Before you start shopping around for a mortgage

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Before you start shopping around for a mortgage, you should order a copy of your credit report to make sure it does not contain any errors. A credit report is a snapshot of your financial history at a specific point in time.

A potential lender will look at a copy of your report before approving you for a mortgage loan, so it is important that your report be accurate. You can order a copy of your credit report for free by mail or by telephone through the two major credit reporting agencies in Canada:

Equifax
TransUnion

A lender will also want to check your credit score, which is a number that represents your financial health at a specific point in time and shows your likeliness to pay off future debts. The score is based on the information in your credit report.

If you do not have a good credit score, the mortgage lender could refuse to approve your mortgage, or may decide to approve it for a lower amount, and/or a higher interest rate.

Contact us to get more information.

Source CMHC