Friday, November 20, 2015

Credit Bureau

Many are unaware of how their credit score is determined and of the impact it has on a mortgage. When obtaining a mortgage your credit score is a critical element used in approving you for the product and in determining your interest rate. When approving a mortgage the bank analyzes the amount of risk they are acquiring by lending you funds, and your credit history is a crucial element in doing so. The higher your credit score, the less risk they perceive and therefore they will offer you a lower interest rate. For this reason, understanding the components of your credit score is crucial.
There are five main factors used in calculating your score:
  • The primary determinant is your payment history which accounts for approximately 35% of your score. Making your debt payments in full, before the due date is the best way to optimize your payment history.
  • Approximately 30% of your credit score is established by outstanding credit balances. Here, the primary goal is to carry a low credit balance in relation to the available credit; preferably, under 10%.
  • Having established credit history, meaning you have had available credit for a significant length of time, accounts for 15% of your credit score.
  • Approximately 10% of the score is determined by the type of credit available. Having a variety of credit facilities, for example auto loans, mortgages and credit cards is more desirable than debt purely held in credit cards, for example.
  • The last element, making up around 10% of your credit score, is the number of inquiries submitted for your credit bureau. Each full inquiry on the credit bureau can reduce your score from between 2 and 50 points; it is therefore important to limit the number of inquiries.
I hope this credit information has been helpful and just wanted to remind you that should you have any questions or know anyone who is considering getting or refinancing a mortgage I would really like to hear from you.
Amy Wilson
Verico Brokers For Life
(p) 780-919-0475
(f) 780-640-1243


Thursday, November 19, 2015

Mortgage Pre-Approval

As you start looking for a new home, you want to ensure that when you find your dream home that you do not lose it due to complexities in obtaining a mortgage. Obtaining a mortgage pre-approval will provide you with peace of mind, flexibility and simplify the process of securing a home.

With a pre-approval you can go into your house hunt with a clear idea of what you can afford so that you don't waste time looking at homes out of your price range.  Further, when several parties enter an offer on a home, sellers are more likely to accept the offer of an individual with a pre-approval since they are viewed as more reliable, thereby increasing your negotiating power.

I know this is an exciting time for you and that you have a lot on your mind. Therefore, I want you to be assured that I am here to support you every step of the way. If you have any questions please do not hesitate to give me a call.

To apply for a pre-approval online, or to use my mortgage calculator visit my Website.  Contact me for a list of required paperwork to pre qualify for your home.

Tuesday, November 17, 2015

Your "Mortgage Plan!" More than rates, A PLAN!

There are many reasons why I enjoy helping people
with their mortgage needs. Perhaps the most obvious
one is the deep satisfaction that comes from
helping people to realize their homeownership goals,
as well as helping them
accomplish financial success.

Another reason is, mortgages are a real learning process,

and no two applications are the same. This is why I would
like to help you create Your Mortgage Plan. When it
comes to a mortgage, most people think they are in debt
for the rest of their lives. With a mortgage plan, we are able
to build a customized plan to suit your individual wants,
needs and goals. No two people have the same spending and saving habits, so you
need a customized plan that matches your personal situation.

Part of the plan is my ongoing commitment to first class 
service; we become your
partner and help you achieve your goals. A mortgage plan can be tailored to anyone
who is buying a home for the first time, buying your fifth home, have a mortgage
coming up for renewal or even looking for debt consolidation.

If you or anyone you know has a mortgage and wants to save tens of thousands of

dollars, I am here to help and take pride in teaching people how to save money
and put it back into your own pocket.

If you have any mortgage related questions or concerns, or if you have any family,

friends and neighbours that do, please have them contact me, because I love
what I do and I love helping people take control of the financial future.

Amy Wilson
Mortgage Options... Not Restrictions.
Verico Brokers For Life

Friday, November 13, 2015

Home Buyer's Plan

What is the Home Buyer's Plan?
Your home purchase is likely the most financially significant decision you will ever make. It is therefore crucial that you understand the different opportunities and programs available to help you save money on your mortgage.
Under the Home Buyer's Plan, The Government of Canada provides tax benefits to qualified individuals when they choose to use their RRSPs to fund their home purchase, or that of a related individual with a disability. Through this program you may withdraw up to $25,000 from your RRSPs without incurring any tax penalties, granted the funds have been in your RRSP for a minimum of 90 days. Since this withdrawal is considered a loan, the balance must be repaid to your RRSP within 15 years, with the first payment due within two years of the withdrawal. Your annual Notice of Assessment will indicate the total amount required for repayment each year. To obtain further information regarding the benefits, conditions, and qualifying criteria please contact me directly or refer to the Canada Revenue Agency Website.
Amy Wilson
Verico Brokers For Life

Monday, November 9, 2015

Niche Mortgage Products! - Doctors, Mitlitary, Engineers!



As a mortgage broker I have the flexibility to offer a number of Niche mortgage products with a number of different lenders in order to represent your specific mortgage needs.  I will only pull your credit bureau once and doing all the mortgage shopping on your behalf, free of charge!  See below for some great niche products.


1. Most lenders and banks will only allow up to five acres of land, but I have a lender that will allow you to get a mortgage on a home with up to 150 acres!

2. Have you been Discharged from Bankruptcy?   If you have 2 years discharge with two new trade lines of credit on your bureau and 10% down I have options for you.

3. I offer a Doctor's approval program - If you are still in residency or have been in Canada less than one year with 20% of the purchase price down, I can get you mortgage using your projected income.

4.No Down payment, but you have a lone of credit, Credit Card or can get a loan - I can get you a mortgage with as little as 5% down and that can be borrowed - I even have someone who can get you the loan:)

5. Do you need some cash back when you move into your home - we can work the cash back into the mortgage rate so you can cover expenses once you move in.

6. Special Home Equity Line for Engineers

7.  Military - Special low docs programs and rates to get you into your own home.

Contact Amy Wilson today for any mortgage inquiries.
Phone: 780-919-0475
FAX: 780-640-1243