How important is Credit Score when qualifying for a mortgage?

How important is Credit Score when qualifying for a mortgage?

October 12, 2009

Credit Score also known as Beacon Score is definitely one of the key components when qualifying for a mortgage. It can help determine how much the down payment needs to be. It can also determine what sort of product can be applied. Most of all, it can be used as leverage to qualify for a below market discounted rate. Beware, as of October 15th, CMHC is raising the minimum credit to qualify from 600 to 680.