What Credit Score Do You Need to Buy a Home in Ontario?

You do not need a perfect credit score to buy a home in Ontario, but the number does affect both whether you qualify and what interest rate you are offered.

Most lenders want to see a credit score of at least 680 for the best conventional mortgage rates. You can sometimes still qualify with a score in the 600s, but you will likely pay a higher rate or need a larger down payment to offset the risk. Below roughly 600, options narrow to alternative or private lenders, which usually come with higher rates and fees.

A few practical things that move your score before you apply: pay every bill on time for at least six months before house hunting, keep your credit card balances well under the limit rather than maxed out, and avoid opening new credit lines or making large purchases, like a car, right before you apply for a mortgage, since lenders also look at your debt load, not just your score.

This is exactly the kind of thing worth checking months before you start looking, not the week you find a place you love. Don at Pineapple Mortgage can pull your file and tell you honestly where you stand and what, if anything, needs work first.

Need to improve your credit score? David is your guy! He's helped many of our past friends, family and clients increase their scores by 80-100 pts. Send him a direct text message to his cell 647-529-8348