I was recently a guest on the The MapleMoney Show, the podcast that helps Canadians improve their personal finances to create lasting financial freedom.

In this episode, I give you a checklist of everything you need to know when shopping for a mortgage, whether you’re buying your first home, or your current mortgage is up for renewal.

I explain why getting pre-approved for a mortgage is usually the first place to start when buying a home. Not only will it help you establish the right price point, but realtors prefer to deal with qualified borrowers.

I also explains how a shorter amortization will save you thousands of dollars in interest over the life of your mortgage, but caution against choosing an amortization that is too short.

Episode Summary

• How I paid my mortgage off by age 30.
• Your first step to getting a mortgage.
• Why you should always include a ‘condition of financing’ on your offer to purchase.
• The role your credit score plays in obtaining a lower mortgage rate.
• Why it’s a good idea to pull your credit score well in advance of applying for a mortgage.
• What is mortgage default insurance, and how can it help?
• Discover the two main ratios that lenders look at when approving your mortgage.
• The benefits of the Home Buyers Plan.
• How a shorter mortgage amortization can save you thousands over the long run.

Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.