HOW TO IMPROVE YOUR CREDIT SCORE | Minimum Credit Score to buy a House in Canada

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Do you know what credit score you need to buy a house in Canada? What if you have bad credit what can you do to improve your credit score? This Two-Minute Tuesday episode of Bald Prairie Real estate is all about what you can do to improve your credit score so you can buy a house in Canada. These are a few simple things you can do to improve your credit score or fix a bad credit score so that you can qualify for a mortgage to buy a house in Canada.
#FirstTimeHomeBuyer #BaldPrairieRealEstate #ImproveCreditScore
Other Two-Minute Tuesday episodes:
• Two-Minute Tuesday
My name is Matthew Pfeifer and this is Bald Prairie Real estate. I am a realtor in Regina Saskatchewan working for Royal LePage Regina Realty. In nearly 10 years working as a real estate agent I have seen both ups and downs in the market. But there is no real estate market that you cannot buy or sell a house in. Often the media tries to present a Canadian real estate market, or they talk about the real estate market in Canada as if there is a national market. The real estate market in Canada is very regionalized. Being from Regina I focus on the Regina real estate market. Bald Prairie real estate is about educating you about Canadian real estate. I cover first-time home buyer topics, tips for selling your home, how to buy a house in Canada and monthly Canadian real estate market updates.
(306) 591-3353
mpfeifer@royallepage.ca
Royal LePage Regina Realty

Опубликовано:

12 сен 2024

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Комментарии : 42

@BaldPrairieRealEstate 3 года назад

Did you know that often collections companies don't report paid collections to the credit reporting agencies?

@outta10network92 3 года назад

Thank for the info!

@BaldPrairieRealEstate 3 года назад

Thank you!

@teddyboy252 3 месяца назад

Whats your book title

@BaldPrairieRealEstate 3 месяца назад

Still working on it!

@asim1017 3 года назад

Love these 👊

@BaldPrairieRealEstate 3 года назад

Thank you!

@joaquinzannchez3184 4 месяца назад

Thanks for the video. Is 700 score still good after 3 years? Thank you.

@BaldPrairieRealEstate 4 месяца назад

Absolutely it is

@joaquinzannchez3184 4 месяца назад

@@BaldPrairieRealEstate Thank you for replying.

@BaldPrairieRealEstate 4 месяца назад

@@joaquinzannchez3184 you are very welcome

@j.r.m.1884 2 года назад

My wife and I are planning on getting a mortgage in 2022, my score is 830+ and hers is a little rough at 670 ish. Would mine help our approval chances as it’s really good when hers a bit weaker. We are also putting 30%+ down (second home). I’m sure by the time we go for a mortgage, hers will improve to about 700 ish (hopefully lol). What are your thoughts?

@BaldPrairieRealEstate 2 года назад

You guys are as A+ as is gets. A credit score above 650 is already going to be getting the best rates available.

@j.r.m.1884 2 года назад

@@BaldPrairieRealEstate awesome, thanks man :):)

@BaldPrairieRealEstate 2 года назад

@@j.r.m.1884 You are very welcome and thanks for watching!

@outta10network92 3 года назад

What’s the best way to structure a mortgage so that you pay the least? I heard a strategy about having a 30 year fixed rate and to pay one extra month a year etc. any general tips about that?

@BaldPrairieRealEstate 3 года назад

You can only get a max 10-year rate in Canada. I would look for a mortgage that has the ability to make extra payments, lump sum payments and top up payments etc so that you have the ability to pay back as much principal as possible when it works for you.

@maddoxxie 3 года назад

@@BaldPrairieRealEstate gold advice right here! would you go for a 10 year fixed rate still?

@BaldPrairieRealEstate 3 года назад

@@maddoxxie If you can find good rate I would look very seriously at it. Generally, the 10-year rates in Canada are not as good.

@maddoxxie 3 года назад

@@BaldPrairieRealEstate thank you

@BaldPrairieRealEstate 3 года назад

@@maddoxxie No problem. Thanks for watching and commenting.

@hibiscusflower5911 3 года назад

I’m around 720. I have one credit card, I pay it on time. My bills are very very minimal. I just use my credit card for groceries, entertainment and the very occasional online shopping. I have no debt. I’d like to increase my credit score even more because I will buy a house in the next 12 months. Should I get a second credit card ?

@BaldPrairieRealEstate 3 года назад

You are in a very good spot. A score over 700 is going to get you the best rates available. Anything above that is pretty much for bragging rights. Where are you looking to buy?

@rawa7417 3 года назад

Too late, I already canceled 3 Credit cards. hey thanks for not telling a joke.

@BaldPrairieRealEstate 3 года назад

I don't do the jokes in the Two-Minute Tuesday videos as they are shorter videos. The longer videos still have them.

@Dave-it5vj 3 года назад

Why cancelled. U owe debt? Get it paid without spending upfront by the genius work of Dave Ramsey Tech.

@rawa7417 3 года назад

@@Dave-it5vj I don't owe money, but yeah I watched some of Ramsey's vids

@jithincyriac8763 3 года назад

Is 750 an excellent credit score according to you?

@BaldPrairieRealEstate 3 года назад

For the purposes of buying a house that is excellent. You will be able to get the best rates available.

@mic01 3 года назад

Between equifax and transunion I know my scores is 790 but does the banks not look into your Beacon score as your true credit score.

@BaldPrairieRealEstate 3 года назад

Your Beacon score is your credit score. If you pulled your credit score from Equifax or Transunion that will be the Beacon score that the banks will use.

@mic01 3 года назад

@@BaldPrairieRealEstate Thanks for videos Im fairly new to the real estate investment game ( Past year Kitchener-Waterloo ) but Im looking to buy more in this market and Im also starting to look in London Ont.. thanks again happy renting

@BaldPrairieRealEstate 3 года назад

@@mic01 You are very welcome. Never hesitate to reach out with questions. Good luck with your home search.

@THEOvERSiZEDMeATBALL 3 года назад

I have 710 credit score in Canada, based on that in you're opinion what is the highest credit card limit I could potentially get approved for? Thanks.

@BaldPrairieRealEstate 3 года назад

I am sorry I cannot answer that’s for you. I help people looking to buy and sell homes, I don’t deal in credit card finance.

@fxlken3664 3 года назад

I'm not 18 yet but this is really useful information thanks bro!

@BaldPrairieRealEstate 3 года назад

You are very welcome! Thanks for watching. If you have any questions or suggestions for future video topics let me know. I'd love to hear what a younger viewer is interested in learning about.

@fxlken3664 3 года назад

@@BaldPrairieRealEstate I'm intrested in learning some of the tips and tricks of learning how to to get into real estate for a future career path

@BaldPrairieRealEstate 3 года назад

@@fxlken3664 I have thought about doing that as a video sometime in the future. If you ever have questions feel free to reach out to me though and I am always happy to chat.