Credit Score

Your Credit Score

The Credit Score is a numerical representation of your current and past credit and can range between 300 (the lowest score representing the worst) and 900 (the highest score representing the best). There are currently two reporting agencies operating in Canada, Equifax and TransUnion. Equifax’s credit score is called the Beacon while TransUnion’s credit score is called Empirica, but both scoring models are based on the FICO (Fair Isaac Company) model in the United States.

Credit scoring has an enormous impact on your financial picture. For a lender, your credit score plays a significant factor in the decision to lend you money, and in determining the terms and conditions of your loan.


Calculators provided on this site are helpful tools meant only as a help to provide general guideline for the user and should not be relied upon in connection with any particular transaction or situation.

If you plan to purchase a property, we recommend you consult with mortgage professional for a more thorough analysis of your current situation.


Maximum Mortgage Calculator

Debt Service Calculator

Mortgage Payment Calculator

Premium Calculator

Mortgage Affordability Calculator

Household Budget Calculator

Loan Calculator

Prepayment Analyzer

Mortgage Isolator

Payment Analyzer

Rent or Buy Analyzer

Budget Calculator

Credit Card Payment Calculator

Rent or Buy a Home Calculator

Credit Score

Mortgage Terminology

Deciding which type of mortgage is right for you will depend on what you can afford. Prepayment privileges are another important part for borrowers to consider. These arrangements allow you to pay money against the principal, reducing the total amount of interest you'll ultimately pay.

Amortization refers to the time period in which the mortgage is assumed to be paid. A common amortization period is 25 years. This means interest and principal payments are set as if you were paying the amount borrowed over a 25 year payment schedule. Obviously, the shorter the amortization period, the less interest you will pay. Learn more about arranging mortgage options available.

Know your credit rating first so you have time to resolve any issues that might stand in your way of buying.
Know your price range and obtain a pre-approved mortgage before you start house hunting.
Stick to your price range, no matter the economic situation, because it is safer to buy within your budget.

Lorne Park Brantford

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