When lending money, lenders consider credit scores. The lower the credit score, the greater the risk to the lender.   Scores are determined by variables such as: payment and credit history, outstanding debt, pursuit of credit, types of credit, and recent credit inquiries.  Given that pursuit of credit affects your credit score by lowering it, it is not always a good idea to be apply for additional credit when thinking about getting a mortgage. 

Any time a credit check is done whether it be for something as small and simple as a cell phone, or a new couch, or something as major as a new car loan, the credit check will have an effect on your rating.  Shopping around for a mortgage at different lenders may mean multiple credit checks with each one lowering your credit score.  When we do the shopping for you , there is only one credit check needed.


Scores range from 375 to 900. A score of 650 or above indicates good credit. Scores around 600 - 650 indicate a decent to good history. If you have a score less than 600, don't worry, we can still help you get a mortgage or advise you on how to improve your score. 


Along with an overall score, credit reports also show:  Personal Information (name, address, birthdate, SIN); Consumer Statement (comments about info on the report); Credit Info (accounts, transactions, payment history); Public Info (secured loans, bankruptcies, judgments); Third-party Collections (debt collections by agencies); Inquiries (requests for your credit report in the last three years).

Click here to visit:  A Glossary of Credit Report Terms


Mortgage Guide in PDF

Applying for a Mortgage
Mortgage Glossary
First-Time Buyers
Down Payments
Credit Scores
Mortgage Insurance
Self Employed
Credit Problems