5 Year Mortgage Rates
Term TypeRatePromo & Info
5 YearFixed (standard)2.49%
5 YearFixed (promo)2.29%-*call for restrictions
-High Ratio Only
-Meet property guidelines
5 YearFixed (promo)2.49% & -Condo Doc Review, Reimbursement $500 *call
5 YearVariable (promo)2.10%
* Subject to change without notice *OAC *Some Underwriting Restrictions Apply
Our Mortgage Rates
2 YearFixed2.19%
3 YearFixed2.29%
4 YearFixed2.39%**High Ratio Only
5 YearFixed2.29%**restricted, call for details
6 YearFixed2.99%
7 YearFixed2.99%
10 YearFixed3.54%

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Why is my Credit Bureau Important?

When applying for a mortgage your credit bureau will be scrutinized to evaluate your credit worthiness, as well as determine your ability to fulfill your debt obligations. These decisions are made based on past behavior which is recorded and available for lenders reviewing your credit bureau. Some of the following are important in evaluating your credit:

  • Payment history on credit facilities (did you pay on time?)
  • Balance of your outstanding debts versus the total available credit (fully utilized may indicate financial hardship)
  • The number of credit facilities you currently have (too Many? too little?)
  • Public Records section outlining such things as former bankruptcy, orderly payment of debts, and/or collections
  • Length of time the credit reporting agency has had a record of you (reporting history)
  • Your past address history (did you own or rent when here?)
  • Your past employer record (does it coincide with your credit application)
  • Your date of birth, social insurance number, address (is it the same as on the application you sent in?)
  • How many inquiries you’ve had on your credit, for what purpose, which institutions?

Though every lender makes their own policy and may look for something slightly different than their competitors, there are a few things that will be looked at closely by all lenders. Especially since High Ratio Mortgages requiring mortgage default insurance have strict guidelines dictated by Canadian Legislation, the guidelines for such mortgages are very similar.  This remains the case despite the mortgages being offered by different lenders or competing mortgage default insurance providers.

In Canada the three mortgage default insurance providers that are governed by this Canadian Legislation are: Genworth, Canada Mortgage and Housing Corporation, and Canada Guarantee.

What does a Credit Score mean?

Your credit score sometimes referred to as a “Beacon Score” or a “Fico Score” is a number between 300 and 900 that is calculated by complex mathematical formula that generates a beacon score based on data the credit reporting agency has collected about you. It might be said that your score is a rating as to your credit worthiness whereby the higher the score the better your rating would be. Another way at interpreting a beacon/credit score is to say that the score is your probability of default on your debts. The lower the score the more likely you will default and the higher the score the less likely you will default.

Generally speaking a credit score >680 is pretty good. An average score is between about 650 and 680. Someone with a credit score of >750 would normally be considered low risk.

The numbers don’t always tell the entire story, however. Sometimes an applicant will have a 780 Beacon score but have very little historical data available to get this number. For instance someone with a 780 Beacon that has only one credit card and a short reporting history of14 months might be considered more risky that someone with a 680 Beacon score that has multiple credit facilities with more extensive reporting history.

What does a lender really want to see?

  • A good Beacon Score
  • No public records with outstanding collections on unpaid bills (if there is a record it will normally need to show a zero balance and that it has been paid in full)
  • No former bankruptcies
  • A couple of revolving credit lines that have been reporting for more than 24 months (revolving credit is the kind of credit you can use, pay off, and use again)
  • Consistent payment history without any late payment in the last 12 months
  • Low ratio of extended credit versus available credit
  • Absence of trade lines that indicated “settlement made” or “closed by credit grantor”

Will I get a better interest rate because my credit is good?

It is normally a case of lenders having a specific criteria you must meet in order to be offered a mortgage, rather than a tiered a set of rates being offered for the same mortgage. Applicants with <580 will not be extended any credit might be one example of such a lending policy. Another example of a Beacon driven policy may be where a higher Beacon Score may be required for certain mortgage products. Perhaps a lender offering a line of credit and mortgage product combination might require a higher beacon score.

It is very possible that someone with a 600 Beacon Score and someone with a 780 Beacon score may be offered the same interest rate on their mortgage so long as they meet all the other lending guidelines.

An exception to the explanation above is when an applicant cannot meet the guidelines of the “A” lenders which includes most Banks and Trust Companies. If a borrower turns to a “B” lender, or what some people refer to as an Alt A lender, they will be more likely to encounter tiered interest rates based on Beacon scores or other criteria. Such is the case with more Private lenders as well where the interest rate may vary depending on the risk assessment of the borrower which would include your credit.

Monitoring your credit is a good idea

It’s important to make sure there are no errors on your credit bureau as they can stay with you and haunt you for a long time. A couple of the main consumer credit reporting agencies are Equifax and TransUnion. As a consumer you can get in contact with them to obtain the information they have on file to ensure it’s accuracy.

The other thing that can happen is if your information has been compromised or stolen by a criminal they may be applying for credit under your name, or using a duplicate credit card. By monitoring your credit you will be able to notice an unusual activity and be in a position to stop it before it spirals out of control

A late payment will be visible for 6 years and if it was an error you want to make sure it is corrected. Not everything functions perfect at all times and if a payment is misallocated, or not accounted for it may reflect badly on your credit profile. A few examples:

  • Payment is allocated to the wrong account number, or an old account number
  • Payment is allocated to someone with a similar name
  • Annual fee on a department store card you do not use accrues without your knowledge and because you don’t use it you thought there was no money owing (still a late payment, but you don’t want this to occur for consecutive months)
  • Grace period on student loan was not activated property, or the wrong date was entered

Can I still obtain a loan with bad credit?

There are normally lenders that specialize in provided mortgages for loans for individuals with bad credit. In the mortgage world bad credit will usually result in having to look for your mortgage from private lenders and mortgage investment corporations. These lenders work off of a different set of guidelines and will consider taking on the extra risk of someone with bad credit, but it comes at a cost. Higher risk in the lending world comes with a bigger price tag for the borrower in the form of a higher interest rate.

These types of loans can come with a little documentation as a credit bureau and an appraisal, but the lack of documentation and risk taken on by the lender can result in interest rates between 9% – 15%. When consider such a mortgage it is important to ensure you can make the payments, and refrain from entering into this kind of arrangement unless you have an exit plan in place.

At the same time, even if it means 12% on your mortgage, increasing your mortgage by $50,000 to pay out credit card at 19.99% may still make financials sense. Always make sure you consider all the costs involved with borrowing and ensure the numbers make sense.