Click to Call


The purchase of a home is the largest purchase most people make during their lifetime. At Dominion Lending Centres, we want to make each and every purchaser aware of the many mortgage options available to them.

View All Mortgage Articles

Apply Now for a Mortgage

Request a Quote

  • Testimonial

    Greg Irwin, Satisfied Customer

    The mortgage process was the most stress free part of the whole purchase and move!
  • Testimonial

    Adam & Cheryl Tempelaar

    Awesome! We will definitely be back when it's time to re-mortgage or buy a new house.
  • Testimonial

    Ashlee & Luis Sanchez

    We didn't feel like we were taken advantage of. We felt extremely comfortable; we also felt that we were top priority and everything was going to be done that would best meet our financial situation.
  • Testimonial

    Brittney, Satisfied Customer

    The Dominion Mortgage Team was so great to work with because they answered all of my questions and explained the whole process to me.
  • Testimonial

    Valinda, Satisfied Customer

    My agent was very understanding, approachable and listened to my needs and concerns and made very good suggestions.
Dominion Lending Centres | Regional Mortgage Group
Dominion Lending Centres

Dominion Lending is a mortgage and leasing company with more than 2,000 members offering free expert advice across Canada for all your mortgage needs:

  • Residential Mortgages
  • Commercial Mortgages
  • Equipment Leasing

Mortgage Questions

Credit Score FAQs

Your credit is one of the biggest pieces of the puzzle when it comes to your mortgage qualifications and not one person’s is the same. It affects your rate, product choices and availability. We can get this information for you very quickly. But in the meantime, here’s an explanation of how your credit file and score works.

What is a Credit Score?

Your credit score and rating are produced by Equifax. Your credit score is also referred to as a FICO Score as the mathematical formulas behind your score were created by Fair Isaac & Company (FICO) or Beacon Score. This Credit Score is used by most lenders to help them decide whether or not you're a good (low) credit risk. Equifax crunches the numbers from your credit report, and spits out a score somewhere between 300 and 900. A low score says you're a bad credit risk, a score of 620 or higher puts you in the driver’s seat (credit scores between 620-679 may be restricted to less programs and products but there are still plenty of options).

See the factors below that are considered by Equifax when calculating your credit score and an estimate of how heavily each factor is weighted.

Past Payment History 35% Bankruptcies, late payments, past due accounts and wage attachments
Amount of Credit Owing 30% Amount owed on accounts, proportion of balances to total credit limits
Length of Time Credit has been established 15% Time since accounts opened, time since account activity
Search for and Acquisition of New Credit 10% Number of recent credit inquiries, number of recently opened accounts
Types of credit established 10% Number of various types of accounts (credit cards, retail accounts, mortgage) improving your credit score

What can you do to build your Credit Score?

  • Most Importantly Pay your bills on time. Delinquent payments and collections will have a major negative impact on your credit score.
  • Keep balances low on credit cards, lines of credits and department store type cards low. High outstanding debt will also affect your score. Keep balances below 50% of the limit or preferably at a zero balance.
  • Apply for and open new credit accounts only as needed. Don't open accounts just to have a better credit mix -- it probably won't raise your score.
  • Pay off debt rather than moving it around. Also don't close unused cards as a short-term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.
  • Make sure the information in your credit report is correct. It won't affect your score to request and check your own credit report. If you find errors, contact the credit reporting agency and your lender.

How to check your Credit

You can order your credit report for Free from Equifax Canada by calling 1-800-465-7166 or visit Equifax Online to order your report and score for a fee.

How to repair damaged Credit

Yes you can repair your own credit! Most people, however, find that they do not have the time, persistence, knowledge, or patience to. Most choose to have a professional handle the debt consolidation process instead.

Bankruptcy - the Hard Way Out

Why do we recommend debt consolidation instead of bankruptcy? Filing for bankruptcy has very serious consequences. Once you have filed for bankruptcy, your credit bureau will carry this record for at least six years –making it very hard for you to re-establish your credit. Additionally, many of Canada’s lenders will never loan you money again if they suffered a loss as a consequence of your bankruptcy filing. In the vast majority of circumstances, the best course of action is to consolidate your debts, lower your monthly payments, and re-establish control of your finances. We do have some lenders that will provide mortgages for clients that have been discharged for 2 years and have a minimum of 1 year of re-established credit with 2 trades (a Credit card and a loan or 2 Credit cards).

Re-establishing Credit

It can be a challenge to re-establish your credit. The best way is to get a Secured credit card. A secured credit card requires that you put the funds down upfront to the credit card provider. If you default on the credit card the credit provider keeps the funds you gave them.

You can apply for a secured credit through Capital One or Home Trust.

Call To Action

For more information on any program you may be interested in please either email us at This email address is being protected from spambots. You need JavaScript enabled to view it. or call 403-343-1125 to set up an appointment with an agent.