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In the competitive landscape of the real estate market, securing a higher mortgage pre-approval amount can be a game-changer. Whether you're a first-time homebuyer or looking to upgrade, understanding how to increase your mortgage pre-approval amount can open up new possibilities. In this article, we'll explore strategic steps to optimize your financial profile and enhance your chances of securing a more substantial mortgage pre-approval.

Improve Your Credit Score:

One of the most influential factors affecting your mortgage pre-approval amount is your credit score. Lenders use this three-digit number to assess your creditworthiness. To boost your credit score:

  • Review your credit report for errors and dispute any discrepancies.
  • Pay off…

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Your credit score is a three-digit number that represents your creditworthiness. It is calculated based on your credit history and financial behavior. A higher credit score indicates that you are more likely to repay your debts on time, while a lower credit score suggests that you may be a higher risk borrower. In Canada, credit scores range from 300 to 900, with a score of 650 or higher considered to be good.

Your credit score is important because it affects your ability to get approved for credit, such as a credit card or loan, and the terms and interest rates that you are offered. It also impacts other areas of your life, such as renting an apartment, getting a job, and even setting up utilities.

When applying for credit, lenders will…

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