It's no secret that the Cochrane Canadian housing market is tight. Borrowers need to make themselves very attractive to banks to be approved for a loan, especially in cities like Vancouver and Toronto. Part of this is securing a high credit score. Understanding what goes into a credit score and how it affects an individual's mortgage outlook is imperative for informed home buyers.
For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.
What is a credit score?
A credit score is the three digit number distilled from a number of factors that influence an individual's creditworthiness. These include:
- the length of their credit history.
- how much debt they