Easily Explain to Me: What’s a Mortgage Pre-Approval Versus a Pre-Qualification?

A mortgage pre-approval is the process of confirming an individual’s creditworthiness prior to having a mortgage purchase contract in place. It is the initial process that qualifies an individual for a loan based on the information they have provided – i.e., credit, debt, employment history, and income. It indicates to sellers that you are eligible to obtain financing and acts as a financial security blanket when home shopping.

The Urban Dictionary of Construction and Pre-Construction Mortgages

Construction and pre-construction mortgages…what does it all mean? Aren’t they the same thing, except one has “pre” at the beginning? Not quite. Let’s explore these concepts together.

How Easy is it for Foreigners to Secure a Mortgage in Canada?

Obtaining a mortgage in Canada is relatively easy for foreigners and newcomers to the country because there are very few restrictions that limit foreigners from purchasing a property. In fact, the homebuying process is like the one that Canadian citizens follow! Let’s take a look…

Don't Discount Rent-To-Own

Rent-to-Own (RTO) is an agreement between a landlord and tenant in which the tenant agrees to rent the property for a certain period and has an option to buy before the lease expires.

How Can a Mortgage Broker Help You When Interest Rates are Rising?

Inflation, rising interest rates, increasing housing prices – it can all be overwhelming! What could possibly be next?! Let’s break it down and talk about how rising interest rates correlate to homeownership.

Understanding Mortgage Renewals

Mortgage renewals are the bread and butter of home ownership. Not really, but they are EXTREMELY important.

Fixed vs Variable

When obtaining a mortgage, there is always the question of a fixed or variable interest rate. There are pros to cons to both types, which we will explore below.

How to Use Prepayments to Be Mortgage Free

Using mortgage prepayment options can drastically reduce the total amount of money you spend on your mortgage – and shorten the time it takes to pay it down! If you follow these three steps, you can be mortgage free sooner than ever!

8 Things to Avoid After a Mortgage Preapproval

You have word from your agent letting you know you are pre-approved for a mortgage. This is an exciting time as you are well on your way to purchasing a new home. A preapproval is usually good for 60 to 120 days depending on the lender. If you do not purchase a home within this time frame, the lender may require you to get preapproved again. Therefore, it is important to continue the great behavior that got you the preapproval, in the first place. Below are eight tips to help keep your financial situation preapproval ready.

Spire Partner Leader for 2021