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Mortgage Financing
Understanding your financing before you begin viewing homes can help define your budget, focus your property search and prepare you to make informed decisions when the right home becomes available.
One of the most useful first steps when preparing to buy a home, whether it is your first purchase or your fifth, is discussing your financing and obtaining a mortgage pre-approval where appropriate.
With a mortgage pre-approval in hand, you have a clearer understanding of the price range you may be able to consider. That can help determine which communities to explore, what type and size of home makes sense and which listings fit within your overall budget.
Financing may not be the most exciting part of buying a home, but completing this step early can make the rest of the search more focused. It can also help reduce the chance of spending time viewing properties that do not fit your current financing position.
Review the mortgage amount, down payment and monthly payment range that may be appropriate for your circumstances.
Use your financing information to concentrate on communities and properties that fit within a realistic purchase range.
Having your financing reviewed before you begin serious house hunting can help you approach potential purchases with clearer information.
How Mortgage Pre-Approval Works
Fill out the form on this page to request an introduction to a mortgage broker. The broker can explain the application process, review the financial information and documentation required and discuss mortgage options that may be available based on your circumstances.
A mortgage pre-approval is based on the information available at the time and is not the same as final mortgage approval. Final financing can depend on the property being purchased, lender requirements, verification of financial information and other conditions.
First-Time Home Buyers
If you are preparing to purchase your first home, a financing discussion can help establish the price range you should consider before you begin booking property viewings.
It is also an opportunity to discuss your available down payment, expected closing costs, mortgage payments and other expenses that should be considered as part of your home-buying budget.
Moving Up, Moving On or Right-Sizing
If you already own a home, your financing options may depend on your existing mortgage, available equity, home equity line of credit, expected sale proceeds and the timing of your next purchase.
Reviewing these numbers before beginning your next home search can help you understand how your current property and financing affect the purchase of another home.
Buying in Another Province
If you are relocating outside Alberta, it is still useful to understand your financing before beginning your property search. Mortgage-broker licensing and lender requirements can vary by province, so confirm that the broker or lender handling your application is able to arrange financing for the province in which you plan to purchase.
Look Beyond the Mortgage Payment
Your purchase budget should account for more than the mortgage itself. Depending on the property and your circumstances, buyers may also need to consider property taxes, homeowner insurance, utilities, condominium fees where applicable, maintenance, repairs, legal costs, inspections and other closing expenses.
A mortgage professional can discuss financing, while your overall home-buying budget should reflect the complete cost of owning the property you are considering.
Start With Your Financing
Before you begin serious house hunting, complete the form on this page to request a mortgage-broker introduction and start reviewing your financing options. Once you understand your purchase range, your Calgary home search can be focused on properties that better match your budget and requirements.
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With some simple questions, we’ll build your unique profile to match you with the best mortgage, saving you time and importantly, money.
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