Is An Error Destroying Your Credit?

Your Credit Could Be Destroyed By A Simple Error!

As an experienced Mortgage Agent I have seen many different Credit reports.  There have been times when a client has come to us to be pre-approved and there is incorrect information on their file.   Until it is repaired, they cannot go forward with a mortgage.

The errors can come in the way of:

  • A collection that is not yours
  • An account that is paid but shows it is in arrears
  • Someone else’s information on your bureau.

Whatever the case may be there is usually a way to fix it.

First you must collect all the documentation to prove that your credit is clean.

Then have your proof of identity ready to share with the Credit Bureau.

Contact them with the information and give a full explanation of the error and why you believe it should be corrected.

For Equifax:  http://http://www.consumer.equifax.ca/

For Transunion:     http://www.transunion.ca/

It can take time to make a correction but it can be done.  If you are in the process of trying to obtain a mortgage and it becomes clear that there is an error on your credit bureau w are ready to help you clear it up and get the mortgage that you want.

We’re available to offer you great mortgage solutions even if you have a credit issue.

         See how we have helped many other clients.  Check out our reviews on Facebook!

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Which is better: Term life or Mortgage Insurance?

Term Life or Mortgage Life Insurance?

What’s the best option?

 

A new home for your family is considered to be your biggest purchase of your entire life. This big step in life also comes with a very big question attached “What’s the best way to protect your investment if you die?” There is a two part answerterm life vs Mortgage life Insurnace to this question. The first part being you need to insurance, but the bigger question is which type of insurance do you need? There is Mortgage Insurance or Term Life Insurance.

Understanding the differences between the two is very important but is overlooked sometimes.

This article may be viewed in it’s entirety at TheStar.com

Every Canadian deserves a home they can call their own.

Let “Your Durham Mortgage Solutions Team” help you with a low rate solution!

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Is Your Privacy At Risk?

Mortgage Intelligence Protects Your Privacy.

Here at Mortgage Intelligence Oshawa, your privacy is of the utmost importance to us!

We collect very personal data from our clients for the purposes of attaining mortgage approvals for them.  This means we have a phenomenal responsibility to each of them.

This week an article appeared in the Toronto Star about the breach of privacy in handling the files of mortgage clients.  We want to assure you that when dealing with our office, you will never see another client’s information, and that means no one will ever see yours!

We work in a highly organized environment making sure that files are all housed in cabinets and they are stowed away each evening.  We never have files in plain view of anyone who comes into our building.  As a mater of fact, we only have the files we are actively working on at our desks.  All others are in appropriate file cabinets.

protecting your privacy

We also have a security system in our building.  The alarm is on at all times when we leave the building. We have a voice communication alarm system for added security. The police would be called right away if there should ever be a problem.

We use a secure intranet connection to transfer data from our on-line application to our mortgage software.  It is controlled by Mortgage Intelligence and Filogix and meets the highest standards for client privacy.

We encourage you to ask questions when you look for a mortgage. Does the person taking your information work from their home office? Do they have a security system?

If they are mobile agents, how do they make sure your information is safe if they leave your file in their car?

The incidence of identity theft is real and it’s growing faster then you can imagine!

Be safe, be sure!  Call “Your Durham Mortgage Solutions Team”.

Apply now to get a great Rate!

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10 Reasons to Use A Mortgage Broker.

 Mortgage Brokers have more solutions than ever!

Don’t let Mortgage Rule changes keep you from getting the mortgage you need.

Working Professional

10 Reasons To Use A Mortgage Broker

When to Recycle Electronics?

What To Do With Old Electronics???

recycle old electronics

Recycling in general helps to keep material that can be reused out of landfills, but it’s important to know where to recycle certain products after you are finished with them. “Your Durham Mortgage Solutions Team” would like to share this informative video about how to recycle your used or broken electronics.

