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Updated: Jun 1
Before the open houses and offers, get pre-approved. Our guide explains how it works, what you’ll need, and why it matters.
Having a good credit rating shows lenders you’re trustworthy with money—and that comes with perks.
Step 1: Check your credit score
Think of your credit score as your mortgage wingman: the stronger it is, the better the deal it can help you land.
Why is it important?
Having a good credit rating shows lenders you’re trustworthy with money—and that comes with perks.
Lower interest rates Better credit usually means better rates, which can save you thousands over time.
Higher approval odds Lenders are more likely to say yes (and faster) when your credit is strong.
More borrowing power A good score can help you qualify for a larger mortgage or better terms.
More choice and flexibility Strong credit opens the door to more lenders, mortgage types, and features.
Lower overall costs Weaker credit can mean higher rates, tighter rules, or extra fees. Good credit helps you avoid all that.
What if I don't meet the minimum credit score?
If your credit score is accurate, but does not meet the minimum requirements, you will want to look at your current debt. Home ownership is an incredible investment, but it is also costly. Fortunately, there are a number of things you can do to improve your credit score as well as your future financial success, including:
Paying your bills in full and on time. If you cannot afford the full amount, try paying at least the minimum required as shown on your monthly statement.
Paying off your debts (such as loans, credit cards, lines of credit, etc.) as quickly as possible. Work on paying the ones with the smallest amount owing first and work your way towards the larger amounts.
Staying within the limit on your credit cards and try to keep your balances as low as possible.
Reducing the number of credit card or loan applications you submit.
There is also the option of going with an Alternative Lender (or B Lender) if you are struggling with credit issues. A Dominion Mortgage Professional can help review your credit score and provide you with options for your mortgage needs.
