What to Do If Your Credit Score Is Too Low for a Mortgage
Is your credit score too low to get approved for a mortgage? You're not alone. Many Canadians face this roadblock when trying to buy a home. It's frustrating, stressful, and can make you feel like homeownership is out of reach. But here's the good news—you still have options. In this blog, we'll walk you through exactly what to do if your credit score is holding you back. Whether you're looking into a mortgage for bad credit or exploring help from a private mortgage lender in Ontario , we'll help you understand your next steps. If you've been denied a mortgage or you're worried about being turned down, this guide is for you. What Is Considered a Low Credit Score? In Canada, credit scores range from 300 to 900. Here's a quick breakdown: 300–559 : Poor 560–659 : Fair 660–724 : Good 725–759 : Very Good 760–900 : Excellent Most traditional lenders require a minimum score of around 620 to consider a mortgage application. If your score is lower, they m...