Key takeaways
- Prime lenders usually want 680+; insured mortgages may accept 600+.
- Alternative lenders often accept scores in the 500s with more equity.
- A one- to two-year plan can get you back to prime rates.
What credit score do I need for a mortgage in Canada?
| Score | Likely lenders |
|---|---|
| 680+ | Banks, credit unions, monolines |
| 600–679 | Insured prime, credit unions, alternative lenders |
| Below 600 | Alternative (B) and private lenders |
How do I move back to a prime lender?
- Pay every bill on time for 12 months
- Keep card balances under 30% of limits
- Renew with a prime lender when your term ends
Get a mortgage broker's bid too
Licensed mortgage brokers bid alongside banks, credit unions and private lenders on MortgageBids.ca. One broker bid can tap dozens of lenders, and on most prime mortgages the lender pays the broker, not you. Why use a mortgage broker · Get broker and lender bids
Frequently asked questions
Can I get a mortgage after a consumer proposal?
Yes, often with alternative lenders once the proposal is paid or in good standing.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
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