What's your credit score?
When you are in the market to get the best mortgage product and rates available, it is essential to have an excellent credit rating to obtain this.
In recent years, people have become more and more dependent on credit than ever without understanding the repercussions of what damaging their credit can really do. Some people may believe they have already ruined their credit and have no chance of obtaining any credit at all, especially for a mortgage. Despite what you think, there may be options you may not be aware of and we can look at different solutions to re-establish new credit and to establish a credit rating that will allow us to meet the requirements to obtain a mortgage.
The first step would be to understand what the credit report is telling you, this way you can prioritize the importance of what needs to be managed first.
A credit score is a statistical method to determine the likelihood of an individual paying back the money he or she has borrowed.
What Makes up Your Credit Score?
Everytime you decide to borrow money from a lender, your lender submits information to the credit bureau which outlines how you have handled your debt. The credit score is then derived by using five major factors each having a different weight on the importance.To check your credit score click on one of the credit bureaus below and order your credit report.
Best Calgary Mortgage Rates
| Prime Rate (P) | 4.00 |
| Closed Variable | P + 1 |
| Open Variable | P+1.5 |
| ----------------- | |
| 6 Month Closed | 6.35 |
| 1 Year Closed | 4.35 |
| 2 Year Closed | 5.29 |
| 3 Year Closed | 5.15 |
| 4 Year Closed | 5.34 |
| 5 Year Closed | 5.40 |
| 7 Year Closed | 6.05 |
| 10 Year Closed | 6.15 |
| 15 Year Closed | 6.55 |
| 18 Year Closed | 6.55 |
| 25 Year Closed | 6.65 |
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