February 19, 2009
Employed Persons, First Time Home Buyer, Interest Rates, Mortgage Insurance, Pre Approval
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Over the past couple of months I have had the chance to spend my Saturdays and Sundays at an awesome townhouse condo complex in Calgary.
Brad Logel and his helpful staff will show you around Light House Landing built by Cardel Lifestyles. Feel free to check out their website. http://www.lighthousecondos.ca/public
Many of the people who are walking through the doors are first time home buyers. These people are excited about the idea of getting their own home instead of living with parents or renting. So the first question that I typically hear is “What is the first step to buying a house?”
The answer I always give them is, “Get a pre-approval”.
Getting a pre-approval from a licensed mortgage broker takes about 20 – 30 minutes but will save you an incredible amount of worry and get you on the right track.
What everyone wants to know is how much the lender is willing to lend them but there are many other benefits as well.
- Find out your current financial situation – Many people have a good idea of where their finances are but by giving the application they get to find out with exact certainty.
- Knowing where you are right now lets you know the next steps.
- Find out all about your current credit status
- Figure out the process
- Find out what paperwork you will need to show.
- Find out what your monthly payments will be.
- Get a rate hold.
So the benefits are many and are certainly worth a few minutes of your time. Once you have gone through the process there is no obligation so it really is a no lose proposition.
If you are looking to purchase your first home take the time to get a pre-approval and reap the benefits of the process.
Cheers!
February 3, 2009
Uncategorized
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Purchasing a new home can be an exciting and overwhelming time. You’ve thought about where you want to live, what features you want in the house and community, what your schedule and priorities are, and the proximity to the places you want to be near such as parks, school or stores. Once you’ve found your new home, it’s time for the hard part: the purchase. Purchasing a home is more complex than just making an offer and getting a home inspection. One major challenge is deciding on which financing option is best for you.
Many people believe a traditional bank mortgage is the only from of financing available. The truth is, you have many options on how to find financing for your purchase. It seems like everyone is the mortgage business these days. There are banks, trusts, credit unions and private money; recently even retail establishments are getting into the money-lending business. Each of these lenders has many different products including fixed interest rates, variable interest rates, recreation property programs, second home programs, and home equity lines of credit. With most lenders offering all of these choices how does one choose their best option?
The mortgage industry is constantly changing. The average person cannot be expected to keep up with the industry and what is right for them – not because it is too complex, but because it is vast and dynamic. In order to make the best decisions for your specific situation, many would suggest using a certified Mortgage Broker.
A Mortgage Broker is right for you because:
- We are experts in mortgages.
- We have access to most lenders and can speak with them on your behalf.
- We understand the underwriting process and how to present a file in order to give you more options.
- We work when and where it is convenient for you. If you get home at 5 pm then we can meet at 6 pm or use email and fax to do most of the leg work.
- When dealing with the lending institutions, we eliminate the need for you to haggle for the best rate because we do it for you.
- Our services are typically complementary for residential mortgages. This means that you get the best service and the best rate all at no charge to you.
- We also understand financial issues and won’t judge. Although your financial history will affect your credit rating, which in turn affects your mortgage, we are professionals who will treat you with the respect and confidentiality you deserve.
A reputable Mortgage Broker can take over much of the hassle that can detract from the joy of your home purchase. We offer great value for anyone looking to purchase or refinance: we do the work at no cost to you. For your next purchase or refinancing, reduce the stress and the work and call a reputable Mortgage Broker.