How does your Credit Score affect your Mortgage Application? Can it affect what Mortgage Rate I Get?
The Mortgage Group Canada Inc.

• 

  How can My Credit Rating affect my interest rate?

  Getting a mortgage can be a very stressful time in a person’s life. In most cases it is the largest loan a person or family will get in their life time. Getting a mortgage you can afford and qualifying for the best discounted mortgage rate can be difficult depending on your current credit score. The big question most people have for me is, “will my current credit score affect what interest rate the bank will give me?”

  When you apply for a loan, in order to buy real estate, or even a car, a boat, or any other major purchase, also when you apply for a new credit card, your credit history is reviewed.

  Why is your credit rating reviewed?

• The person or financial institution bank, etc., whom you get the loan, or credit card, from wants to know what the likelihood is of you paying them back.

  Depending on the "likelihood", of them being paid back, they will:

  1. Approve or reject making the loan you are applying for

   

  1. Base the interest rate and fees they charge you, all because of your credit history and credit score.

  What is in your credit report, "your financial history"?

• 1. Do you pay your bills on time? Bills, even utility bills, mortgages, your monthly rent, credit cards, long overdue or overlooked, can show up as a blotch on your credit.

   

  1. Do you pay your credit cards in full each month? The amount of unpaid credit cards, even if they're never late. The more you owe the less credit worthy you are. The amount of credit already extended to you; loans or credit cards.

   

  1. Is there debts in collections, Cell Phone Contracts, Family Maintenance, Judgments, Bankruptcies

  These factors, plus the 100's of other things that are on your credit report, are summarized by your 'credit score'

  Do you want to know what your credit score is?

• You can get one via Equifax Canada The better your credit history and the better your score, the lower interest rates on loans you will get and you will have less problems getting the loan you need. Be pro-active and if you need to know your credit score request a credit score now so you can find out what your credit score is and see what can be done to fix it, should you need to.

Mortgage Solutions

No matter where you live, Mortgage Rates BC can help provide you with the right Mortgage Solution for now and for your future.   Are you looking to Buy your First Home in Vancouver BC or Refinance your current mortgage in Kelowna BC or Consolidate Debt  in Victoria BC we have the tools to get the job done for you no matter where you live.
We have the experience to handle the most difficult residential refinancing too. If you need Private Mortgage Help in Surrey BC or a 2nd Mortgage in Burnaby BC or if you are facing a possible foreclosure in Richmond BC, Mortgage Rates BC has the knowledge to inform you of your options and the lenders that have tailor made solutions to Help.
We are just a click away on our Contact Application or by phone at 778-839-3963. Call or Click today and let us handle your Mortgage request for you and have the peace of mind knowing you have a professional on your side.