Getting the best mortgage rate in Canada: Start with your credit score

You may not realize it, but large mortgage corporations and smaller private lenders in Ontario place significant weight on prospective borrowers’ credit score when reviewing mortgage applications. It’s true, that your credit score might not reflect your entire financial profile. But in Canada the best mortgage rates are often dependent upon good credit scores.

What to do right NOW?

In order to make sure that you prepare to get the best mortgage rate in Canada, you need to do three things right NOW:

• Review your credit score: Until you know what your credit score is, you will not know how to remedy it to take advantage of great mortgage rates. The Government of Canada offers some great advice on how to get your FREE credit report. That’s a great first start!
• Setup automatic payments: One of the biggest negatives on your credit score is not paying bills, or paying them late. Private lenders in Ontario, and other mortgage lenders, will consider your application favourably if they see you have a track record of making timely payments. Why not set up automatic bill payments so you never miss a due date thereby preventing your credit score from being tarnished.
• Practice restraint: The hardest thing to do, yet the most important one on the road to credit score repair, is restraint! You should refrain from indiscriminate credit card usage at least a year or so before applying for a mortgage in Toronto. Fewer credit card swipes = lesser debt to repay!

The key to repairing bad or poor credit score is to start early and build a history of good credit management practices. And if you need help doing that, you should seek professional help.

Letting the pros help

As a premier Toronto mortgage broker, Mortgage Genie has been offering personalized mortgage advice to its clients for many rears. When you reach out to them, one of their analysts will review your needs in detail, before recommending the idea mortgage in Toronto that fits your needs. While you should compare mortgage rates across Canada before speaking with an adviser, it doesn’t hurt to connect with a mortgage professional before making your final decision about your mortgage.