You should use a Canada mortgage broker to look at your credit report. A Canada mortgage broker only uses one report to speak to all lenders on your behalf. Whereas if you go from bank to bank … each bank will ‘pull’ a Canada credit report on you … and that may adversely affect your ‘Beacon Score’. This is something that you should avoid and can avoid by using a Canada mortgage broker. Protecting your Beacon score is very important. The score can ultimately determine whether or not you can even get a Canada mortgage and will determine the amount of interest charged to you.

Your Beacon score is generated by the credit bureau reporting agencies and such factors as: late payments, amounts of credit, level of credit amounts owed to amount available, credit cards near their limits, legal judgments, and the number of inquiries into your credit history can effect your score. The scores usually range from 600 to 800. A 800 score meaning amazing credit worthiness and 600 meaning you would be seen as a high risk of defaulting on a loan with a lender. If your score is less than 600 you will need to find a private Canada mortgage loan. No bank will touch you. And so the Canadian bank will not be able to help you. If your score is between 600 and 660 then finding a Canada mortgage loan is possible with some institutional lenders. A score that is greater than 660 means that most institutional lenders would be willing to accept an application from you. The higher the score the less likely you are to default on the proposed loan payments or your bad credit mortgage Canada loan.

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