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From the category archives:


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 […]

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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 […]

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To Rent or To Buy – Which one is for you?

July 22, 2015

Today, many Canadians face the challenge of whether to rent or buy a house. Although there is no direct answer, there are the advantages and disadvantages of each situation. RENTING Advantages: No Maintenance Fees: If your heating, air conditioner, or any of your appliances break down, you can call the landlord because it is not […]

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Who is Flooding the Housing Market?

July 20, 2015

Who is Flooding the Housing Market? By: Amy Zhou The 2015 spring housing survey conducted by the Canadian Association of Accredited Mortgage Professionals (CAAMP), found that first-time home buyers are the main drivers behind the Canadian housing markets. Home buyers between the ages of 25 and 34 years old are some of the most engaged, […]

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Strategies to Pay Off your Mortgage Quicker

June 15, 2015

Now that you’ve purchased your dream home, paying off your mortgage as soon as possible is one of the best investments you can make. Paying off a mortgage earlier can save homeowners thousands of dollars and give them the peace of mind of being debt-free. Want to pay off your mortgage faster? Here are five […]

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Loan-to-Value Ratio: What is it and Why Does it Matter?

May 28, 2015

When applying for a mortgage there are many different factors that a lender will consider before deciding whether or not he/she will lend you money and with what repayment terms. These factors include credit history and score, employment stability, total monthly income, debt to income ratio, and loan-to-value ratio. A loan-to-value (LTV) ratio is a […]

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How Important is Credit When Applying for a Mortgage?

May 14, 2015

A credit score is a numerical value that determines the likelihood that you will be able to repay those who lend you money; it represents your creditworthiness. This score is based on a credit report from credit bureaus, such as Equifax and TransUnion. Included in your credit report is your entire credit history: all credit […]

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Why Choose a Mortgage Broker?

April 30, 2015

When looking for a mortgage, the first decision you should make is whether you want to go to a bank or a mortgage broker. Mortgage brokers are licensed professionals that represent and provide you with knowledgeable advice on mortgage products. The main advantage of consulting a mortgage broker is that they work for you, whereas […]

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Can you Afford a Home in Today’s Market?

March 30, 2015

With increasing housing prices in Ontario, housing affordability in Canada is currently deteriorating. Buying a home in Toronto, or in West Vancouver (Canada’s least affordable market), would now require a much larger salary than it did 30 years ago. The approximate salaries of $126,530 and $320,932 would be needed to afford an average home price […]

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