Many people in Calgary rent their property due to the convenience of not having to worry about maintenance and upkeep. But many others who rent in Calgary do so because they mistakenly believe they would not be able to qualify for a mortgage. At Mortgages by Candice, we can show you how investing your rent payments in a home builds equity you can borrow against, making ownership a sound investment in your financial future. And real estate trends in Alberta continue to make this one of the best places in the world to purchase property.
In the first post in this series we outlined the first four of eight steps to stop renting in Calgary, including the benefits of owning rather than renting, how to get a free copy of your credit report to check for discrepancies, easy ways to save for a down payment, and the benefits of working with a broker rather than a bank to find the best rates for Calgary mortgages.
Here we present the last four steps:
Step 5: Get Pre-Approval
You’ll be asked to provide documents to your broker to confirm employment and income as well as the source of your down payment. Your broker may also request other information regarding your individual financial circumstances. It’s a simple process and your broker can assist you every step of the way. Brokers are able to then shop around and find a mortgage at an excellent rate that works in concert with you and your goals.
The pre-approval process should clarify a number of details about the home-buying process, including the amount you can reasonably spend on a new home and what you can expect your monthly payments to be.
Step 6: Use a Buyer’s Agent When You Search for a Home
Since real estate agents represent sellers, they don’t necessarily represent your best interests as a buyer. A fairly new kind of real estate agent called a Buyer’s Agent is able to disclose information about the seller and the home you’re interested in that would normally not be available to you by working with a traditional real estate agent. Buyer’s Agents work for you…the buyer.
Another advantage to working with a Buyer’s Agent is the seller pays the agent’s commission!
Before selecting a real estate agent, find out if they offer Buyer Agent Agreements. If they don’t, look for another realtor.
Step 7: Educate Yourself on the Home Buyer Process
The best way to educate yourself about the home buying process is to select a mortgage broker and realtor that will give you their unbiased professional opinion and advice that’s in your best interests.
Many realtors, non-profits, and lenders offer free workshops that prepare consumers for the process of buying a home and home ownership. These workshops only last a few hours and will provide you with an abundance of knowledge that will help you make informed decisions.
Step 8: Contact Your Local Mortgage Broker Candice Light. We’ll Help You Find the Best Calgary Mortgages at the Best Rates!
Remember that as a renter, your monthly payments build wealth and financial security for someone else. As a homeowner, your payments build wealth and financial security for you and your family.
At Mortgages by Candice we have the experience needed to assist you in making important financial decisions that will benefit you and your family for years to come. Please contact us today. We’ll shine a light on your financial future by getting you started on the road to realizing your aspirations of home ownership.