Recycling Electronics – Deciding whether to repair or recycle electronics

Every Canadian deserves a home they can call their own.  Let “Your Durham Mortgage Solutions Team” at Mortgage Intelligence help you with a low rate solution! Apply today & save!

Reverse Mortgage – Could It Be Right For You?

  CHIP Mortgages(Canadian Home Income Plan)

Reverse Mortgages

As more Canadians reach retirement, they want to continue to stay in a home of their own rather than rent.  The “CHIP” (Canadian Home Income Plan) reverse Mortgage can help make it possible.  Reverse Mortgages have changed a great deal over the past year and may be a solution for you if you don’t have enough retirement income to stay in your home and maintain your lifestyle.

For details about this up coming mortgage solution for Canadian Seniors, You may be surprised at how it can become your solutions!

Contact us to discuss your options

What Does It Mean To Be Bankrupt in Canada?

Bankruptcy- An option for those overwhelmed by Debt.

The concept behind Bankruptcy in Canada is this: you assign (surrender) everything you own to a Trustee in Bankruptcy in exchange for the elimination of your debts. Through bankruptcy, a person hopelessly burdened with debt gets a chance to start fresh.

Personal bankruptcy is a legal process, governed by federal law (the Bankruptcy & Insolvency Act). The law is designed to permit an honest but unfortunate debtor to obtain relief from his or her debts while treating creditors equally and fairly.

Bankruptcy in Canada

A person must live or do business in Canada, and must be insolvent. To be insolvent means:

1. To owe at least $1,000.

2. Not to be able to meet your debts as they are due to be paid.

Bankruptcy Trustees are federally licensed. Their fees are regulated and moderate, so the cost of Bankruptcy is reasonable.

Because Bankruptcy is a legal process, there is a “stay of proceedings” that prevents a garnishment or any legal action from happening, and stops your creditors from calling.

You may be entitled to an automatic discharge from Bankruptcy in 9 months, the minimum time set by the Court to be Bankrupt, provided you have never been bankrupt before and you complete various duties and responsibilities.

Your ability to obtain credit in the future could be affected, since Bankruptcy will remain on your credit report for seven years.

Exceptions to the discharge of all debts

Some debts are not erased. Bankruptcy only deals with unsecured debts – things like credit cards, personal loans, income taxes, overdrafts, etc.

A secured debt, such as a car loan or mortgage, is not included. Since you have given an asset as collateral, your creditor does not need the Bankruptcy process to recover the amount owing to them.

Some unsecured debts are also not discharged in a Bankruptcy, such as student loans less than 10 years after you stopped going to school and/or any alimony or child support.

Exceptions to the surrender of all assets

Some assets are not taken from you in Bankruptcy. These are the “exemptions” that the government has determined you need to survive.

A list of exemptions is set by each provincial or territorial governments in Canada. For example, in Ontario, a car worth less than $5,650 is exempt, also personal items such as clothing worth less than $5,650 and household items worth less than $11,300.

For most people the assets they must surrender include their investments, RRSPs, and RESPs, as well as their house.

Exceptions to discharge from Bankruptcy in nine months

The length of your Bankruptcy will be nine months, unless one of the following is true:

  • You fail to perform all your bankruptcy duties, such as regular payments of surplus income to the trustee.
  • You have surplus income (see below).
  • You have been bankrupt before.

How much longer your Bankruptcy period will be depends on the details of your case.

Surplus income adds to cost of Bankruptcy

On top of the trustee fee and your loss of assets, a bankruptcy may cost you some of your income, depending on how much you earn and the size of your household. The principle is that, if you earn more than your household needs to survive, you must pay the “surplus income” to your trustee for the creditors. The formula used is prescribed by law.  The more you earn, the more expensive filing for bankruptcy will become.

Superintendent of Bankruptcy

This article is courtesy of A Farber, Trustee in Bakruptcy

Every Canadian deserves a home they can call their own.  Let “Your Durham Mortgage Solutions Team” at Mortgage Intelligence help you with a low rate solution! Apply today & save!

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