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B ACK TO BEST RATES MortgageG irl can help

Back to Best Rates

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How MortgageGirl helps you GET BACK TO BEST RATES after a private mortgage or financing setback.

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Page 1: Back to Best Rates

BACK TO BEST RATESMortg

ag

eGirl

can help

Page 2: Back to Best Rates

Whether it is a relationship breakdown, job loss or illness, we know bad things happen to good people. The MortgageGirls are here to help you get back to best rates by helping you to

improve your financial profile.

Here are some general tips to help you look better on paper;

Martene & Jackie WoodwardMortgage Associates, Argentum Mortgages

P: 866.932.8412 E: [email protected]

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creditWe suggest you order your own credit report online with a credit card and review it with your mortgage professional. This is to ensure all the information on your credit report is accurate and correct and to discuss any issues which require you to take action. Martene & Jackie Woodward

Mortgage Associates, Argentum MortgagesP: 866.932.8412 E: [email protected]

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creditIf your credit report contains any of the items shown here it would be beneficial to you to discuss actions that you need to take with an experienced professional mortgage broker. We cannot stress how important it is to initiate a discussion as each individual’s financial profile is different and specific actions for one person may not be applicable to another. Ask us!

0Collections0Judgements0Over limit debts0Late payments

Martene & Jackie WoodwardMortgage Associates, Argentum Mortgages

P: 866.932.8412 E: [email protected]

Page 5: Back to Best Rates

creditAnytime you have credit issues it is very important you deal with them and clear them up and then get “back on the horse” so to say in order to re-establish good credit paying habits. Again, talk to an experienced mortgage professional who can provide direction on how to obtain credit facilities even though you have defaulted in the past. Keep in mind you probably will not get the best rates at first, however, this can change as time goes on and you make timely consistent payments. A common way for individuals to rebuild their credit is to obtain a secured credit card. This means you need to provide money upfront that is “held” by the issuer while you operate and manage a credit line with a limit similar to that initial amount of cash that is currently being held.

Now that you have dealt with the “bad” credit, it is time to show some “good” credit in order to “cancel” out the bad credit.

Martene & Jackie WoodwardMortgage Associates, Argentum Mortgages

P: 866.932.8412 E: [email protected]

Page 6: Back to Best Rates

creditYou also need to be careful not to default on credit again. At least until the old derogatory rates drop off the credit report. If you are consistently missing payments or going over limit the lender will assume that is what your repayment habits are always like and you will be deemed higher risk, which could mean higher rates or less chance of approval. Martene & Jackie Woodward

Mortgage Associates, Argentum MortgagesP: 866.932.8412 E: [email protected]

Try to have at least one revolving debt like a credit card of some sort as well as one instalment debt like a car loan or a personal loan for an RRSP. KEEP BALANCES ON YOUR

REVOLVING DEBTS BELOW 80% OF YOUR AVAILABLE

LIMIT. EXAMPLE; IF YOU HAVE A

LIMIT OF $1000, KEEP YOU BALANCE BELOW $800.

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employment

Rule of thumb is, if we can’t look forward, we look back. We understand not everyone is a permanent full-time employee on a salary. If a lender cannot confirm your income going forward, they will likely look for a 2-year history of your previous earnings. If you cannot document that via a notice of assessment or tax return, some products allow alternatives ways to verify continuous earnings.

Martene & Jackie WoodwardMortgage Associates, Argentum Mortgages

P: 866.932.8412 E: [email protected]

Page 8: Back to Best Rates

employment

A LENDER IS LOOKING FOR EVIDENCE OF CONTINUOUS EMPLOYMENT EARNINGS IF THIS IS WHAT THEY ARE BASING THEIR LENDING DECISION ON. START KEEPING TRACK OF WHAT YOU ARE EARNING;

If you are self-employed, we understand that you may not declare all your earnings to the government so you do not have to pay taxes on it. Lenders acknowledge that as well, however they will be looking for confirmation that you are self-employed. And ensure all documentation supporting source of earnings are kept in your records. If you have an incorporated company, pull out those incorporation documents. If you don’t have a business but still earn an income, we have options for that too.

Martene & Jackie WoodwardMortgage Associates, Argentum Mortgages

P: 866.932.8412 E: [email protected]

Page 9: Back to Best Rates

employment0 If you are commissioned or receive

bonuses, obtain documentation to support the source of the funds you receive. We can use that towards income if there is a paper trail.

0 If you don’t have your income taxes done, we have options, however most lenders offering best rates will request confirmation that your personal taxes are filed up to date.

Martene & Jackie WoodwardMortgage Associates, Argentum Mortgages

P: 866.932.8412 E: [email protected]

Page 10: Back to Best Rates

closingWhen dealing with mainstream lenders such as banks, credit and employment are the main factors a lender considers when reviewing your mortgage application. If those 2 areas are strong, you will likely get best rates.

If you want to be a perfect 10 on paper, you can also start a savings program as a positive net worth is like the cherry on top for a lender.

Martene & Jackie WoodwardMortgage Associates, Argentum Mortgages

P: 866.932.8412 E: [email protected]