Unless you’ve been living among the wolves, as a Canadian, you’re well aware that prices have gone up on just about everything. And with higher interest rates, qualifying for a new mortgage or switching lenders can be that much harder.
The score you see on your credit app is not the one mortgage lenders use In your credit app or account, the number you see is your Pinnacle score . Mortgage lenders, however, use your FICO score, which is calculated differently. A score between 660 and 900 is generally considered good credit, with 700 or above placing you in a favourable position with a lender. On the other hand, a much lower score can indicate higher risk and may interfere with approval through traditional lenders who want all those boxes ticked before they lend.
If you're overwhelmed, consider seeking help from an experienced mortgage broker or a financial advisor. Consolidating debt under one mortgage payment through a refinance can also help you get back on the credit track.
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