Understanding Mortgage Terms: Pre-Qualified vs. Pre-Approved

When navigating the home buying process, understanding the difference between being pre-qualified and pre-approved for a mortgage can give you a significant advantage. Pre-qualification is often the first step, where you provide a lender with general financial information such as your income, assets, and debts. The lender then gives you an estimate of the mortgage amount you might qualify for. This...

Guide to Mortgage Renewal: How Do I Renew My Mortgage?

During the pandemic-era housing boom, many homebuyers purchased residential properties at rock-bottom mortgage rates. In response to the national economy’s pressures, the Bank of Canada (BoC) slashed interest rates to near zero, allowing prospective homeowners to obtain greater purchasing power and acquire a detached house, townhome, or condominium suite that might have exceeded their initial budgetary...

Compare listings