Re-Post First Time Homebuyer Question #7
Blog by Diane Cardoso | December 1st, 2011
Apologies for the techno glitch! How does my credit rating affect me getting a pre-approved mortgage? When applying for a mortgage, your Lender will do a credit check and look at your 'credit score.' Your credit score is your record for paying bills and repaying loans on time. In Canada we have 2 main credit agencies, Equifax and TransUnion. These companies keep track of your records of missed payments and overdrawn credit accounts. If you have a good track record, you will have a good credit rating. If your track record isn't perfect, it doesn't mean you won't get a mortgage. You can get a free copy of your credit file by asking. Go to Equifax.ca or Transunion.ca