Buying a home is one of many Canadians' most significant investments. However, obtaining a mortgage is a crucial step in the home-buying process, and it requires meeting certain requirements, including having a good credit score.
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Perhaps one of the most important factors lenders will consider is your credit score when it comes to mortgages. With this, you'll get to qualify for different mortgage rates, allowing you to make big purchases.
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The terms credit score and credit rating are more or less used interchangeably in casual conversation, but there is a difference. A credit score ranges from 300 to 900. Nine indicates the highest risk for payment default, while a credit rating is one to nine and is specific to individual accounts or tradelines that appear on a credit report.
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