Webinar Recap: Unlocking Home Ownership in Canada

Missed our latest live session? Here is what you need to know.

Buying a home in Canada is a major milestone, but the financial side—specifically mortgages—can feel like a black box. How do banks really decide who gets approved?

This week, Finwise hosted a special deep-dive with Thái Anh, a Business Advisor at Scotiabank with over 15 years of banking experience across Canada, Singapore, and Vietnam. He pulled back the curtain on the mortgage process to help prospective buyers navigate the system with confidence.

1. The Truth About Credit Scores

One of the biggest mysteries for homebuyers is the credit score. Thái Anh broke down exactly how these scores are calculated and, more importantly, what actually moves the needle. It’s not just about paying bills on time; it’s about utilization, history, and consistency. We discussed practical strategies to improve your score before you apply, ensuring you put your best foot forward.

2. What Banks Look For

Beyond the credit score, what are banks evaluating? The session covered the holistic view banks take when reviewing a mortgage file. Income is key, but so are your debts, assets, and the stability of your financial history. Understanding this criteria can help you prepare the right documentation and explanation for your application.

3. Real-Life Case Study

Theory is good, but practice is better. Thái Anh walked us through a real-life case study of a current market listing. This practical example highlighted the specific challenges and opportunities buyers face in today's market, offering a tangible look at how the assessment principles apply to an actual property.

Whether you are actively hunting for your dream home or just starting to build your financial foundation, understanding these core concepts is essential.

Stay tuned to Finwise for more expert insights and sessions to help you make smarter financial decisions.