You may request a FREE copy of your Personal Credit Report by mail.

Write to:

TransUnion of Canada, Inc.
Consumer Relations Centre
P.O. Box 338, LCD 1
Hamilton, ON CANADA
L8L 7W2

Equifax Canada Inc.
Consumer Relations
P.O. Box 190
Station Jean Talon
Montreal, Quebec CANADA
H1S 2Z2

The biggest challenge with the Free Reports is that you have to mail in a request and then wait for their reply which could takes weeks or longer.  If you want your report faster you have the option of paying for an online report from Equifax

One of the first things that happens when you fill out a mortgage application is a request for your credit score. Your credit score is one of the things that are considered when a financial institution determines 1) whether or not you are eligible for a mortgage 2) what mortgage rate will be offered.

For example, your financial situation (down payment etc) may make you eligible for a mortgage, but your credit score may influence what rate (high or low) that you can get,

Here is an interesting article from the Financial Post explaining all about Credit Scores.

If you want to find out more about credit scores … visit the Equifax website. You can find information about how credit scores are obtained … and you can order your own credit score to see how you rank. The report will also tell you how to improve your score (IF it needs improving).

Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.

Why Now’s a Good Time

If you’re considering buying a home, now may be a better time than in several months.

That’s because, right now, three key factors are working in the buyer’s favour: the HST, interest rates, and product selection.

HST:

The HST, which comes into effect on July 1, won’t have a dramatic effect on the real estate market as a whole; however, there are some areas where buyers and sellers will immediately notice its impact.

Firstly, only new housing (or substantial renovation) will have HST imposed on it, which means that existing resale properties (90% of the market) will remain exempt from this tax. That said, new homes will immediately become 7% more expensive, which will inevitably result in some upward pressure on prices for resale units.

Secondly, commissions on real estate transactions will now be 7% higher as the currently exempt PST portion expires and the GST merges into the HST. Fortunately for consumers, commissions in BC are among the lowest in any jurisdiction in North America, averaging roughly 3% in this province as compared to 5.1% in the US and 5% in Ontario.

To beat these changes, transactions should be completed by July 1st.

Interest Rates:

With interest rates at an all-time low, now’s the best time to get pre-approved and lock into an attractive rate. And with TD and RBC recently announcing that they are increasing their 5-year benchmark rates by 60 basis points, there’s renewed urgency to get pre-approved immediately.

Remember: with a pre-approval, you will generally get a guaranteed rate for up to 120-days. You DO NOT need to exercise this right, which means that you only need to borrow the money if you find the right property.

Product Selection:

With the onset of spring, an abundance of new product is set to hit the market, meaning that now is a great time to find a property that fits more of your criteria. While the winter months may prove to be a good opportunity to negotiate with a seller, the spring is the best time to find your dream home. Act quickly though, good product doesn’t stay around forever!

April 2010 Market Update

If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:

Simon Clayton 604-764-0711

Kristie Marsden 778-836-4389

Jason Low 604-790-5276

Sandra Ens 604-263-1911

Jenny Stephanson 604-675-6214

Jason Feinstadt 604-263-1911

MacDonald Realty 604-263-1911