Build Your Credit

The first step to getting a mortgage in Canada is to build your credit rating.

A strong credit rating will help you get a better mortgage rate, which could save you thousands of dollars in interest charges over the life of your mortgage.

Here's a list of activities that will help you build your credit:

  • Apply for, use and pay off a credit card each month;
  • Pay for your bills in full and on time, including rent, utilities and telecommunication services;
  • Apply for small loans from your bank and make regular payments;
  • Prove that you have a consistent source of income, by staying with the same employer for an extended period of time.

If you don't have a strong Canadian credit rating, you can also use your rating from a Commonwealth country, such as the United States, the United Kingdom or Australia.

 

 

   

NATASHA McCOLL - Condominium.Ca

Sutton Group Realty Systems Brokerage

Independently owned and operated

2186 Bloor Street West, Toronto ON, M6S 1N3

Direct: 647-222-2222

Office: 416-762-4200

info@condominium.ca

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