Credit & Mortgages
Almost everything written about credit scores only tells you half the story. It talks about whether you’ll be approved. It doesn’t tell you that your score also decides how much you’re allowed to borrow — and that there’s a specific number where those limits change.
Three numbers matter in Ontario. 620 is the working minimum for an insured mortgage at most A and monoline lenders. 680 is where your allowed debt ratios improve, so you qualify for more. Below 500 is where B and alternative lenders can still work, with a rate premium.
The answers in this centre
- What credit score do I need for a mortgage in Ontario?
- Will a second mortgage hurt my credit score?
- Can I get approved after a consumer proposal or bankruptcy?
More answers being added — what to fix first when your score is low, and how long a late payment actually follows you.
The thing worth knowing today
Utilisation moves a score faster than almost anything else. If you’re close to a threshold, paying down a card balance is usually the quickest route across it — faster than waiting, and far faster than anything a paid credit-repair service can do.
And be careful with anyone charging for credit repair. There’s nothing they can do that you can’t: bring utilisation down, pay everything on time, stop opening new accounts, and correct genuine reporting errors.
What to do next
Pull your reports from both Equifax and TransUnion — the real reports, not a score from an app. Then, if you want a straight read on which tier your file fits and what it’s likely to cost, send me the details.
I’ll tell you if waiting three months is the better move.
Talk it through → · Back to all answers →
General information about Ontario mortgages — not financial, legal or mortgage advice. Lender guidelines vary and change. Every file is reviewed individually.