New Low Rates!!

Wow Wow Wow  I don;t know if we have ever seen rates like this.  Fixed Rates taking a tumble.

Kelowna Mortgage Broker, Brad Adams, can find you the best deals

This edition of the Weekly Rate Minder has the latest, best rates for Canadian  mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is "free".* It's the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)• Our Best Rates • Explore Mortgage Scenarios with Helpful Calculators on http://www.bradadams.ca Terms Bank Rates Our Rates 6 Month 4.45% 3.95% 1 YEAR 3.50% 2.44% 2 YEARS 3.90% 2.79% 3 YEARS 4.45% 2.90% 4 YEARS 5.14% 3.69% 5 YEARS 5.49% 3.65% 7 YEARS 6.19% 4.85% 10 YEARS 6.50% 5.19% Rates are subject to change without notice. *OAC E&OE Prime Rate is 2.75% Variable rate mortgages from as low as Prime - .65%

What is a credit history?

In almost every case, when you ask for a loan or credit, lenders check your credit rating. Typically, it’s a numeric ranking that indicates how credit-worthy previous lenders think you are. The rating is held in a report accessible through a credit bureau, and updated every 30 days by banks, credit card companies, and others with whom you have lending agreements.

Your credit report contains your social insurance number, birth date, address and previous addresses, payment histories, a list of your accounts, and public record information like bankruptcies, foreclosures and tax problems.

In addition, your credit report lists inquiries made about you over the last several years, and whether or not you were granted credit. Your credit history, summarized by a credit rating, is essentially your financial reputation. It allows banks, employers, and others with whom you are making financial agreements, to review how you’ve dealt with your financial obligations in the past.

You achieve good credit when you prove you can responsibly manage the debt you incur. This means paying your bills on time and staying within your credit limit. Your credit report is the official document that contains this information.

Give yourself credit: building a credit history

The best way to build your credit history is to start one. If you’ve never had a credit card or a personal loan, it’s time to start writing your own history.

First off, apply for a credit card that meets your needs and your spending habits. Start out slow, with occasional purchases — but only those you know you can pay off quickly and on time.

Your credit history is mostly made up of private creditors like credit card companies and banks. It’s unlikely that small retailers or your landlord bothered to register your missed payments. Similarly, governments are unlikely to get involved in credit reporting, so student loans or back taxes are unlikely to be reflected in your credit rating — good or bad.

What do people say about you?

Despite what you think your history may include, take time to find out what others are saying about you. The reason is simple: human error.

You have the right to know your credit rating. But don’t wait to be refused credit before you check your report, contact one of the many credit bureaus across Canada by phone. They’re in the Yellow Pages, easily accessible, and reports are available for free or a nominal charge.

You can correct errors and update your report — check your province’s legislation. If an error is detected, your credit bureau must contact anyone who inquired about your credit rating in previous months.

If you don’t like your credit report, but can’t find any errors, you may be in trouble. A bad credit history, and therefore a bad credit rating, can be corrected with work.

Credit crisis: What can you do?

Signs you’re headed for crisis:

• You can’t pay your credit card bills each month
• You take cash advances just to make it through the day or week
• You don’t know how much you owe.
• You have no idea when, or if, you might finally be out of debt

Brad Adams a Mortgage Broker specialist will get you the best and lowest mortgage rates for real estate and refinance in kelowna and all of B.C.

If you find yourself in a credit crisis, deal with it immediately:

1. Consolidate. Combine your debt into one amount and put regular payment toward it. Be careful while you pay off the consolidated debt that you don’t generate new debt.

2. Arrange a payment plan. If you can’t meet your current credit card obligations, contact your issuer to make arrangements for a payment plan.

3. Spend within your means. Make sure your spending habits and lifestyle keep in line with your personal financial situation. If you can figure out how you got into a credit crisis, it’ll be easier to get out and stay out.

4. See a credit counselor. In a serious crisis, you can enlist the help of a credit counselor who can help you develop a plan. Not-for-profit credit counseling agencies exist across Canada, and can be found in the Yellow Pages.

5. Stick to your plan. Once you’ve identified a plan for recovery, stick to it. Use just one credit card and use it wisely to prove to yourself, and your creditors, that you can handle your credit obligations.

The “B” Word: Budgeting

The quickest way to write — or re-write — your credit history and a bright credit future is to create a budget. Document your income and all of your expenses, then set goals to ensure that the two are inline so you can still live comfortably, do the things you like, pay your bills, and save a little each month.

A budget is handy if you make most of your purchases on a credit card. Compare your monthly bill with your monthly budget to assess whether you’re staying on track. A budget is useless if you don’t ever check how closely you are sticking to it.

Beyond big purchases, keep a close eye on your petty expenses. You may be surprised how much you spend on taxis or your daily coffee.

History repeats itself

Write your history well, and it will repeat itself every time you approach a creditor for assistance. With a good credit rating, your loans should be approved with greater ease, and your continued diligence will pay off.

(This post was brought to you by Mastercard Canada)

Mortgage Rate. Where do they go from here??

When asking the Magic Eight Ball you may get the answer outlook unclear.  This would also be the consensus of the professionals in the the industry as well.  Rates want to rise as they have been at their lowest in years for quite a while now but with the bond yields so low and the and the housing market still slow, lenders are still trying to attract new customers.  With demand low then the rates are sure to stay low.

On the other hand variable rates may be poised to rise.  With the new, heavily contested, HST inflation for the month of July has risen to 1.5% according to Global News and the tax has slowed the intended effect of the government stimulus packages. The rates set by the central bank are linked to the health of the economy and as the stimulus packages are weened away with the gradual return of a stronger economy the central bank rates will follow suit and gradually rise.
Brad Adams a Mortgage Broker specialist will get you the best and lowest mortgage rates for real estate and refinance in kelowna and all of B.C.
Though you are still better off with a Variable rate at this time this could turn around two years down the road so the age old question of Lock-in or let it Ride still is in play.

If you would like to talk further about Mortgage Rates or any of your home financing needs please see my site at www.bradadams.ca