The number alone says little. Lenders look at how recent your late payments are, whether any collections are still open, and how much of your available credit you’re using.
Clean up before you apply
Some fixes take weeks: getting card utilisation under 30%, paying off a collection. Others need months of on-time payments. Know which is which, and you’ll know when to apply.
Weigh the cost and the way out
If you need an alternative lender, the plan counts for more than the rate. What will it cost, how long will it last, and what has to change before you can go back to a conventional lender?
Documents to gather
What the lender will ask for.
File objective
Income and paperwork
Debts and credit history
Property or collateral
Target date
Possible lenders
Frequently asked
Which documents should I have ready?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Ready before the offer, they make a five-day financing condition workable. Gathered after, they cost you weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
