Prospective homeowners may get excited by the market or the prospect of home ownership and decide that now is the right time to look into buying a home...but sometimes they get the cart before the horse and start house shopping before the have been pre-approved for a mortgage. The pre-approval process is a way for buyers to get insight on potential obstacles and learn more about what mortgage lenders want from applicants. Preparing for a mortgage loan in advance will help avoid surprises and speed a buyer's final mortgage approval when the right house is found. You'll also be taken more seriously.

How to Choose a Home Inspector in Canada

The practice of making an offer to purchase conditional upon a home inspection is becoming more prevalent, but many consumers have no idea how to choose a qualified inspector.

Deciding on whether you want a mortgage broker or a bank to handle your needs can seem daunting.  Here, we break it down for you so it's easier to make the right choice.

• 70% of mortgage consumers use their personal bank to arrange their mortgage simply because they are unaware or unclear about what professional mortgage brokers are, what they do, how they are paid.  More importantly, they are unaware of the benefits.
• The other 30% of mortgage consumers, especially the younger Internet-savvy generation, have already discovered that mortgage brokers are an excellent source of information that also save them time and money.
• Recently, mortgage brokers have taken to the airwaves, especially via Don Cherry to the hockey crowd, trying to raise awareness of the mortgage broker option.  Thanks to DLC and to you for doing your part as well!
• The main reason mortgage brokers continue to gain traction and market share over dealing directly with the bank is that a broker is representing you and your desire to get the best terms possible, not the bank's desire to maximize profits.  Simply put, it eliminates a conflict of interest and it forces the banks to compete!  The second reason is service.
• And - as Don Cherry says on TV -  "mortgage brokers get you great rates and it doesn't cost you a thing!"

Here is my definition of a mortgage broker...