Are you thinking about buying a home in Alberta ? The journey to homeownership can be both exciting and overwhelming. To help you navigate this process smoothly, I’ve compiled 12 essential tips. From choosing the right Mortgage Broker to securing the best interest rates and using mortgage calculators effectively, these tips will make all the difference in your home-buying experience in Alberta . [LEARN MORE]
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A pre-qualification is when you provide generalized information to a lender or online calculator, without the information being confirmed, and receive an estimated max purchase price.
A pre-approval is when a qualified mortgage professional reviews the information provided, such as your mortgage application, income & down payment documents, along with verifying your credit bureau to provide you with a more accurate max purchase price.
After you have an accepted offer to purchase your dream home, your Mortgage Broker will submit your information to a lender. Once the lender reviews & confirms all the information provided, they will provide you with a full approval.
If you're buying an owner-occupied property, you may be eligible to put as little as 5% down. It's important to note that while the minimum down payment is 5%, you still need to qualify for the total mortgage amount, which is based on your income and debts. Keep in mind that the rules change for a purchase price above $500,000. In such cases, you will require 5% on the first $500K and 10% on the remainder (up to $1M). For homes over $1M, a minimum of 20% down is required. If you're purchasing a rental property, a minimum of 20% down is also necessary.
Choosing between fixed and variable rates? A fixed mortgage offers stable payments over a set term, ideal for budgeting. Yet, consider penalties and your long-term goals. Variable rates fluctuate with Prime, great in falling rates, riskier in rising markets. Guarantee consistency with a fixed rate for staying put, explore variable for flexibility. Connect with our experts for guidance!
A co-signer is usually added to your application when you don't qualify for a home on your own. Their income and debts are included to assess if it enhances your overall approval. When someone co-signs, they become part of the mortgage title and documents. This new mortgage debt reflects on their credit bureau, potentially affecting their future credit score and loan affordability.
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