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MINRATE MORTGAGES

Leading The Way In Mortgages

You want to get the most from your mortgage - now and in the years to come. As experienced mortgage professionals, we can do just that. From competitive rates to flexible options, we can find a mortgage that meets your unique needs, whether you're looking to buy your first or next home, invest in property, or if you have a large looming expense like tuition, a renovation project, or too much credit card debt. It's worth a call to schedule a free, no obligation review of your situation. Because the right mortgage can build your wealth and save you thousands of dollars!

Refinancing

Refinancing is when you take your existing home mortgage, break it, and replace it with another mortgage with different terms and conditions. There are several times when you may need or want to refinance. In some cases, interest rates change and you may want to change your terms to take advantage of this because your long-term costs will go down. At other times, there is a risk that Canadian interest rates will change in the future, and you may want get a longer (or shorter) term than you have in order to prepare for the change. In some cases, there are life events that require that you to refinance (equity take out) your home mortgage in order to have the capital on hand or you need to repair your credit.

How build a good credit rating:

Pay your bills in the monthly basis, especially credit cards. Borrow only what you need and what you can afford. Try to pay off loans on time and as quickly as possible. This will help not only on your credit rating, you also save valuable interest costs.

As a consumer, it’s your right to know your credit rating. Credit can be denied based on inaccurate or insufficient information. You may want to check your file if you aren’t sure of your credit rating, if you are refused credit or if you plan to apply for a large amount of credit such as a mortgage. You can get a copy of your credit report through one of the many credit bureaus across Canada for free or for a nominal charge.

Some guidelines to help you protect your credit:

o   Contact your local credit bureau, which you can find in the yellow pages.

o   Call to find out how you can review your file. You’ll be asked to provide identification to ensure the confidentiality of your file. A written report may take two to three weeks.

o   If you notice any errors and can offer written proof, your file will be changed immediately. If you can’t supply written proof, give the facts to the credit bureau, which will then investigate. If your facts are confirmed, your file will be updated.

o   If you see an error but proof cannot be found, what happens next depends on where you live. Each province has its own legislation relating to credit bureaus. The information you are challenging may be taken off your file or a note may be added, saying the information is “in dispute”.

o   If an error has been corrected, the credit bureau must notify members who have inquired about you during previous months (as required by provincial law).


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