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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