Not every mortgage broker in Toronto knows every one of their clients or prospective borrowers personally to vouch for their financial stability. Even if they did, Ontario’s mortgage approval rules mandate that certain checks be conducted prior to approval of a mortgage. And just as you, as a potential borrower, will consider the benefits of going with a mortgage broker vs bank lender, prospective lenders conduct their own diligence too.
Part of that diligence is to look at your credit score. Here’s why?
What private mortgage lenders see
Before they qualify you for the lowest mortgage rates available, lenders check your credit report to get a sense of:
As a prospective borrower, there is one thing that you should be aware of: If you have bad credit, NO ONE OTHER THAN YOU can “fix it”. If someone offers to “fix” your credit score for a fee, they are probably out to scam you.
Taming run-away credit scores
Of course, there are numerous strategies to tame your wild credit score and ensure you get the lowest mortgage rates possible. As one of the leading private mortgage lenders in Canada, the advisers at Mortgage Genie know all of those strategies, and willingly advise their clients on credit score repair. The critical point that you should be aware of is that, don’t expect to qualify for favourable mortgage rates in Toronto just a few weeks after you commence your credit repair plans. It may take at least a year or more.
The best advice: Consult with a professional NOW!