What Is the Minimum Credit Score Required to Get a Mortgage Loan in Canada?

What Is the Minimum Credit Score Required to Get a Mortgage Loan in Canada? 24 %24 24 24 If you are interested in getting a mortgage loan in Canada, then you probably already know that your credit plays a big role in not only your approval, but also your interest rates. Although some banks do provide bad credit mortgages Toronto, they still require a minimum credit score. For the most part, consumers with credit scores of 750 or more and meet other requirements for employment and disposable incomes obtain mortgages with the best interest rates. What Do the Banks Require? Another way to obtain a bad credit mortgage Toronto if your credit score is less than 600 involves private home loans. These non-traditional lenders offer you the ability to purchase your own home based almost solely on your employment What Does a Private Home Loan Toronto Require? and income. As with any major financial decision, it is important to weigh the options that are available to you based on your credit score very carefully. In some cases, it may be best to work hard at improving your credit score before you try to get a mortgage. IS Weigh Your Options Finally, another option that is available to you involves taking out a private loan now, working to improve your credit score over the course of one or two years, and then refinancing your mortgage with a traditional lender once you qualify. In this case, check with your private lender to find out whether there are any early repayment fees. Buying Now, Refinancing Later Source : Canada Wide Financial - 866-342-5099 - Get Your Mortgage in Canada! %24