how long does it take, to build up enough credit history to be eligible for a mortgage ??? (assuming u pay all ur bills on time, and dont err on any payments)
also, does the credit history that u build up while on a work permit count, after u become a permanent resident ???
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I want the cultures of all the lands to be blown about my house as freely as possible.
But I refuse to be blown off my feet by any.
Hi !
Typically a credit history of three years stands good . But remmeber one thing that to obtain a mortgage the biggest factor is the current income ..
I personally know somebody who helped me very professionally and honestly .
If you want details you can PM me ..
Ashwani
P.S : CREDIT HISTORY REMAINS SAME EVEN YR STATUS HAS BEEN CHANGED
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Growing Old Is Mandatory ..Growing UP is Optional
Location: God's own country
Posted on: 06-05-06 21:31:05
I had a Gora house broker 2 years back (Met him in a networking meeting and he forced me to sign him as his broker. I was not interested at all but i did see one house through him just to please him).
What he told me was that even if your credit history is not good or there is no history for you, there are some high risk lenders who will lend for you. Remember, there is now a competition among bank to lend to any tom , dick or harry needing a bank loan. If you donot have any Debt consolidation, Bankruptcy etc.... and have a steady income, You will get the mortgage. Remember , the banks/ lenders hold the title/ equity of your house anyway. In this market, you only need to express your intentions and you will get it. The market is that competitive and there are too many players..
RE agents/ Mortgage consultants in this forum can give us their views.
TK
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I am a Gents and not a Ladies.
Quote:
Originally posted by mails4sagar
how long does it take, to build up enough credit history to be eligible for a mortgage ??? (assuming u pay all ur bills on time, and dont err on any payments)
also, does the credit history that u build up while on a work permit count, after u become a permanent resident ???
Credit history is only one of the 3 main variables for getting a mortgage. The other 2 are the job ( income ) and down payment and atleast 2 are generally needed to get you approved for the mortgage. If you have good credit history with good credit score and good income, then you qualify for mortgage even without down payment. Similarly, if your credit is not good or you do not have credit history but have income and down payment, you can get mortgage. Of course the rates may be different in different situations.
You can find all about the credit history here.
http://www.equifax.com/EFX_Canada/consumer_information_centre/faqs_e.html
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Pramodjee,
How frequently, we should check our credit report. Should we pay for it to get the credit score or just check the free credit report provided by Equifax or Transunion? Your valuable advice is appreciated.
Ash
Quote:
Originally posted by Ash20
Pramodjee,
How frequently, we should check our credit report. Should we pay for it to get the credit score or just check the free credit report provided by Equifax or Transunion? Your valuable advice is appreciated.
Ash
I would say atleast once every year we should ask for our 'free credit report' from any or both of the reporting agencies and look for any inconsistencies and take corrective actions. However, if we wish to buy a house in future, then I would say it is important to get this report 6-8 months in advance so that if there are any issues which require corrections, we would be able to get these corrected before we apply for the mortgage.
The link I posted in my earlier reply would be helpful in getting to understand not only the credit report but would also guide you to maintain and keep good credit rating.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks for your valuable info. I will be asking for my free credit report soon.
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by Ash20
Pramodjee,
How frequently, we should check our credit report. Should we pay for it to get the credit score or just check the free credit report provided by Equifax or Transunion? Your valuable advice is appreciated.
Ash
I would say atleast once every year we should ask for our 'free credit report' from any or both of the reporting agencies and look for any inconsistencies and take corrective actions. However, if we wish to buy a house in future, then I would say it is important to get this report in 6-8 months in advance so that if there are any issues which require corrections, we would have be able to get these corrected before we apply for the mortgage.
The link I posted in my earlier reply would be helpful in getting to understand not only the credit report but would also guide you to maintain and keep good credit rating.
