21/11/2024
Why your credit score is very important when buying a home in Canada:
Here are some reasons
⭐️Lenders use credit scores to determine eligibility
⭐️Lenders use your credit score to assess your ability to repay a mortgage and how well you manage your finances.
⭐️Credit scores affect interest rates and mortgage amounts
⭐️Your credit score can affect the interest rate you're offered and the amount of the mortgage you're approved for.
⭐️Lower credit scores can mean higher interest rates
⭐️Borrowers with lower credit scores may be offered higher interest rates and may need to pay for private mortgage insurance (PMI).
⭐️You can build up your credit score if it's too low for the mortgage you need.
❤️A good credit score can help you get approved for a mortgage with favorable terms and a low interest rate.
Hope it Helps🥰