Useful Resources
For those wanting to read more about mortgages and home ownership in Canada, you should visit the official Web site of the Canada Mortgage and Housing Corporation (CMHC) at:
Credit Bureaus and Free Credit Reports:
For those who need to find out more about their own credit rating and what credit score is all about, you can go to the Equifax Canada Web site:
http://www.equifax.com/EFX_Canada/
Or
The Trans-Union Web site:
http://www.tuc.ca/TUCorp/home.asp
Both credit bureaus are active in Canada. They both will provide you with free credit reports. You must follow their instructions outlined on their Web sites. You cannot obtain free reports on-line in Canada because of various legal considerations.
If you want to get some insights on what credit scores are and how to improve on them, go to my page on Credit (Beacon) Scores . Briefly:
Beacon scores are the first thing most mortgage lenders look at when sizing up a borrower. They’re a single number that summarizes your credit situation and shows lenders what kind of risk you’re likely to be as a borrower.
The name Beacon is actually a brand of credit score issued by Equifax, the largest credit-reporting agency in Canada . Trans Union, another widely used agency, also issues credit scores under a different name.
Credit scores are based on a complex formula. They range from 300 to 900, with 720 being near average in Canada. Individual scores can change every month.
While no one knows the exact formula (except the inventor, Fair Isaac Corporation), Beacon scores are roughly based on:
-Previous payment history (About 35% of score)
-Current level of indebtedness (About 30% of score)
-Length of credit history (About 15% of score)
-Number/frequency of new credit enquiries (About 10% of score)
-Types of credit you have (About 10% of score)
Refinancing:
Some of you may be interested in what your refinancing options are! If so, you can go to my page on refinancing and find out.
Debts Consolidation:
For those of you who may find yourselves in Default Management situations (details in my FREE eBook), it is almost certainly too late for debt-consolidation refinancing. In such cases*, you should contact the National Credit Counsellors of Canada (http://www.nccc.ca/). They have some rather innovative programmes. These programmes may meet your needs to avoid going into bankruptcy or consumer proposal. Because of that, you may be able to rebuild your credit and get proper mortgage financing that much sooner.
(*There is another option most people find it emotionally hard to consider. That is to sell your home while you are still in some control, pay off all your debts and start over. With a clean sheet, you may be able to get 100% financing. If you go into bankruptcy or consumer proposal, you will set yourself back years.)
Mortgage Brokers in Canada:
Mortgage Brokers in British Columbia (BC):
Mortgage Brokers in Victoria (Malahat South):
Mortgage Broker in Nanaimo (Malahat North)
Mortgage Brokers in Vancouver (Lower Mainland):
Mortgage Brokers in Saskatchewan
Mortgage Brokers outside of GTA:
Mortgage Brokers in New Brunswick
Mortgage Brokers in Prince Edward Island
Mortgage Brokers in Nova Scotia
Mortgage Brokers in Newfoundland
Mortgage Brokers in United States of America:
Global consumer & residential mortgage lending advisor/consultant:
Real Estates or House for Sale and Realtors:
You can find current statistics on Canadian home prices across the country here:
The Canadian Real Estate Association
If you are looking to purchase a home anywhere in Canada, a good place to start is the Multiple Listings (MLS) Web site. You can find investment and commercial properties there as well:
The Real Estate Boards on Vancouver Island are:
Victoria, British Columbia, Canada – useful information:
- City of Victoria
- Tourism Victoria
- Victoria and Vancouver Island Travel Guide
- Victoria attractions: The Butchart Gardens
- Victoria BC Weather Forecast
- Victoria BC Restaurants
OTHER LOCAL BUSINESSES I RECOMMEND (VICTORIA, BC):
Travel:
- Victoria Cruise & Travel Boutique: Phone: 250-414-0447, Toll free: 800-868-0382; E-mail: Info@VictoriaCruiseAndTravelBoutique.com; Web: http://victoriacruiseandtravelboutique.com/index.htm
“Customers return to us and refer their friends and family to us because we are much more than just a reservation centre – we provide value. For some, value is our knowledge and our advice on destinations and on the quality of the suppliers that will fulfill their travel needs and their budget. For others, it is the total document and ticketing service that we provide. But for most, it is both the advise and the service. Experience the difference with Victoria Cruise & Travel Boutique.” – Gerry Delval, Owner
Useful Links
CANADIAN MORTGAGES eBook
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