How credit score can impact your Mortgage Application?

How credit score can impact your Mortgage Application?. Can I get a mortgage with a credit score of 700?

How credit score can impact your Mortgage Application? video duration 1 Minute(s) 58 Second(s), published by TFAO on 17 09 2019 - 19:38:43.

When you are looking for mortgage most lenders want to know how your credit score is
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If you want to know how your credit score affects the rate you will get on a home loan, this video is for you
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When you are looking for mortgage most lenders want to know how your credit score is. Their decision to grant you credit would depend on your credit score. Most banks in Canada relay on Equifax credit report to make their decision. Credit score can be somewhere in 400-900 range, a higher score reflects that you are very responsible in managing the credit granted to you in the past.

Most A lenders have a minimum credit score requirement (e.g. 650-680) to even look at your mortgage application. Some non-traditional banks may entertain mortgage applications with a score above 600 but expect to pay a higher interest rate, fees and a shorter term such as one year.

Your credit score can also impact how much bank may be willing to lend you. If you have excellent credit such as over 800/850 banks may also relax their GDSR and TDSR ratio slightly, resulting in a bit higher approval amount.

Before you start shopping for a house and mortgage pull a credit report from Equifax and review it for any potential issue which can result in delay or decline of your mortgage application.

I can help you in this review and provide free advice on how to fix the potential issues and get approved. Call now 905-962-9535 to book your free consultation appointment.

call or text me at 905-962-9535, email: zafar.iqbal@mortgagegroup.com
you can even book a free consultation appointment on my website https://www.zafariqbal.ca/booking-calendar-form/