In todays world credit score is more important than ever before. Not only does credit affect your borrowing power and rates but did you know credit scores are now being used in services like Home Insurance, auto insurance, cell phones and even some utilities. Great article from my colleague Dave below. Check it out and be in the know

Raise your credit score in 3 months

Image Source: InvestmentZen

While people often think of mortgage brokers when they are first time home buyers, we can help people in a variety of different ways.

Recently Garrett LaBarre of Calvert Home Mortgages in Calgary shared a success story with brokers. He had a client referred to him by a mortgage broker who had a conundrum. She was paying her credit card balances on time month after month, but couldn’t get them paid down due to the high interest rates. As a result, she had a 567 credit beacon score. Her bank would not refinance her mortgage or offer her a debt consolidation loan. She was stuck.

The solution was to use some of the equity in her home to pay off the credit card debt and lower the payments to a more manageable monthly. Even though her mortgage interest rate was higher than a regular lender, it was a lot lower than a credit card rate and it was amortized over 30 years.

The result was that within three months this client had her credit score jump from 567 to 769!

What an amazing result. Now there’s one more person who knows that mortgage brokers can do things that the banks can’t do.
If you have a challenging story, be sure to contact your local Dominion Lending Centres mortgage professional for help.