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Martene & Jackie Woodward
Mortgage Associates, Argentum Mortgages
P: 866.932.8412 E: info@mortgagegirl.ca

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;

credit
We 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.

credit
If your credit report contains any 0 Collections
of the items shown here it would
be beneficial to you to discuss 0 Judgements
actions that you need to take with
an experienced professional 0 Over limit debts
mortgage broker. We cannot 0 Late payments
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!

credit
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.
Anytime 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 Martene & Jackie Woodward
credit line with a limit similar to that initial Mortgage Associates, Argentum Mortgages
amount of cash that is currently being held.

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.
You also need to be careful not to
default on credit again. At least
until the old derogatory rates drop
credit
off the credit report. If you are KEEP BALANCES ON YOUR REVOLVING DEBTS
consistently missing payments or BELOW 80% OF YOUR AVAILABLE LIMIT.
going over limit the lender will
assume that is what your EXAMPLE; IF YOU HAVE A LIMIT OF $1000,
repayment habits are always like KEEP YOU BALANCE BELOW $800.
and you will be deemed higher
risk, which could mean higher
rates or less chance of approval.


If you are self-employed, we
understand that you may not declare
A LENDER IS LOOKING FOR all your earnings to the government
EVIDENCE OF CONTINUOUS so you do not have to pay taxes on it.
EMPLOYMENT EARNINGS IF THIS IS Lenders acknowledge that as
WHAT THEY ARE BASING THEIR well, however they will be looking for
LENDING DECISION ON. START confirmation that you are self-
KEEPING TRACK OF WHAT YOU ARE employed. And ensure all
EARNING; documentation supporting source of
earnings are kept in your records. If
you have an incorporated
company, pull out those incorporation

employment documents. If you don’t have a
business but still earn an income, we
have options for that too.


employment
0 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.


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

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