Many Lenders use credit bureau scores as a key part of the approval process. Credit scores are a statistical method of predicting a consumer's financial risk over a period of time. Your previous credit behavior is used to determine your credit score which is primarily derived by payment history, outstanding debt, credit account history, recent inquiries and types of credit on your credit bureau record. The two credit reporting agencies in Canada—Equifax and TransUnion—determine your credit score on a scale from 300 to 900 – the higher your score, the better.

The five main factors looked at by lenders are...

SUGGESTIONS PRIOR TO ARRIVING IN CANADA

1. Bring a bank reference letter from a recognized financial institution;
2. Bring a foreign credit bureau.

TIPS TO HELP YOU QUALIFY FOR A MORTGAGE...

In today’s competitive housing market, where you may be competing against multiple buyers in a bidding war, you may be tempted or even encouraged to write a “clean” offer to purchase, without including any conditions.  This is a binding sales contract once the sellers accept your offer.  The most common conditions placed in offers allow buyers time to obtain their financing commitment from their mortgage lender, and may also include a satisfactory home inspection...