible hours: Not a 8-5 person? No worries, I’m not either!! Now granted, if you call at 3 am you might have to give me a minute to fire up the Keurig but other than that, meeting outside regular business hours or at a location of your choice is not a problem!

Worried that you’re self employed? Don’t worry so am I: Banks can often times remind me of the government, there is not a lot of room for “grey area” black and white or nothing… If you are receiving your income from a non-conventional source ex: self employment, long term disability, alimony etc.  than have no fear. Brokers love the “grey area” in fact, we thrive in it. We keep ourselves up to date on the rules and the trends of the lending industry, knowledge is power and we will deliver your application to a lender who will happy to work with you!

We work for YOU: We offer a unbiased, free service to clients that helps them properly asses and understand the mortgage process. We love what we do and we like saving you money. We get down in the trenches, negotiate, shop around and provide options!

If I haven’t convinced you, feel free to give me call and get ready to be surprised.

Kelowna MortgageDave ~ Kelowna mortgage broker 🙂

5 Ways To Boost Your Credit Score

I have spoken about credit a lot. It is one (but not the only) important piece of your mortgage puzzle. What can hurt you score, cant often times be more obvious than what can be done to help. Today I’m talking about the five things that you can do to improve your score, because the little number follows you whether you like it or not!

  1. Bring, and keep, your open accounts current. The most important part of your FICO score is a history of on-time payments. If an account becomes 30 days past due, you can lose a lot of points. It is much more important to bring and keep open accounts current than to handle old collection items of closed accounts.
  2. Reduce your credit card utilization. Utilization is defined as the percentage of your available credit that you are using. To calculate your utilization, divide your statement balances by your credit limits. If you have $10,000 of available credit and have a $1,000 balance, your utilization rate is 10%. According to data from Experian Decision Analytics, people with the best credit scores (above 780) have a utilization rate of 5.6%.

Continue reading…..

Story via Forbes

How to get a mortgage (when your not the ideal borrower)

If you’re a credit-worthy employee at a Fortune 500 company and don’t have much debt, the mortgage world is your oyster. Banks knock on your door looking to give you the best rates, most advantageous terms and any other perks they can use to get your business. You’re an A-lister. A borrower with impeccable credentials.

But what if you don’t quite fit that pic? It doesn’t mean you’re out of luck, it just means you have to learn how to work the system in your favour.

Truth: You can get a mortgage if you’re self-employed, got a poor credit history, or if you own more than three rental properties……

To help you, here is a list of some of the most common B-class borrower hurdles and the best ways to minimize the risks and get better mortgage rates and terms.

Have a read & as always, if you have ANY questions, never hesitate to get in touch.

Bad credit, credit debt, mortgage debt – Canadians and debt.

I wanted to start by saying, that if you are currently overcome by debt or have bad credit, you are not alone. In fact, there are way more people out there in the exact same position than you think! As a mortgage broker in Kelowna, I see the nitty & sometimes very gritty reality of peoples financial situations. As Canadians we are definitely effected by the old want to “keep up the Joneses” & correctly identifying “need vs. want” is a every day struggle for everyone, including myself!

Some Canadians believe they will be in debt forever  and with debt repayment goals pushing closer into their retirement years the strain becomes even more of a reality.

Do YOU ever wonder when you will become debt free? 40s? 50s? Ever?

Get optimistic about debt repayment & shorten up that road to financial freedom!