Whether you are considering purchasing a home, putting your home up for sale, or refinancing your existing mortgage, it is important to search for information that keeps you informed about news and trends that could affect these major financial decisions. Winnipeg mortgage rates can be impacted by the economy and real estate markets, making this information especially important for those financing their homes with a mortgage loan.
As you may have learned from the mortgage regulation changes that went into effect in the fall of last year, it has become harder for certain borrowers to get approved for the mortgages they want. This is often because of the increased emphasis that has been placed on credit scores.
Previously, there was a bit of flexibility and leniency when it came to credit, but that has recently started to shift. At Ideal Mortgage Solutions, while we are proud to offer our clients flexible options that they won’t find at a bank or financial institution, we are also regulated by these new changes.
It is now more important than ever to check your credit score before you even begin the search for your dream home because that score will most likely have a direct impact on the amount of financing and rate you can secure.
We understand that there are many people out there who don’t know how to check their credit score or what their credit score even means. If you are interested in getting the best mortgage options available but aren’t familiar with how credit scores work, here are a few basics:
- There are two national credit bureaus in Canada and you should check your score with both. If you don’t feel comfortable doing this, don’t worry! We will check your credit score for you! Checking your credit score in advance just gives you the advantage of being able to resolve any outstanding issues before you begin the mortgage process.
- Your credit score is a certain number, ranging from 300 to 900, that shows a glimpse into your credit history, how you pay your bills, and any financial issues you have had in the past or are currently working through.
Credit scores can be a great resource for potential borrowers to see what areas of their finances they need to improve upon before applying for a mortgage.
This may seem like a complex process, but we are here to help! Contact us today for more information about how your credit may affect the Winnipeg mortgage rates you qualify for or for us to check your credit for you!