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Improve Your Mortgage Credit Score

Improve your credit score and enjoy your new home with the whole family.

Now that you understand how the credit report works, the next step is to use your lease period with Red Door Home Solutions to improve your credit score to be able to get approved for a low mortgage interest rate when it comes time to buy the home.

With the training plan we have in place for soon to be homeowners, we help you to reach your goals faster and easier. 

Part of each monthly payment will be going towards your equity and down payment.   Instead of wasting money on rent each month, you will be building up your investment for the home, which will also improve your ability to qualify for a mortgage. 
Other things you can do to improve your credit score:

  • Review your credit score and check for errors.  If you find errors, have them corrected since this can negatively affect your score.
  • Pay your bills, including your lease payment, on time.  This is the factor that carries the most weight with lenders, so you want to show that you are responsible with your debts.  Remember that lenders put more weight on current information.
  • Reduce your credit and store card balances as much as possible.  Not only will you save a great deal in interest, but any amounts over 25% of your available credit will have a negative impact on your overall score.
  • If possible, do not open any new accounts or allow anyone to pull a credit report since the more inquires – the lower your score.  We will help you find the lender when it is time to buy your home.  Only one credit application will be pulled and that will be shopped over all our lenders to keep your score from going down (as it would if you shopped around yourself at multiple lenders – each pulling their own reports).
  • Keep old credit accounts, especially if you are not using them.  This helps in two ways: it shows a longer payment history and it shows that you do not need all of the credit available to you.


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Improving Credit Scores

  • Your mortgage credit score can cost or save you money.  Working through the lease period to improve your credit score will help you to not only qualify for mortgage, but to qualify for lower interest rates on the mortgage.  This can save you thousands in interest over the amortization period of your mortgage.
    House sold and bought with improved credit score.
  • Ready to get started? Remember that we help you from the first day of qualification right through to closing on your home. If you want to be a home owner in Ontario, give Red Door Home Solutions a call today and get ready to move into a better future!