What credit score do I need for a mortgage in Canada?

There is no single number, since lenders set their own thresholds. Generally, a higher score gives you more options and better rates, while a lower score may limit lenders or require extra steps like a larger down payment.

Does checking my own credit score lower it?

No. Checking your own score is a soft inquiry and does not affect it. Only hard inquiries from lender applications can have a small, temporary impact.

How can I improve my credit score before buying?

Pay every bill on time, keep your credit card balances well below their limits, avoid opening many new accounts at once, and let your accounts age. Consistent habits over several months make the biggest difference.

Mortgage Glossary

What is Credit Score?

A credit score is a three-digit number that summarizes how reliably you have managed borrowing and repayment. In Canada, scores generally range from 300 to 900, and lenders use them to gauge the risk of lending to you. A higher score signals lower risk and can lead to better mortgage approval odds and rates.

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Quick answer

Also known as: credit rating, FICO score, beacon score

Key points

Canadian credit scores generally range from 300 to 900
Equifax and TransUnion are Canada's two main credit bureaus
Payment history and credit utilization heavily influence the score
A higher score improves mortgage approval odds and access to better rates
Low scores may require a larger down payment or a guarantor
You can check your own score without harming it

Credit Score explained

A credit score is a number, typically between 300 and 900 in Canada, calculated from your credit history by agencies like Equifax and TransUnion. It reflects factors such as payment history, how much of your available credit you use, the length of your credit history, and recent applications.

Mortgage lenders use your credit score as a key part of approval. A strong score can improve your access to the best rates and lenders, while a low score may limit your options or require a larger down payment or a guarantor.

What a Credit Score is for

Lenders use credit scores to predict how likely you are to repay a loan. The score gives them a quick, standardized measure of risk, helping them decide whether to approve your mortgage and what interest rate and terms to offer.

How it can help you

A healthy credit score widens your choice of lenders and can unlock lower interest rates, saving you money over the life of your mortgage. Lenderoo compares offers from 40+ lenders for free, so whatever your score, you can see which lenders are the best fit for your profile.

When it comes up

Before applying for a mortgage, a buyer checks their credit score, pays down balances, and makes every payment on time for several months. The improved score helps them qualify for a better rate when they apply.

Example: How a score can shape your rate

Two buyers each apply for a $400,000 mortgage. One has a strong credit score and qualifies for a lender's best advertised rate. The other has a weaker score and is offered a higher rate.

Even a small rate difference adds up across a long amortization, so the buyer with the stronger score pays less interest over time. This is why building credit before applying can pay off.

Have a question about credit score?

Lenderoo shops 40+ lenders for free and matches you with a mortgage professional who explains every term — and finds your best rate.

Get pre-approved free Talk to an expert

Questions & answers

Credit Score: frequently asked questions

Common questions Canadians ask about credit score.

Keep learning

Related mortgage terms

Pre-Approval

Conditional approval for a mortgage before house hunting.

Read definition

Interest Rate

The cost of borrowing money, expressed as a percentage of the loan amount.

Read definition

Guarantor

Someone who agrees to repay a loan if the borrower defaults.

Read definition

Lender

A financial institution or company that provides the money for a mortgage.

Read definition

Down Payment

The upfront cash payment made when purchasing a home

Read definition

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Understand your mortgage with confidence

Lenderoo shops 40+ lenders for free and pairs you with a mortgage professional who keeps the jargon simple — and gets you a great rate.

Find my best mortgage Explore the glossary

Mortgage Glossary

What is Credit Score?

Find my best mortgage Back to glossary

Quick answer

Also known as: credit rating, FICO score, beacon score

Key points

Canadian credit scores generally range from 300 to 900
Equifax and TransUnion are Canada's two main credit bureaus
Payment history and credit utilization heavily influence the score
A higher score improves mortgage approval odds and access to better rates
Low scores may require a larger down payment or a guarantor
You can check your own score without harming it

Credit Score explained

What a Credit Score is for

How it can help you

When it comes up

Example: How a score can shape your rate

Two buyers each apply for a $400,000 mortgage. One has a strong credit score and qualifies for a lender's best advertised rate. The other has a weaker score and is offered a higher rate.

Even a small rate difference adds up across a long amortization, so the buyer with the stronger score pays less interest over time. This is why building credit before applying can pay off.

Have a question about credit score?

Lenderoo shops 40+ lenders for free and matches you with a mortgage professional who explains every term — and finds your best rate.

Get pre-approved free Talk to an expert

Questions & answers

Credit Score: frequently asked questions

Common questions Canadians ask about credit score.

Keep learning

Back to full glossary

Understand your mortgage with confidence

Lenderoo shops 40+ lenders for free and pairs you with a mortgage professional who keeps the jargon simple — and gets you a great rate.

Find my best mortgage Explore the glossary