Credit Challenges

Your credit history is crucial in the mortgage approval process as it indicates how you will manage your mortgage and finances. Your credit score, derived from your credit report, includes payment history, debt levels, and the length of your credit history. Lenders use this score to assess your creditworthiness and risk. Scores above 660 are generally good to excellent, making it easier to get loans at lower rates. 

Those with lower scores may face higher interest rates, tougher loan terms, or may need a larger down payment or a co-signer. A mortgage professional can help improve your credit over time, increasing your borrowing options. 

It's beneficial to consult a broker early on. Even with poor credit, there are mortgage solutions available, and I am committed to helping Canadians achieve homeownership. With access to various lenders and mortgage options, I can find the right solution for your needs.