Your credit history will define both your likelihood of approval and the rates and terms you will be offered for your mortgage. Properly building your credit history is an art in itself. If you have just arrived in Canada, or you haven’t started building your credit history yet, we’d love to guide you through the do’s and don’ts of building a credit history that will give you access to bank approval for a mortgage, a car loan, or any other credit you might need. You can read our tips for building your credit rating here, or call us for a personal consultation.
If you haven’t started building your credit rating, you might ask yourself, “Should I wait a year or two, until I have enough of a credit history?” Banks and other institutions do offer solutions to those who haven’t had the opportunity to build a credit history, such as newcomers in Canada or even young people who want to buy. Some examples for acceptable substitutes to presenting an established Canadian credit report include the following: an international credit report, a year history of mobile phone or other utility payments, or even a landlord reference letter with a supporting bank statement showing the monthly payments coming from your bank account. While all these are good solutions when you do not have any credit at all, we can help you build a proper base for a good credit rating in the first year. Call us to find out how.