Best Mortgages For Bad Credit Borrowers In Canada

Your credit score exists on a scale between 300 and 900 in Canada. While there’s some variance based on which credit scoring model we’re looking at, your score can generally be classified as follows: 

• 760-900: Excellent  
• 725-759: Very good 
• 620-724: Good 
• 560-619: Average 
• 500-559: Fair 
• Below 500: Poor 

Depending on where you fall on this scale, you’ll have access to specific mortgage loan options from different lenders at different rates.  

It all depends on what your financial situation is and what your needs are. 

Regarding mortgages, your credit score will significantly impact what’s available to you. Let’s take a look at what your score means when it comes to your mortgage qualification: 

• 600-900: At this range, you should be able to get a mortgage with a prime lender, like a major bank. This might be a little harder with a score in the low 600s, but it could still be possible depending on certain other factors.  
• 500-600: At this range, you’re more likely to find a mortgage with a bad credit mortgage lender with higher rates than you’d see with a bank.  

Remember that the specifics here will depend on the lender you’re applying for a loan with and all sorts of variables surrounding your situation.