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Canadas credit scores are from 300-900. It will vary by lender and the type of mortgage but in general the minimum credit score to be approved for a traditional mortgage is around 680. Some lenders may go lower but the higher the better.
How your credit score affects your mortgage
Your credit score can either effect your mortgage in a good way or bad way. A high credit score will work in your favour, while a low score or no credit history will work against you. This is because your credit determines how much of a risk you are. If your credit score indicates that you don’t have a lot of debt and make regular, timely payments, you’ll have a higher credit score and will be seen as low risk. If you have lots of debt and pay your bills late, you’ll have a lower score and will be seen as high-risk.
