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Checking my credit score will lower it

No, it won’t! This is because pulling your own credit report is a soft inquiry. These types of inquiries do not affect your credit score. However, hard inquiries, which require your consent, such as when you apply for a mortgage or other loans, do affect your credit score slightly. Remember, there are many factors when it comes to calculating your credit score!

If I’m rich then I will have a great credit score

Sadly, no!   Everyone is equal when it comes to credit score, even if you are rich and famous.   Income and occupation is not calculated into your credit score.   Regardless of income, everyone’s credit score can be improved the same way: pay your bills on time!

Each person only has one credit score

No – Canadians actually have more than one credit score! Canada has two credit reporting agencies, Equifax and TransUnion. In fact, your credit score from Equifax and TransUnion may not be identical! This is because information may only be relayed to one agency but not the other.

Bankruptcy completely ruins credit scores

No – you can still recover! The bankruptcy record stays on your credit report for 6 or 7 years, depending on the province you live in. It will negatively impact your score, and during that time, it will be difficult for you to obtain credit, but it is possible! Contact Maple Leaf Mortgages by applying online at,  call at 905-886-5323 or email Get your fresh start with our trusted professionals!

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How the Stress Test Will Impact You (Part 2)

November 8, 2016

Why was the Stress Test Implemented?
The Canadian government implemented the stress test to attempt to control the rising prices of the real estate market.   It is also to ensure that Canadians do not put themselves at risk and assume mortgage debt that they cannot manage if interest rates were to rise.   So far, predictions say [...]

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How the Stress Test Will Impact You (Part 1)

November 7, 2016

Have You Heard the News?
Do you struggle with putting at least a 20% down payment for a home?
The stress test came in effect on October 17th, 2016, testing prospective home buyers on their ability to pay back a loan.
The stress test is required for all new insured mortgages. This includes all fixed and variable rate [...]

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Variable rate vs. Fixed rate mortgages

May 19, 2011

In determining whether you should go with a variable rate vs. fixed rate mortgage how do you decide…..
Yes, let’s flip that coin, VARIABLE vs. FIXED… the best Variable Rates are prime (3.00%) minus .80%, which means your payment is at a rate of 2.20%. Sounds great and it is, for qualified candidates. News just in, [...]

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