Once you have verified your downpayment and income, you will also need to show the lender that you are a relaible borrower, with your credit history and that you will make your mortgage payments on-time. These habits are reflected in your credit rating. To have a credit rating you will need two revolving sources of credit – credit cards or line of credit, that are at least 2 years old. Here’s what you can do start building good credit habits:
Having good credit is an important component of the home buying process. To find out more on how you can build or polish up your credit, speak to an expert at MiMortgage.ca. Contact the team at MiMortgage.ca at 1 866 452-1100 or Apply Online now!