Prepare yourself with a Pre-Approval

Mortgage for Toronto and Across Ontario

Mortgage Pre-Approval

House hunting is an exciting time! Boost your house shopping experience with a mortgage pre-approval. A mortgage pre-approval ensures you know how much you qualify for while locking in your interest rate for 120 days. Know what you can afford, before making that offer on the home of your dreams. Canada is in a historically low-interest rate environment so secure your mortgage rate now!   

Square Capital works to offer innovative mortgage solutions working with prime and private lenders to provide borrowers with fast 24-hour mortgage funding options (subject to terms and conditions).

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Mortgage Solutions in Toronto, GTA and across Ontario

Fast and Flexible, regardless of Credit

Mortgage Pre-Approval

A mortgage pre-approval should be the first step in your home buying experience. It’s a smart and strategic move that enables you to lock in the interest rate, especially important, as fixed rates have been trending higher. Even small increases will reduce your buying power so getting pre-approved early is key. The best part about mortgage pre-approval is that you are guaranteed the lowest rate if the rate goes down during the 120 days of your rate hold. Also, you are protected from any increases to the interest rate during the length of the rate hold. Homebuyers or homeowners with bad credit or poor credit should still apply for a mortgage pre-approval to understand the landscape of potential mortgage lenders and private lenders.

Another key consideration of mortgage pre-approval is the ability to buy a house or leverage home equity with confidence. Sellers often ask for a pre-approval to ensure the home buyers are serious. Also, when considering a renovation or expansion of a self-employed business, having a pre-approval on hand ensures a level of trust, making the deal easier to seal.

Affordability is the other important factor. Knowing what your family can comfortably afford to buy, renovate, expand a business, or purchase a vacation home such as a cottage, provides peace of mind with a pre-approval. In addition, a mortgage pre-approval provides the security of an interest rate hold and protection against interest rate fluctuations. Especially important for home buyers, whether it is for a new home or a second home, knowing what you can qualify for will protect you from issues down the road.

Homebuyers and homeowners can obtain a pre-approval for different types of mortgages to help decide what mortgage strategy is most suitable. Types of mortgage pre-approvals that can leverage for:

  • Mortgage refinancing
  • Renovation mortgage
  • Borrowing to invest mortgage
  • Self-employed mortgage
  • Debt consolidation mortgage
  • Vacation or second home mortgage
  • Second mortgage
  • Third mortgage

Work with a Square Capital mortgage broker or agent who will source options to help you find the best choice for your needs.

What you need for a Mortgage Pre-Approval

Generally, lenders will ask for the following, but not limited to:

  • Income sources
  • Employment verification or
  • Business income verification
  • List of Assets
  • List of Liabilities
  • Credit score, credit history
  • Property information such as primary residence, cottage, value etc.

Benefits of Mortgage Pre-Approval

  • Guaranteed rate for 120 days – Homeowners and home buyers will be able to access a rate guarantee protecting them against interest rate fluctuations.
  • Know what you can afford – In Toronto and across Ontario, the housing market is very competitive. Knowing what you can afford provides a solid foundation to buying a house with confidence and security.
  • Better purchase offers – Home buyers can participate in the housing market knowing their offer to purchase is based on fact with a mortgage pre-approval in hand.

Questions about Mortgage Pre-Approvals

Are you ready to get your mortgage?

Contact us today to get a free quote. We will help you understand the current market conditions affecting the mortgage market! Prequalify without affecting your credit!

Innovative Mortgage Solutions

Simple and Quick Mortgage Loan Approvals

Buying a Home, First Mortgage

For life’s major moments, let’s get you home with a First Mortgage

Vacation or Second Home

Make your Vacation or Second Home a Reality

First-time Homebuyers

With access to many options, we help navigate and secure suitable mortgages possibilities

Bad Credit

Life doesn’t always go as planned. We help get your finances in order while boosting your credit score.

Our Mission

Why People Choose Us

Fast/Quick Mortgage

Have your mortgage within 24 hrs, subject to terms and conditions

Best Rates, Flex Terms

Competitive mortgage loan rates with flexible 3 to 12-month terms

Rebuild Credit

Boost your credit within 90 to 120 days

Custom Payment Plan

Partial or zero payments for up to 12 months

Related Services Offered

Other Mortgage Options

Home Equity Line of Credit (HELOC)

Access your home’s equity to use as much as you need and only pay the interest.

