Understanding Credit Scores & Mortgage Approval in Canada
Your credit score plays a huge role in getting approved for a mortgage in Canada. Lenders use it to assess how well you manage debt and whether you’re a reliable borrower. Here’s what you need to know:
✅ What’s a Good Score? Most lenders prefer a score of 680+ for the best rates, but alternative options exist for lower scores.
✅ What Affects Your Score? Payment history, credit utilization, length of credit history, new credit inquiries, and types of credit all play a role.
✅ How to Improve It? Pay bills on time, keep credit card balances low, avoid unnecessary credit applications, and maintain older accounts.
If you're planning to buy a home but aren’t sure if your credit is mortgage-ready, I can help! I work with multiple lenders across Saskatchewan, offering solutions for all credit situations.
💬 Message me for a free consultation, and let’s get you on the path to homeownership!
