Give Your Credit a Check-up!

With a little research and 5 simple steps, it’s easy to spruce up your credit profile:

1.       Get the facts

The first step is to get a clear picture of your credit profile. Order your Credit Profile, Credit Score and Debt Analysis online to get a complete picture of your current status.
Look closely at the data from the credit reporting agency to see that it all matches up. Keep an eye out for: 

1. Wrong mailing addresses
2. Incorrect Social Insurance Number
3. Signs of identity theft
4. Errors in your credit accounts
5. Late payments
6. Unauthorized hard inquiries

2.       Right the wrongs

Contact your creditors or send letters of dispute to the credit reporting agency to have errors on your credit profile corrected.

3.       Improve your behaviour

Identify problem areas on your credit profile and make a plan for improvement. If you’ve had a hard time paying your bills on time, sign up for an automated payment service. If your debt levels are above 50% of your available limit, create a payment plan to reduce your balances. Set goals for improving your credit and be sure to celebrate when you reach a milestone.

4.       Follow up

Check your credit again 30-60 days after disputing errors and changing your behaviour to see how much you have improved. If any of the disputed inaccuracies remain, contact the credit grantor to further your dispute and determine if the item can be taken off your credit profile. If you want to tell your side of the story, forward a written request to the credit reporting agency to have a consumer statement added to your credit file.

5.       Monitor your credit

To guard against fraud and keep your credit healthy, sign up for a Credit Monitoring service that will quickly alert you to any changes in your profile. Keep copies of your old credit profiles and letters of dispute in a safe place for future reference. Make a plan to evaluate your progress quarterly.

Bank of Canada keeps the bank rate at 1%

Bank of Canada keeps the bank rate at 1%

The Bank of Canada has kept its benchmark lending rate unchanged at 1% in its latest policy decision.  This is the fourth time in succession that the Bank of Canada has decided to maintain the benchmark at its current level.  While the Canadian economy has exceeded growth expectation in the last quarter, the US economy is still in a state of uncertainty particularly in the housing industry. The next interest policy decision will be held April 13^th and it does appear very unlikely that the Bank of Canada will be able to maintain this current policy.


What does this all mean to you???

This means that Canadians will enjoy this low rate environment for a little while longer but not forever.  This does provide opportunity to have a close look at your debt and mortgage situation and prepare yourself financially for higher rates. You do have more choices today in regards to managing your finances and taking great advantage of these lower rates. As quoted by the Bank of Canada governor Mark Carney “We have been warning Canadians to get their financial house in order as interest rates will rise at some point”  

Call me today and let’s have a closer look at your financial situation and let me show you all the options that you can take advantage of today..

                     
Kindest Regards,
           
Ronald Ephard
Mortgage Broker
(778) 881-0276
rephard@mortgagealliance.com

www.Mortgagealliance.com/ronaldephard

Gabriel Ephard and Bo Plamer Simon Fraser University Football on Global News

Let me take this opportunity to wish you and your dear ones a bright, safe and definitely  successful 2011. As you already know the Government of Canada has made changes to the mortgage rules as follows and this could affect first time home buyers and others. 1) The maximum number of years the government will back a mortgage lowered from 35 to  30. 2) The max that Canadians can refinance their homes lowered from 90% to 85%. 3) Govt. insurance backing on Home Equity Lines of Credit or HELOC’s, has been removed. 4) Mortgage calculations for condos will include 100% maintenance instead of 50% as is  currently the case. In view of the above, if you answer “Yes” to the following questions, then you need my  HELP: Q. 1. Do you love your home, but, it is small or old and you want to move? Q. 2. Are the prices of newer / bigger homes in the area/s you want, rising? Q. 3. Do you have a limited budget to buy a bigger/newer home? Q. 4.         Are you a first time home buyer and need help to get a mortgage? As a Licensed Mortgage Agent and Realtor®, I am able to offer you the following  packaged solutions. If you want to discuss your individual situation, please send me an email: EVALUATION: I will evaluate your financial situation, your current home and your current mortgage (if any) and provide you with a written report. INNOVATION: I will provide you with recommendations for an innovative solution which no one has offered you before. REGENERATION: I will provide you a plan to show you that you are wealthier than  you think! If you know someone who is a first time home buyer and needs clarification on the new  mortgage rules, please ask them to call me or send me an email and I can discuss with  them their individual situation. Kindest Regards,             Ronald Ephard Mortgage Broker (778) 881-0276 rephard@mortgagealliance.com

www.Mortgagealliance.com/ronaldephard