One of the first things that happens when you fill out a mortgage application is a request for your credit score. Your credit score is one of the things that are considered when a financial institution determines 1) whether or not you are eligible for a mortgage 2) what mortgage rate will be offered.

For example, your financial situation (down payment etc) may make you eligible for a mortgage, but your credit score may influence what rate (high or low) that you can get,

Here is an interesting article from the Financial Post explaining all about Credit Scores.

If you want to find out more about credit scores … visit the Equifax website. You can find information about how credit scores are obtained … and you can order your own credit score to see how you rank. The report will also tell you how to improve your score (IF it needs improving).

This entry was posted on Saturday, April 3rd, 2010 at 9:48 am and is filed under Buying a Home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.