• CreditWhy Do Banks Care About Credit?

    Being on the front lines of clients looking for a mortgage brings in unique perspectives. There is no doubt that mortgage stress tests have brought hardships to many. At Robert Floris’ Mortgage Architects office in Hamilton, we will try to share our viewpoint on what clients can control. In today’s mortgage environment, credit is the number one area where mortgage lenders are putting a heavy emphasis. Think about it in a rational way. If someone owes you money, you would want to be paid back in a timely manner. Or another way to view it is that you would not lend your funds if you knew it would be difficult to get the money back.

    There was an old adage when I worked at Scotiabank and it went like this: “When you pay us (the bank), we pay you“. How does the bank pay you? With good credit risk, they will get you cheaper rates to save.

    Three tips to improve your score:

    There are a lot of things you can do to improve your score quickly but these 3 tips below make up the foundation.

    1. Do not let lenders make too many checks on you. We recommend no more than four checks per year otherwise it shows that you might be desperate.
    2. Pay your bills on time. Pay before the due date,
    3. Do not exceed 80% of your credit limit. It lowers your score and shows the lender you may not be able to manage your money.

    Fix your credit and lenders will seek you out.

    Fix your credit and you will have choices.

    Fix your credit and you will save thousands.

    Credit karma Canada is an excellent way to monitor your credit score. Now get to work! 🙂

    Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

    If you would like to apply for a mortgage online, please follow this link.

    If you would like to see our Google reviews or leave one yourself, you can do so here.

    Thanks for reading!


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