Posted on
September 21/2022By
northwood
Mortgage rates and credit scores seem to go hand in hand, especially when you’re looking for the best mortgage rates in Toronto. The higher your credit score, the better your mortgage rate. At Northwood Mortgage, we work with home buyers across Ontario. We know the ins and outs of Toronto mortgages better than most. We work with clients to help them achieve the best possible rates from available lenders. In this article, we’ll talk about how your credit score impacts a mortgage rating and what you can do to improve it. What is a credit rating, and how is it…
Posted on
July 04/2022By
northwood
Obtaining a low mortgage rate in Toronto requires a great broker and a good credit score. As a leading mortgage brokerage in Ontario, Northwood Mortgage often receives questions about how credit scores are calculated and what they mean. Here, we’ll take a closer look at your credit score, how it’s calculated, and why it impacts a low mortgage rate in Toronto. What is your credit score? Your credit score is a number between 300 to 900. It tells lenders whether there is financial risk involved when providing a: Loan Credit card Mortgage Rental unit Rental vehicle Your credit score helps…
Posted on
November 22/2021By
northwood
Nobody wants to be thought of as just a number, and of course, you are so much more. However, your credit score goes a long way to unlocking financial benefits such as the best rates for loans and credit cards. Unfortunately, if you’re not careful, you could hurt your credit score without realizing it. While it might not impact your day-to-day life, when you want to buy your dream car or need a mortgage, you’ll understand how important your credit score is. 7 Mistakes That Can Hurt Your Credit Score We are creatures of habit, but not all of our…
Posted on
October 04/2021By
northwood
Is your credit score holding you back from getting the home of your dreams? Are lenders withholding the best interest rates because of your credit rating? Having a strong credit score can unlock a lot of financial doors for you. On the other hand, a low score can hinder the mortgage solutions you’re offered. Here are some of the best practices you can use to improve your rating. Pay Bills On Time When you pay your bills on time, you’re building a good credit history, which can boost your score. It demonstrates to lenders that you are reliable and that…
Posted on
August 16/2021By
northwood
A mortgage is a loan for a lot of money, usually given to purchase property, but also provided to those looking to make renovations or get extra cash from their existing property’s value. When looking for a mortgage, lenders want to know that they can trust you with that sum of money. It’s why they conduct a thorough background check during the qualifying process. One of the things they want to see is whether you have a high or low credit score. The answer to that question will impact whether your mortgage application is approved, and what types of interest…
