Filling In the Pieces

Great news, as I just heard back from my friend down in Vancouver, BC who was looking into my finances on my quest for home ownership. It appears that my plans with my Bank up here on the North Coast are a go, too. I will wait until October of this year to start the process either with him, down in Langley, BC, or up here in Terrace, BC, for starting the mortgage application. I figure going with two options is the better way to go, this way if one is not happy, then I have the other.

The goal now is amping up my credit rating score. Doing the car loan, and various revolving credit accounts are paying off, so it is playing the time test, keeping the momentum going so the Credit Gods can see my “staying power.” Also, saving like crazy, which is what they really like to see. The point was to do the new Stress Test that the Federal Government implement earlier this month, and so far I pass with flying colours. Both with the Affordability Index and Stress Test, I think I meet those thresholds today.

I can see how the money lenders are getting nervous as Canada and World are sliding into chaos. At one part of the stress test, it was set up as high as 11 per cent, and I just made it at my current annual income. Of course, as a kid, I remember when the Bank Rates were up around 23 per cent. It would be interesting to see where the Prime Bank of Canada Rate will be in 2025?

My target of next October-December, are going as planed.

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