Many Albertans apply for a mortgage with just one lender, often their bank, without shopping around without realizing that competition always results in the best deal.
We will survey the market and search dozens of mortgage lenders to find the best rates in Canada. This FREE unbiased service ensures that you will receive low mortgage rates and huge savings over the term of your mortgage:
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3 years | 4.14 | 3.89 | $1,813.95 |
5 years | 4.19 | 4.99 | $9,584.37 |
7 years | 5.19 | 5.80 | $10,196.74 |
It is always a good idea to get pre-approved (or pre-qualified) for a mortgage before you decide to look at a new home.
A pre-approval will not only let you know if and for how much you are approved for, but also gives you better negotiating power and will to keep you within your budget.
Knowing that you are a serious buyer because you have already made that first important step, many home sellers will consider reducing a listed price to match your approved budget.
And by knowing how much your monthly payments are, you can then easily factor in additional cost like property taxes, utilities and insurance.
Another major advantage to pre-qualification is the rate hold. A rate hold means that you can secure an interest rate at today's current rates and keep these rates for up to 120 days or a full year on new construction. Even if interest rates drop during that time, you will still automatically qualify at the new lower rates. And, if the rates should ever go up, you would then get the secured rate.
A Home Inspection Report can be used by a qualified buyer or a property owner to verify the condition of the property prior to being bought or sold. Those conducting home inspection reports are not required to be licensed and they are not regulated by a governing body other than the general consumer protection legislation.
Qualified home buyers are not required to have a home inspection done, but it is recommended to ensure the property is a sound investment. In order to get an accurate report, ask for the resume of the inspector and check references if possible. The report should contain details specific to issues or problems with the property and include the cost to repair these items.
To learn more about Hiring a Home Inspector search our website or call one of our Alberta agents for a list of inspectors. We will assist you and answer any questions you may have.
If saving for a down payment seems impossible, think again. The following tips will help you achieve this realistic goal:
When applying for your mortgage it is beneficial to have the following information readily available: