The so-called FICO credit scores were developed by the Fair Isaac Company, a California company that specializes in statistical scoring models. The credit score is a single number ranging from 350 to 900. The majority of lenders and even employers use the credit score results to determine the creditworthiness of a borrower and as a tool to evaluate the reliability of potential employees.
A bad credit score means you pay more money in higher interest rates and fees for just about everything from car loans and mortgages to any large purchase on credit. It may also prevent you from borrowing any money at all.
Many lenders reserve their most favorable rates and fees for applicants in the upper FICO score ranges, around 700 and above. Mortgage applicants with scores in the low 60Os and below get progressively higher rate quotes and are charged higher loan fees.
At First and Second Mortgages, we go beyond this credit score system. We don’t believe that a number should determine whether a person can have access to a mortgage, credit card or other type of loan. We help anyone who has a decent job and who wants to own a home, regardless of their credit, get access to the mortgage they deserve.
Your second mortgage in Canada is just a phone call away. Call First and Second Mortgages at 1-866-405-1228 and get started now.