EP079 Burn Your Mortgage with Sean Cooper

Sean Cooper is an independent mortgage broker, international speaker, personal finance writer, and the author of  Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians. His articles on personal finance have been featured in multiple publications such as the Toronto Star, Globe and Mail, MoneySense, and Financial Post. He has made regular appearances on several national television and radio shows including the CBC News Network, Global Morning Show, and Bell Media’s Bell Local Super Savers Show where he discusses topics related to personal finance, pensions and retirement planning, and mortgages and real estate.

 

Sean joins me today to share how he paid off his mortgage in three short years. He shares tips that can help you get and burn your mortgage at an earlier date, the inspiration for writing his book, and why he feels more focus should be put on financial literacy through the school system. He also shares the criteria that mortgage lenders are looking for and how you can prepare your finances to meet those standards as well as why it is vital to get pre-approved and be aware of the closing costs of homeownership.

 

“For most Canadians, buying a home is the single biggest financial transaction of their lifetime.” – Sean Cooper

 

This Week on Young Money:

 

• Why Sean decided to get licensed and become a mortgage broker.
• How a strong work ethic and goal setting has allowed Sean to be successful.
• Why he feels that financial literacy needs more focus in the school system.
• How he ‘burned his mortgage papers’ and the inspiration for his book.
• The lifestyle changes that you can make to get into home ownership.
• What is the 2-2-2-rule that lenders are looking for?
• The closing costs and expenses that home buyers will incur.
• The misconceptions of home ownership and the value of having a mortgage broker.
• The questions you should be prepared to answer when applying for a mortgage pre-approval.

Key takeaways:

 

1. Qualify for a mortgage by focusing on your income, down payment, credit, and debt.
2. Set a date goal for homeownership.
3. Save regularly.
4. Take the time to get pre-approved.

Resources Mentioned:

 

• EP007 How’s Your Financial Reputation aka Your Credit Score?

Connect with Sean Cooper:

 

 

• Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians

 

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