Many Lenders use credit bureau scores as a key part of the approval process. Credit scores are a statistical method of predicting a consumer's financial risk over a period of time. Your previous credit behavior is used to determine your credit score which is primarily derived by payment history, outstanding debt, credit account history, recent inquiries and types of credit on your credit bureau record. The two credit reporting agencies in Canada—Equifax and TransUnion—determine your credit score on a scale from 300 to 900 – the higher your score, the better.

The five main factors looked at by lenders are...

SUGGESTIONS PRIOR TO ARRIVING IN CANADA

1. Bring a bank reference letter from a recognized financial institution;
2. Bring a foreign credit bureau.

TIPS TO HELP YOU QUALIFY FOR A MORTGAGE...

Thank you Winnipeg! ... for voting us the Consumer Choice Award Winner for Business Excellence for the 7th consecutive year in the category of Mortgage Companies and Mortgage Brokers.

"On behalf of our entire team of Accredited Mortgage Professionals, we sincerely thank Winnipeg for your trust and confidence", says Marty Coubrough, broker/owner of VERICO One Link Mortgage & Financial, along with his wife Nadine Coubrough. "We are particularly proud of receiving this recognition for the 7th consecutive year...