mortgagewithvmonga

As a trusted mortgage professional based in Saskatoon with Akal Mortgage Inc., I, Vishal Monga, often encounter clients who are eager to jump into the home-buying process but are unsure about the crucial first steps. One of the most common points of confusion revolves around “mortgage pre-qualification” and “ mortgage pre-approval. ” While these terms are sometimes used interchangeably, they represent distinctly different stages in your journey to homeownership. Understanding this difference can save you time, stress, and even give you a significant advantage in a competitive housing market. Let’s break down what each means and why it matters. Zoom image will be displayed Mortgage Pre-Qualification: The Casual Chat Think of  mortgage pre-qualification  as a preliminary, informal assessment of your borrowing capacity. It’s like a quick conversation with a lender or a quick online calculator where you provide a snapshot of your financial situation. You’ll typically share: Estima...

Buying a home is one of the most significant financial decisions you’ll make in your life. Whether you’re a first-time homebuyer or upgrading to your next property, understanding mortgage types is crucial. One term that often comes up in the Canadian real estate market is   “high ratio mortgage.”   But what exactly does it mean, and how does it affect your home financing journey? As a trusted  Mortgage Agent near you in Saskatoon , I’m here to help demystify high ratio mortgages and guide you toward the right choice for your financial future. Understanding High Ratio Mortgages A  high ratio mortgage  refers to a home loan where the borrower makes a down payment of  less than 20%  of the property’s purchase price. Because the loan-to-value ratio (LTV) is higher, lenders consider this type of mortgage riskier compared to a conventional mortgage (which has a down payment of 20% or more). In Canada, when your down payment is less than 20%, mortgage insuran...