Borrowers with Good Credit Scores

If you have good credit you deserve a good interest rate. If you have great credit you deserve a great interest rate! At First Foundation we specialize in arranging the best mortgages in Canada for people with good to great credit. After all, you’ve worked hard and have proven yourself. We think you deserve credit for your good credit.

If you already know you’ve got great credit, why not apply for a mortgage right now and we’ll take care of the rest! Or, if you want to learn more, keep reading…

Credit scores are an important part of the mortgage qualifying process. Most times, if you have a less-than-average credit score, you won’t obtain financing or will be offered a higher interest rate. On the other hand, if you have a good (or better) credit score, you’ll qualify for the lowest interest rates and best mortgage products.

A credit score is essentially a number value that’s assigned to the likelihood that a borrower will default on their credit obligations. That means that the higher your score is, the less likely you are to default on your mortgage loan.
Credit scores range between 300 and 900. Below is a chart showing what your credit score says about you:

720 and over Congratulations! You are can get the best rates and terms offered to you.
700–719 Excellent credit score. You are a very desirable borrower.
680–699 You have good credit. Many lenders would approve you.
660–679 You have okay credit.
640–659 Your credit is borderline. You will be okay to get a mortgage if everything else is strong.
620–639 Your credit is weak.
600–619 It would be difficult to get you a mortgage with your credit this low.
Below 600 Your credit is quite low. It’s time to take action to fix it up.


A credit score is made up of five factors, approximately weighted as follows:

  • Payment history – 35%
  • Outstanding credit balances – 30%
  • Credit history – 15%
  • Type of credit – 10%
  • Inquiries – 10%


One thing to keep in mind about credit scores is that they’re not calculated by a person; they’re calculated by a computer that plugs variables into a mathematical equation, and don’t take into account any personal factors such as past job trouble or health troubles.

If you’d like to know more about credit reports and your credit history, please visit our article Understanding Credit Reports and The Five Cs of Credit.

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Last updated Oct 29, 2014