Heard about the doctor with perfect credit who was declined for a mortgage?

This week we are talking about Character, and Credit report surprises when you apply for a mortgage in Canada.

Did you know that some banks are now pulling credit reports from both credit reporting agencies when you submit a mortgage application? 

What does that have to do with saving you money?  I know that most of the readers are here because they are asking:





“How do I pay off my mortgage faster?” To them I say hang on, this is important too!    This is one of the tips that can save people thousands, as it could effect their interest rate on their mortgage!   It is not just about being on a budget to free yourself from mortgage debt.   





Most of my mortgage hacks won’t cost you anything and save you thousands after all.  The concepts discussed here will help give you a new way to look at the big picture.   

I have seen numerous clients totally shocked when I give them the news that they have a collection that is unpaid.   For most, this means that even if you have paid your bills perfectly something could jump up and bite you.  Take the case in point one of my clients who we will call "The Doctor" 

This doctor thought his credit was perfect.  

We did the application, I pulled his credit and that was fine.  When it got to the lender they declined it due to an unpaid collection on his account that was not on the report we pulled. 

He did not even know it was there, rather it was from something associated with some medicine he special ordered online and was not even a real debt. 

We had to resubmit to another lender, that did not pull that credit report, however the delay in the two submissions cost us a little on the interest rate. 

"The Rig Hand" is another client who was declined at one of my lenders because despite his perfect credit, something had fallen off his credit report that was still showing on the banks records as unpaid and written off.  We had to move him to another lender fast to get his conditions of financing met on his purchase and keep the home he wanted to buy.

The character part of the five C’s of Credit also means you should appear stable prior to the mortgage application.  

NO BUYING A NEW TRUCK, QUADS, big toys, or renewing a lease to a much higher payment.

NO CHANGING JOBS FOR A YEAR BEFORE, or less if you are getting a raise in the same industry.

NO MOVING AROUND, AND AROUND, and AROUND!

Many people ask how do they come up with my credit score?

Often they want to know where did that 679 score, or 534 score come from, and think it may be wrong.  My mortgage management course does show the exact percentages that make up your score. 

The FREE Package also includes:

• What impact does over Capitalization have on your total score?
• When to close a trade line?
• What are the lenders looking for on your credit?
• How do I get a better credit score?
• What should I pay off first if I am short on funds?
• What is the quickest way to repair my credit?
• What if it should not even be there in the first place?

You have all heard  the story about the couple that paid off their mortgage 10 years early, then put that extra money into their retirement savings package, and are now living on an acreage outside the city far sooner than their friends, and peers.  

You want to be them, or want to be able to be them.   We all know it’s never that easy, but with some help, and effort we can show you the way to get there as fast as possible.   That is what I am passionate about, helping people reach their goals.  That is why I became an independent mortgage broker in Calgary -I love helping people accomplish these goals.

If I put it all down here in one week would you read it?   I have offered them all in my package for free, yet very few of the thousands of people reading my blogs have asked!   As a gentle reminder, if you venture to my website, or email me, you can get the whole package right away! 
www.you-mortgage.com or  Email Me     Of course it will not have the fun factor of my blog.