Lenders care how recent your late payments are, whether collections are still open, and how much of your available credit you use. The score is only a summary of that.
Fix what can be fixed quickly
Card utilisation under 30% or a cleared collection can happen in weeks. Other things only improve with months of clean payments. Know which kind you are dealing with before you apply.
If it means an alternative lender
Then look at the plan before the rate: the cost, the duration, and what has to change before you qualify with a conventional lender again.
Documents to gather
What the lender will ask for.
Goal of the file
Income and paperwork
Debts and credit
Property or security
Timeline
Lender options
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Add the discharge certificate or proof of settlement. With everything in hand before an offer, a short financing window is realistic.
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.
