The Canadian credit score produced by Equifax, ranging from 300 to 900. Most Canadian mortgage lenders require a minimum Beacon score of 600-680 for conventional financing, with the best rates available above 720. The Beacon score is similar to the FICO score used in the United States and factors in payment history, credit utilization, length of credit history, and credit mix.
Related Articles
- 3 Types of Mortgage Pre-Approval Canada: Which Protects You?
Learn the 3 types of mortgage pre-approval in Canada: verbal, rate hold, and fully underwritten. Only one actually locks your rate and guarantees financing.