Rbc royal bank and credit lines

So I have a basic personal finance tip that everyone should follow. I recently went to close on a mortgage and the real estate lawyer informed me that.rbc had a lien against my property. The scary part is that I had no financial product from rbc.

Long story short -- rbc paid my lunch expenses during my wait and are working with the head office to rectify the error with the line of credit mortgage incorrectly being applied against my property. It was apparently in place for 2 years and I never once received a statement. Scary.

Everyone should consider getting a thorough credit review done every 1 to 2 years in case of identity theft or even e-errors during these times of e-business.

Has anyone else had a similar scary financial story?
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.

Total Debt Service Ratio Formula

Total Debt Service Ratio Formula:
PITH1+ Other Debt / Borrower’s Gross Annual Income2

1PITH means principal, interest, property taxes and heat costs plus 50% of the condominium fees. For
chattel or leasehold loans, include 100% of site or ground rents.
250% of subject property gross rental income can be included. T+H for the property generating rental
income can be excluded. Visit www.cmhc.ca and search key words “TDS formula” for more information.
Flexibility provided for borrowers who have a strong history of managing credit. Total Debt
Service Ratio 42.01- 44%: Recommended minimum score of 680.

Mortgage Refinance Closing Costs

Looking for a new mortgage is only half of the battle when doing your personal finances.  Once you purchase the home you have to be ready for the closing costs.  There are general rule of thumb estimates that cover realtor fees, land transfer tax, lawyer fees, moving expenses, etc...  Here is a handy calculator from ING to help you predict your closing costs when refinancing a mortgage.

When buying a new home, there are expenses outside of your mortgage that you will need to include in your budget. To help you, we have created this closing cost checklist that you can use to keep track of your expenses.

Closing costs calculator

How is my credit report used

Credit information is gathered by credit reporting agencies, sometimes called credit bureaus. There are two major credit reporting agencies in Canada: Equifax Canada Inc., and TransUnion of Canada. Governed by provincial and federal laws, credit reporting agencies store and maintain credit information about individual Canadian consumers for use by members of the credit reporting agency. Members include banks, finance companies, auto leasing companies, credit card companies and retailers.

Credit grantors update individual credit reports regularly by providing information to credit reporting agencies about their customers' credit and payment activities. This ensures that credit reports remain up-to-date and as complete as possible. Other sources of the information contained in your credit report can include public records from courthouses across the country and collection agencies.

Car loans

Car loans for people with bad credit do exist on the market today, and if you are unfortunately in that situation where you've gone through a divorce or lost your job, or suffered any sort of economic downturn it is still good to know that you have the opportunity to get the new vehicle because there are currently some segments of the financial industry that still offer these type of loans which were generally considered high risk until now. So are you in the market currently for a new car? Have you gone through an adverse financial situation? If so, let's see if we can get you a new car.

When applying for a loan for a new car or a used car and you have lower than average credit the first thing that the financial institution is going to look for is your ability to repay that loan. If you currently have a job and are able to provide pay stubs that show a history of at least a few months then you'll more than likely be able to get a new car loan but be prepared to pay a little higher interest rate because of your low credit rating. Remember this is not only an opportunity to get a new vehicle but it is an opportunity to improve your credit rating by making all your payments on time and increasing your credit score.

So regardless of your financial situation today, once you obtain your new car loan and make a consistent effort to pay off on time you'll have achieved two goals. The first is that new car, and the second is improving your credit score.

Of course, all of this would be unnecessary if you took public tranist or car pooled!