How Credit Score is Calculated in 5 Steps for your Mortgage | Mortgage Brokers Canada

When is the last time you checked your credit score and how does credit score affect what kind of mortgage you can get with prime lenders who offer the lowest rates? Under 600 is usually the strict cut-off but don’t panic if that might be you as once you understand credit score, you will know how to build it back up. If you don’t build up your credit score, you will need to go with private lenders and pay thousands of dollars more than you need to on interest charges. Reaching out to a trustworthy mortgage broker early lets you see if your credit score is in the danger zone and gives you a good buffer to build it up well before you shop around for the best rates. This video explains five criteria that affect credit score and how much: 1. Payment History 2. Credit Utilization 3. Age of Credit History 4. Credit Inquiries 5. Total Number of Accounts Subscribe to Level Up Mortgages YouTube Account: http://bit.ly/LevelUpYouTubeSubscribe Email Paul to Level Up your mortgage planning: paul(at)levelupmortgages.com Talk to us or if you want some quick replies, connect with our Facebook Messenger Bot: http://bit.ly/MyMortgageBot Got Mortgage Questions? Trying not to freak out about something that’s stressing you out? We got you 🙋🏽‍♂️🙋‍♀️ + Get immediate answers without needing to talk to a human 🤖 http://bit.ly/MyMortgageBot + Email me and check out our website: paul(at)levelupmortgages.com | www.levelupmortgages.com 👨🏽‍💻 + DM me on Instagram if you want to get more personal 📱 https://www.instagram.com/levelupyourmortgages/ + Get LinkedIn if you want to check our credentials 😎 https://www.linkedin.com/in/pauldavidescu/ + Tweet at me if you hang out there 🐦 https://twitter.com/levelupmortgage + Check updates on our blog to do a deep dive 🔎https://www.levelupmortgages.com/blog