What lenders consider

Mortgage lenders may review your credit report and score alongside your income, existing debts, down payment, employment and overall ability to manage mortgage payments. A credit score matters, but it is not the only factor used to decide whether you qualify or how much you may be able to borrow.

Check your credit information early

You can request your credit reports from Canada's main credit bureaus, Equifax and TransUnion. Review them for incorrect account information, unfamiliar activity and errors. If something is wrong, contact the credit bureau about correcting it.

Build strong financial habits

Pay bills on time, keep borrowing manageable and avoid taking on unnecessary new debt while planning a purchase. Large balances or missed payments may affect your credit profile. Be cautious about opening new credit accounts before applying for a mortgage.

Speak with a mortgage professional

A mortgage broker or lender can help you understand how your complete financial picture affects your options. Mortgage pre-approval can be useful for planning, but it is not a guarantee of final financing for a particular property.

Thinking about buying in London, Lucan or surrounding areas? I'm happy to help you understand the real estate process and connect you with the right professionals for mortgage-specific advice.

This page is general educational information, not individualized mortgage, legal, inspection or financial advice. Consult the relevant qualified professional for decisions specific to your circumstances.