Mortgage & Wealth Strategies
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Beyond The Rate
As expert mortgage brokers, we know building wealth through homeownership and achieving financial freedom is about more than just chasing the lowest rate—it’s about strategy.
We're taking you behind the scenes and giving you the insider tools and powerful strategies to get ahead. If you’re a first-time homebuyer, you’ll find everything you need to secure your first property and start building wealth from day one.
If you’re an existing homeowner, this is where you take control. Maximize the wealth-building potential of your current home with proven strategies for refinancing, leveraging equity, and optimizing your mortgage for bigger opportunities.
Your mortgage is more than a loan—it’s a gateway to long-term financial success.
Our goal is simple: to equip you with the knowledge and tools to make smart, strategic decisions that will transform your financial future.
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5 Great Ways to Improve Your Credit Score
May 7, 2024 | Posted by: Matt Broom-Hall
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As a mortgage professional, we often work with clients who are eager to improve their credit scores. A higher credit score not only increases your chances of getting approved for a mortgage but also helps secure a more favourable interest rate. Here are five effective strategies to enhance your credit score:
1. Pay Your Bills on Time
One of the most significant factors affecting your credit score is your payment history. Paying all your bills on time, every time is critical. This includes not just your credit card bills or any loans you may have but also your rent, utilities, and even your cellphone bill. Late payments can have a detrimental impact on your credit score. Setting up automatic payments or reminders can ensure you get all the due dates.
2. Reduce Your Credit Utilization Ratio
Your credit utilization ratio is the amount of credit you're using compared to your total available credit. For instance, if you have a credit card with a $10,000 limit and owe $2,000 on that, your credit utilization ratio is 20%. To help improve your credit score, it's advisable to keep this ratio under 30%. You can do this by paying down existing debt and avoiding large balances on your credit cards.
3. Regularly Check Your Credit Report for Errors
Sometimes, errors on your credit report can drag down your score. You are entitled to a free copy of your credit report every year from each of the major credit reporting agencies in Canada: Equifax and TransUnion. Review your report for any inaccuracies or fraudulent activities and dispute them promptly. This can include incorrect personal information, duplicated accounts, or incorrect reporting of payment statuses.
4. Limit Your Inquiries for New Credit
Each time you apply for credit, a 'hard inquiry' is placed on your credit report, which can temporarily lower your score. While one or two inquiries aren't usually a concern, several in a short period can be problematic. Try to limit applications for new credit cards or loans unless absolutely necessary. If you need to shop around for a loan, try to do it within a short timeframe to minimize the impact on your score.
5. Maintain a Mix of Credit Types
Credit scoring models often consider the variety of credit accounts you have. Having a wide mix of credit types, such as a credit card, car loan, a mortgage, or a line of credit, can most definitely positively impact your score. However, this doesn't mean you should take on debt you don't need, it's all about showing that you are able to take on various types of credit and make payments responsibly.
Improving your credit score is an exercise that takes time and patience, but by following these strategies, you'll be on your way to a healthier financial future. A good or excellent credit score can save you many thousands of dollars of interest over the life of your mortgage. If you are still trying to figure out where to start or need more personalized advice, please feel free to contact me.
Creating happy homeowners by providing personal bespoke mortgages solutions with uncompromising service.
Matt Broom-Hall
Mortgage Broker & Coach
matt@hellomortgage.ca
Hello Mortgage offers expert mortgage broker services in Alberta—including Calgary Mortgage Broker, Edmonton Mortgage Broker, Red Deer Mortgage Broker, Lethbridge Mortgages, Airdrie Mortgage Services, Sherwood Park Mortgage Broker, Fort McMurray Mortgages, Grande Prairie Mortgage Broker, St. Albert Mortgages, Medicine Hat Mortgage Experts, Spruce Grove Mortgages, Cochrane Mortgage Broker, Leduc Mortgage Services, Okotoks Mortgage Broker, Fort Saskatchewan Mortgages, Beaumont Mortgage Broker, Stony Plain Mortgages, Lloydminster Mortgage Broker, Chestermere Mortgages, Camrose Mortgage Broker and surrounding communities.