When purchasing a home there are many variables that determine mortgage eligibility and how much mortgage one can afford. Most people are aware that they will need a down payment and that they will have to have an income that allows them to meet their monthly payment, a monthly payment that fits into their budget.

Fewer people are aware of the crucial role that their credit score plays in obtaining a mortgage. These three factors, down payment, income and credit score determine not only the type of house (based on price) that they can buy, but whether or not it will need to be insured by one of the two major mortgage insurance companies in Canada, Canada Mortgage and Housing Corporation or Genworth. Credit scores also help determine the interest rate that will be offered to a client for a mortgage.