Dave Mackenzie Key Financial Mortgages
4309-40A street T9E4V7 Leduc, AB, Canada

Your credit score David MacKenzie, Dominion Lending One of the main determinants of being approved for a mortgage is your credit rating as measured by your beacon score. Beacon scores are composite ratings that take into account all the history of your credit and repayment records. The scores range from 400-900. To qualify for a mortgage through Canada Mortgage and Housing Corporation, or a major bank, you normally need to have a credit score higher ...than 625. A few months ago, a representative from Genworth, advised me that Alberta residents have the lowest average beacon scores in Canada, averaging 618. Indeed, in my role as a mortgage broker, I review client credit bureau reports on a daily basis and, unfortunately, it is quite common for me to see poor credit ratings. The poor scores are often the result of smaller unpaid bills or a history of late payments. In many cases, the poor credit scores were avoidable had the client understood how things work. I have done many presentations at schools to try to educate students about this important aspect of personal finance management but I feel that this area is not adequately covered in school curriculums. The truth is that many still learn these tough lessons through the school of hard knocks. On the other hand, many people are very conscious of their credit ratings and have very high scores. When I complete mortgage applications for clients, it is often fun to see the competition between spouses as to which one has the higher credit rating. If it is the case that a client has an unpaid collection showing on their bureau, but their credit is otherwise satisfactory, the Bank might still approve a mortgage. However, the Bank will normally require that the bill be paid prior to, or at the same time, that the mortgage is advanced. Are there alternative mortgages available for those, for whatever reason, have less than perfect credit? The answer is yes. There is a wide option of mortgages available for those with credit ratings under 600. Normally, these mortgages require a larger down payment of 20-25%. You can check your credit by contacting Equifax and obtaining a bureau report once a year. If you have any concerns about your credit rating, this is an advisable thing to do. Even if your credit is not as high as you would like it to be, you can begin the process to improve it every month with a bit of attention and regular bill paying habits. See more

Mortgages on Rental Properties Dave MacKenzie If you speak to local property owners or realtors, you will quickly hear that the Leduc region is widely considered to be an ideal place to own revenue property. This makes sense because the demand for rental properties here is strong due to our continual growth in jobs and population. This growth and prosperity has translated into a very low vacancy rate and higher market rent...Continue reading