Read More

Private Mortgage

For different life situations, private lenders help with access to short-term, interest-only mortgage loans.

Read More

Reverse Mortgage

Canadian homeowners 55 and older can access up to 55% of their home’s value.

Read More

Poor Credit

A Poor Credit Mortgage can Improve your Financial Health

Read More

Other mortgage options

Homeowners have choices and can consider options to leverage their home equity. Depending on the product, these options may have slightly higher interest rates.

Home Equity Line of Credit (HELOC)

There are different products that provide flexibility for the most suitable mortgage loan options such as home equity lines of credit or HELOC. A HELOC still enables access to the home’s equity, just in a different way. Instead of a single (or lump sum) payment, a HELOC provides on-going access to a certain amount of money, similar to a credit card, with a lower rate. The amount of the HELOC depends on the value of the home.

The benefit of a line of credit is that payments are interest-only payments and homeowners can access it when needed. Downsides include variable interest rates and access to the total amount of the HELOC, which could lead to more unwanted mortgage debt. That being said, there are opportunities to lock in rates to protect monthly mortgage payments.

Private Mortgage

When homeowners cannot qualify for a mortgage to refinance through a bank mortgage debt consolidation or a home equity line of credit (HELOC), private mortgages may be an alternative. Since private mortgage lenders will secure a mortgage debt consolidation against a home, the interest is usually lower than high interest debts like credit cards.

Private lenders usually charge a higher interest rate and fees than a bank, given the higher level of risk, however, this option still reduces interest costs over time. This is because these lenders understand that situations exist such as quick turnaround for financing, bad credit, stated income, and non-conventional properties.

Typically, private mortgages are shorter-term products and only require the interest portion to be repaid. Private lenders evaluate risk differently than traditional lenders and will consider the borrower’s ability to repay which is beneficial to self-employed and people with bad credit. Private lenders can also provide debt consolidation options through second mortgages.

Second Mortgage

Borrowers unable to qualify for a mortgage refinance leveraging equity, could consider a second mortgage. A second mortgage will provide the option to consolidate loans with higher interest into a lower rate option. While interest rates for second mortgages tend to be higher, it will save money on interest costs over time. Speak to a mortgage broker to understand the costs associated with a second mortgage.

Reverse Mortgage

An option available to homeowners 55 and older is reverse mortgages that provide access to the home’s equity without having to sell. Reverse mortgages allow homeowners to borrow up to 55% of the value of the home. The concept of this mortgage is essentially a reverse loan that means there are no payments required. Payments will be made either in monthly payments or in a lump sum payment to homeowners. Homeowners will pay the reverse mortgage loan when they move, sell or the last borrower dies. Typically, the interest rate is higher, and there are fees additional associated with reverse mortgages.

Debt Consolidation Mortgage

To understand if a debt consolidation mortgage or a HELOC could be suitable options to consolidate debts, and help get your life back on track, contact Square Capital Mortgage Brokerage. We understand each case is unique and there are many factors to consider including homeowners with bad credit or low income. Unlike traditional lenders like banks and financial institutions, with very strict lending terms, Square Capital works with over 50 lenders, including private lenders, to find the right solution for our clients. Our expert mortgage brokers and agents will help to find solutions to lower your monthly payment and reduce or stop the interest on your debt. Lower monthly payments every month reduces the chances of financial default while improving your credit and managing your money wisely.

Learn more about leveraging home equity for products such as mortgage refinance, home equity lines of credit (HELOC), and second mortgages.

Budget Planning and Expense Tracking

While products like debt consolidation mortgages, HELOCs, and private mortgages are tools to financial freedom, managing debt is the key to success. Practicing better money management in daily life like budgeting, monitoring spending, and saving. There are many free online apps that can support homeowners to achieve financial freedom and get better at managing money.

Get Started with your Mortgage Pre-Approval Today

Getting a mortgage can be challenging and overwhelming at times. Square Capital can help you get the mortgage pre-approval for you regardless of your situation and need. We can help you lock your rate and know exactly how much you can afford. Start your mortgage pre-approval online.

Questions? We’ll Put You On A Right Path!

Contact us today to get a free quote. We will help you understand the current market conditions affecting the mortgage market! Prequalify without affecting your credit!

Mortgage Application

Once the form is submitted, we will contact you to discuss your needs and to answer any of your questions.