Competition = Low Mortgage Rates

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.

Why get Pre-Qualified?

It is a good idea to get pre-qualified when you decide to purchase a new home because being pre-qualified will help you to:

• Save time by only looking at homes within your price range
• Save money by locking you into an interest rate for up to 120 days. By locking your interest rate you are protecting yourself from rate increases that can occur after you write up an offer, but before you close on the purchase.
• Deal with the seller more effectively because they know you are a qualified buyer. The seller is often more willing to negotiate or accept a lower purchase offer if he or she knows you are pre-qualified and able to purchase.

Should I Purchase a New Home or a Re-Sale?

First-time home buyers have many decisions to make after deciding to purchase a new home. These decisions can be overwhelming and even frustrating if they do not have all the facts.

A common question for many first-time home buyers is whether or not to build brand new or to purchase a re-sale. Let our professional mortgage brokers at Alberta Equity Mortgages ease your frustration by offering solid advice while providing both the pros and cons of building brand new or purchasing re-sale.

Why do it Alone?

Investing in a new home is a big decision, so as a first-time home buyer, why do it alone?

Let our professionals guide you through the home buying process. We can advise you on all the legalities, the home inspection and the property appraisal. We will also work to find you the best interest rate and mortgage option that suits your financial situation.

Buying your first home can be overwhelming because of the wide variety of property available. It is important to get pre-approved for a mortgage because this will help you narrow your property search.

Our professionals will help get you pre-approved and be able to tell you exactly what you can afford, what your interest rate will be, and the amount of your monthly repayment.