Your Equifax Beacon Score tells lenders how much of a risk you are, and hence it determines how much you'll pay for your next mortgage. So it's important to know what affects it.
Beacon scores range from 300 to 900 (a perfect score). The average Canadian adult has a Beacon near 650.
Many people think you need to be in the 800's to get great mortgage rates. That isn't the case. Only 11% of Canadians rank above 800, and it's virtually unheard of to see a Beacon near 900. All you really need is 650 or above to get the best mortgage rates.
If your score is below 620, you're what lenders call a "B" client (i.e. there's issues with your credit that banks won't like). 1 out of 5 Canadians are in this boat, but don't despair! There are a number of lenders and programs which still give Canadians the ability to borrow at competitive rates.
If you would like to know your credit score then visit the Equifax Canada website. There are a number of different products offered by Equifax to view your score. If you just want to view your score the cost is $23.95CDN.
If you would like to discuss your mortgage options please call our Toronto Mortgage Office at 416.461.0204... speak to Chris at Tridac Mortgages.
Recent Comments