A score alone doesn’t say much. What lenders weigh is how recent the late payments are, whether collections are still open, and how much of your credit limit you are using.
What to stabilize first
Some fixes show up within weeks, like getting card utilisation under 30% or clearing a collection. Others take months of clean payments. Which is which decides your application date.
Alternative lender: check the price tag and the door out
If you go that route, the plan matters more than the rate. What does it cost, how long does it last, and what needs to change before you can go back to a conventional lender?
Documents to gather
What the lender will ask for.
What the file is for
Income and documents
Debts and credit
Property or security
Target 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. Gathered 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.
