Our Blogs

Mortgage Pre-Approval vs. Pre-Qualified

Aren’t these both kinda the same thing?

Not quite. Each of these is a good start to your mortgage process (that ends with a full approval to buy a house). But one is more serious than the other if you get close to buying a home. Let us explain.

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The Perils of a Pre-Approval

We had a client come through the office with a Chartered Bank “Pre-Approval” giving a rate hold and financial budget limit. To our complete shock when our deal was submitted it was denied. After a longer look at the document it said in fine print “subject to lending criteria”.

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First time home buyers incentives 

First time home buyers incentives The Canada Mortgage and Housing Corporation (CMHC) has announced the immediate termination of its first-time homebuyer incentive program. The program’s final deadline for new or revised

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