Competition = Low Mortgage Rates

Find out your Credit Rating

Before looking at a mortgage, it may be a good idea to find out if you have a good credit score rating before approaching a lender, especially if you have any doubts.

Credit bureaus should provide a credit rating report to you at no charge. You can obtain a free copy through the mail by calling Equifax at 1-800-465-7166. You must fax two pieces of government issued identification, social insurance number, date of birth, current address as well as any address you have had in the last five years, and the name and number of your current employer.

Expect to wait at least ten days to receive your report by mail. Once you have your report you will know if there are any roadblocks in the way of your mortgage. Any mortgage broker can assist you with your credit report, but will also need to verify it by a credit check once you are ready to proceed with your mortgage.

Watch out, although any credit information you request personally has no effect on your rating, the number of credit checks you have banks or credit institutions perform will show up on your report and may lower your credit score.

Hiring a Home Inspector

It's often said that one of the most expensive and important purchases you will ever make will be your home. However, unlike the guarantee a buyer receives with most purchases, there's no money-back guarantee or return policy if you're not satisfied with your recently purchased home.

Once you buy a home, you're on your own to maintain it, repair it, anticipate problems and pay the bills. This is why it's best to know as much as you can about potential problems before you make the commitment to buy. Learn More

Stop! Don't Renew Your Mortgage...

Have you received your mortgage renewal in the mail? Don't just sign the form and send it back to the lender.

Over 70% of mortgage holders in Calgary and Edmonton do just that, and what is the usual result — a higher mortgage rate and a product that might not be best suited to their needs.

Make sure you are getting the best mortgage renewal rate in Alberta. Learn More

Should I Increase My Down Payment?

Coming up with enough money for a down payment can be difficult for many potential home buyers, so they often settle for simply putting the minimum 5% down.

However, it is better to put down as much as possible towards the purchase price because the more you put down, the less money you have to borrow and as a result your mortgage payments are lower and easier to manage financially.

If you are able to put down 20% of the purchase price, then you are not required to purchase mortgage insurance thus saving yourself more money over the life of your mortgage.