Your Credit Score is one of the most important factors in determining whether or not you can qualify for a mortgage. Your credit rating is actually based on a "scoring" system. The country's two major credit
bureaus, Equifax and TransUnion use scoring systems called the Beacon and Emperica. The systems generate a score derived from data based on the five categories.
- Past payment performance
- Credit Utilization
- Credit History
- Types of Credit in use
- Inquiries
Generally maintaining a good credit rating is something you have control over. Here are factors that can negatively affect your score:
- There are too many consumer finance company accounts on your credit report.
- Your account balances are too high.
- There is not enough recent revolving account information on your credit report.
- Your loan balances are too high in comparison with your loan amounts or credit limit.
How long do these factors affect your credit score?
Information that affects your credit score is usually removed from your credit report after a defined period of time. The length of time that information must stay in your report depends on:
- The province or territory where you live; and
- The type of information.
Please contact one of our Mortgage Consultants for additional assistance.
|
| Term |
Rate |
| Prime Rate (P) |
3.00% |
| Closed Variable |
P-.25% |
| Open Variable |
P + .80% |
| 6 Month Closed |
4.45% |
| 1 Year Closed |
2.99% |
| 2 Year Closed |
3.09% |
| 3 Year Closed |
3.19% |
| 4 Year Closed |
3.25% |
| 5 Year Closed |
3.19% |
| 7 Year Closed |
3.99% |
| 10 Year Closed |
3.99% |
as of May 18, 2012
rates subject to change
without notice, OAC, E&OE |
|
