Getting a Mortgage in Canada with a 500–600 Credit Score: What You Need to Know
Is your credit score 500–600? If so, the main question that many borrowers have is –Will I get a
mortgage with bad credit in Canada?

The answer is a big YES! Even if you have a low credit score in Canada, you can still get a
mortgage and become a homeowner with the right strategy.
What does a 500 -600 Credit Score Mean in
Canada for Mortgage Approvals?
In Canada, credit scores range from 300 to 900. A score between 500 and 600 is considered poor
to fair. The traditional A-Lenders, like big banks, require a score of at least 680 to approve a
mortgage. With a score in the 500–600 range, you will need to look beyond the banks.
Can I get a Mortgage with a 550 Credit Score in Calgary?
Yes, you can get a mortgage, but not from traditional lenders. You will have to explore B-
Lenders or Private Lenders.

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• B-Lenders: They are regulatory institutions that accept credit scores as low as 550. You must
have a sufficient income or down payment to get a mortgage.
• Private Lenders: They are individuals or companies focusing more on the property value and
equity rather than the credit history.
Work with a professional bad credit mortgage advisor who will help you avail the best mortgage
pre-approval rates in Calgary tailored to your requirements.
What do the Bad Credit Mortgage Lenders in Canada look
for beyond your Credit Score?
If your credit score is 500–600, the lenders will still consider-
• A larger down payment that shows your commitment and lowers the lender’s risk.
• They consider the income stability of the borrower. A consistent and verifiable income
strengthens your application.
• The lenders assess your debt-to-income ratio to check your existing debts compared to your
income.
• They are interested in the property value and location.
If your above financial profile is more stable, the better your chances of getting a mortgage, even
with a low credit score.
How does a professional Mortgage Advisor help get a
Mortgage at a Low Credit Score in Calgary?
• The dedicated mortgage brokers for bad credit have access to many alternative lenders. They
will connect you with reliable B-Lenders and Private Mortgage Lenders in Calgary who provide
mortgages for Bad Credit.
• The mortgage experts help match you with the right mortgage product tailored to your credit
profile, income and financial goals.
• They help the borrowers in preparing strong paperwork, even if they are self-employed or have
non-traditional income.
• They provide expert advice on how much down payment is required for better approval
chances and lower interest rates. They also table strategies to reduce your debt-to-income ratio
before applying. Also, they suggest the practical steps to boost your credit score in the short and
long term.
• With their expert industry knowledge, the dedicated mortgage brokers help you get competitive
rates and reduce lender or broker fees.
If you are a first-time home buyer seeking mortgage pre-approval in Calgary or a borrower with
low credit, consulting an experienced advisor will help you get a mortgage without much hassle.
also read: How to Get a Fast Mortgage Pre-Approval in Calgary- Even with Bad Credit?

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