If you are in the market for a property, one of the determining factors to get approved for a mortgage is a credit score. Sure, you need a down payment, and income but a credit score shows lenders how you manage credit. Without an acceptable credit score, getting a mortgage will prove to be a challenge. Here’s what you need to know about your credit score in order to get approved for a mortgage in Canada.
On January 1, 2018 the Canadian government applied new guidelines to the Mortgage Stress Test (MST). Basic requirements were already in place for borrowers who put less than a 20% down payment on their home mortgage loan. With the new test guidelines, all conventional mortgage loan borrowers became subject to the new revisions regardless of the down payment amount. The changes included a number of other stringent rules for federally governed lenders to approve mortgages.
Every year, millions of consumers fall victim to lender fraud in some form or another. The fight to find a legitimate lender is a real concern to potential home buyers, students, and other borrowers. But with the abundance of information and resources available, more consumers are obtaining fair financing one legitimate loan at a time.
Searching for financing and banking products, such as loans, is a breeze for anyone with online access. Borrowers whiz through the process of finding a lender, applying for a loan, approval, and cash-in-hand -sometimes in a 24-hour period. Online lenders are alternative providers of secured and unsecured loans. And they have become stiff competition for…
A surprising number of people won’t ever try to buy a home because they think that they cannot get a mortgage with bad credit. But these days, it is not a shock to lenders that people fall on hard times or make financial mistakes. For people who are working toward turning their credit around and are determined to own a home, there are ways to make their dream come true. It is not impossible to get a mortgage loan with bad credit for those willing to put in the effort to do so.