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  1. www.debt.ca › blog › how-does-credit-debt-affectHow Credit Card Debt Can Affect Mortgage Applications

    If your mortgage application is accepted with unfavourable credit card debt circumstances, you risk being subject to high mortgage interest rates, which can pull you further into debt if you’re not careful.

  2. loanscanada.ca › mortgage › how-credit-cards-canHow Does Your Credit Card Affect Mortgage Approval?

    5 days ago · Depending on your financial situation, cancelling a credit card right before applying for a mortgage could affect your ability to get approved, so you may want to hold off on closing an account until after you’ve secured the loan.

  3. www.ratehub.ca › blog › can-i-afford-to-buy-a-homeCan I afford to buy a home with credit card debt? | Ratehub.ca

    Nov 21, 2023 · How credit card debt affects a mortgage application. Credit card debt can limit the amount you can borrow. Several factors are used by lenders to determine the maximum mortgage you can afford – from your income and the size of your down payment to whether or not you owe debt.

    • Jordann Brown
    • Mortgages

  4. blog.remax.ca › different-types-of-debt-and-howDifferent Types of Debt and How They Affect Mortgage Approval

    Dec 5, 2023 · Too Much Debt Impacts Your Mortgage Approval. When applying for a mortgage, lenders will assess your debt-to-income ratio. The thing is, too much debt increases your credit utilization and lowers your credit score. You are a risky borrower if your debt-to-income ratio is almost 50%.

  5. loanscanada.ca › pay-mortgage-with-credit-cardCan You Pay Your Mortgage With A Credit Card? | Loans Canada

    Yes, you can earn points on your credit card by paying your mortgage via a third-party service. Just be sure to calculate the cost of any fees involved and weigh that against your potential benefits. Realistically you’ll need a high rewards card to earn a profit compared to the high fees these services charge.

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  7. www.moneysense.ca › spend › real-estateWatch: Does debt impact your mortgage application?

    Mar 15, 2022 · Watch this video to understand how debt helps lenders determine your credit-worthiness, as well as how much you can afford on a mortgage, when reviewing your application.

  8. mortgage.bluepearlmortgage.ca › blog › credit-cardCredit Card Debt vs Mortgage Debt: Which Should You Pay Off?

    In most cases, you will find that making extra payments on your credit card debt is better than making extra payments on your mortgage. This is because credit cards have a higher interest rate and carrying a high balance has a more significant negative impact on your credit score.

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