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Edition # 7 Volume # 1


Tracy Irwin

Mortgage Loan Minute

... 60 seconds to informed home ownership

Curren interest rates:

Prime Rate ...................   6.25
3 year fixed ..................  5.70 
5 year fixed ..................  5.69
7 year fixed ..................  5.90
10 year fixed ................. 6.10
Variable rate .................  5.35

Pay it forward - Please feel free to forward this email to a friend and let them experience the benefits of informed home ownership.

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Tracy Irwin Mortgages, AMP

Hi %FIELD:5%,

Welcome to the Mortgage Minute!

Check out the Homeworks Quiz this month for your chance to win a $50.00 gift certificate to Second Cup.

Congratulations to last month's winner of a $50.00 gift certificate for movie passes.  - L Underwood, Burlington

mortgage minute
Your credit history could be hazardous to your financial health!

Did you know that your "beacon score" or "credit score" is the single most important factor in determining your borrowing capacity for either a mortgage, car loan, credit card application, etc.?  Many of us have never heard the term or have any idea what our score is.

A credit score is a tool used by credit grantors to determine your ability to repay your debts. The information on your credit report is compared and evaluated against other consumer credit reports which gives you a credit score ranging from 350 (highest credit risk) up to 800 (lowest credit risk). A higher score means you are less likely to make late payments or default on the credit extended to you.

The guidelines used in determining your score include:

  • payment history (35%)– paying your bills on time is the single most important factor in obtaining a high credit score.
  • how much debt you carry (30%)
  • – keep your credit cards low to keep a high credit score.
  • length of established credit (15%)
  • – the longer you have had the credit cards, the higher your score.
  • applications for new credit (10%)
  • – a high number of credit inquiries will lower your score.
  • your credit mix (10%)
  • – open only credit accounts that you intend to use on a regular basis.

Knowing how your credit score is determined can help you manage your debts to optimize your rating.

With the dramatic increase in identity theft, it is extremely important for everyone to check their credit report on an annual basis, especially when there has been a change in marital status. Here are two resources that you can use to check your credit rating:

Equifax Canada ~ 1-800-465-7166 ~ www.equifax.ca
TransUnion ~ 1-866-525-0262 ~ www.tuc.ca

Make sure that your credit is in perfect health and working for you so that the next time you want to purchase your new home, refinance or buy a car – you don't end up in the emergency room!


Article by Anne Marie Michaud, The Neziol Group

Warning:  Do you know what your home and auto insurance will cover you for in the event of a claim?
"What's the cheapest price you can give me?"  I 'm asked this question more times than I can count.  I realize that price certainly plays a part in your decision when you purchase your home and auto insurance but consider this…

Mike and Diane have decided to purchase home and auto insurance with company X because they came in at the cheapest price.  The representative wrote up their policy and sent them on their way   "We saved $150 on our insurance" they thought, "what a deal!"  Read more

homeworks quiz
 » Your chance to win a $50.00 gift certificate to Second Cup
» Answer the Homeworks Quiz question - What out of pocket costs did the clients have to pay after the fire?  (hint:  answer in Homeworks Article above) and send your response to tracy@tracyirwinmortgages.com for your chance to win!
The winner will be announced in next month's newsletter.  

tracy's trivia
» Life lessons from golf by Scott Sindelar, Ph.D., BCFE

» Principle # 6 - In golf and in life, instant successes, (hole-in-one), are very rare.  We improve mainly through practice.  In golf and in life, it is important to first identify the target, our goal.  We rarely get there in one stroke.  We approach the holes and goals in several steps.  We make corrections along the way.  Unless we give up, no mistakes are permanent.  WE cna always shoot again from a new angle.


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