It’s no secret that your credit score has been one of the most crucial determining factors in not only whether you qualify for a mortgage in the first place but also dramatically influence the rates at terms you will be offered.

Everyone has suffered panic attacks and cold sweats when they start to angst over whether their credit score is good enough to land them that dream mortgage on their dream home.

If you are one of those people, we have some bad news for you. Your credit score is now more important than ever when it comes to whether you qualify for a mortgage and what kind of mortgage that will be.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Why?

credit-score-marker-writting

You must be asking yourself that question at this very moment. The answer is a fairly simple one. We are all too well aware of the current housing bubble that has seen prices rise to record highs without any respite.

 

The government, through the OSFI and the Bank of Canada, has tried to address this by cutting the demand, which in simple economic terms should cause prices to fall. From from it, this policy seems to have had the opposite effect for various reasons. They also argue in favour of this approach to prevent defaulters and risky borrowers from defaulting on their loans and protect them as well as banks and other financial institutions.

 

The main avenue they chose to achieve this with is to make it increasingly difficult to qualify for a mortgage. With housing values already sky-high, a mortgage has become the only way for almost 90% of the Canadians to buy a home. Without this, many will be forced to stall their ambitions on buying a home and rent instead.

 

The simplest way is to make it harder to qualify for a mortgage is to raise the credit score as well as the benchmarks that borrowers need to reach.

So, where does that leave me?

credit-score-diagram-with-coins

Since these new regulations and minimum requirements where adopted and prescribed to banks and other regulated financial institutions, they have managed to change how they qualify borrowers in two ways:

  • Changing the interest rates they set for different credit score ranges
  • Made their minimum qualifying credit scores higher.

This means that not only does this lead to less people qualifying for mortgages right from the get-go but it also means that those that do qualify will get less attractive interest rates and terms. Combined with the shorter amortization periods and the new “stress test”, this makes it much more difficult for most prospective borrowers.

 

A credit score of 600 is now the cut-off credit score. It will be nigh impossible for anyone to qualify for a mortgage with this credit score no matter what their other circumstances are like.

 

Even with a credit score of 640, borrowers will receive much less attractive rates than those that are above 700. 740 is still regarded as a near-perfect credit score that will get you the best rates.

 

Let’s not forget that if you can’t afford the minimum 20% down payment to avoid having to pay mortgage insurance as well, that your mortgage insurance will also go up in cost.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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