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Everything You Have To Know About Home Mortgages

Most people will never own a home without the help of a mortgage. Sadly, they’re not easy to attain. Learn about mortgages before you go to a bank. Read these tips to learn more.

Any change that is made with your finances can make it to where you get rejected for your mortgage application. You need a secure job before applying for a loan. Don’t accept a different one until the mortgage is approved since the lender makes their decision based on what’s in your application.

Don’t lose hope if you have a loan application that’s denied. Instead, go seek out the services of another lender. Every lender has different criteria. This means that it can make sense to apply at several places to get optimal results.

Get all your financial papers together before you ever see your mortgage lender. Lenders want to see bank statements, income documentation and proof of any other existing assets. If you have this collected beforehand, it will be easier to complete your mortgage application quickly.

Think about finding a consultant for going through the lending process. There is plenty of information that is hard to learn in a short time, your consultant can help you understand all of this. You’ll also be sure that the all is on the up and up when you’ve got the knowledge of a consultant at your fingertips.

Look into the home’s property tax history. Know what the property taxes are before you sign any papers. If the tax office values your home at a higher rate than you are buying it for, the tax bill could be quite surprising.

Consider making extra payments every now and then. That additional money will go towards the principal on your loan. By making extra payments on a regular basis, you can pay the loan down much faster and decrease the amount of interest you pay.

Avoid questionable lenders. Some lenders will try to trick you. Avoid smooth talkers or lenders who talk quickly to trick you. If the rates appear too good to be true, be skeptical. Bad credit scores are a problem. The lender should be upfront about that. Don’t do business with any lender who encourages you to lie.

If your credit union or bank do not want to give you a loan, talk to a mortgage broker. Usually a broker can find a loan that fits your situation. They are able to offer you a wider array of options, working with a variety of lenders.

Prior to buying a home, close some of your credit cards. If you have a plethora of cards, lenders may see you as financially irresponsible. Having a low amount of credit cards can help you get a better interest rate.

Be sure you have a good amount of money in your saving’s account before you try applying for your home’s mortgage. Cash on hand will be necessary to cover the down payment, closing costs, and other miscellaneous expenses. The more you have for the down payment, the less you have to pay in interest later.

Keeping a high credit score is essential to a mortgage rate that’s good. Check your score with the agencies to make sure your report has no errors. Generally speaking, most banks are shying away from scores lower than 620 these days.

To obtain a home mortgage that’s good, an excellent credit rating is necessary. Know what your credit rating is. Correct any errors in your credit report, and strive to improve your credit rating. Try consolidating your debts into one account that has a lower interest rate.

Clean up that credit report. Lenders in today’s marketplace are looking for great credit. Lenders are looking for a positive payment history and credit worthiness to make sure you will repay your mortgage loan. Therefore, ascertain that your credit is clean and neat before applying.

The interest rate you can secure on a mortgage is important, but it is not the only factor to consider. Pay attention to all fees that come with any lender’s loans. Think about the points, kind of loan and closing costs that they are offering you. Speak with many lending services before making a final decision.

Figure out what your price range is before applying to mortgage brokers. If you get approved for an amount higher than what you can really afford, it can give you some wiggle room. Always have an idea on what you can afford to spend. Problems in your future could arise if you do this.

If you get an approval letter for your mortgage loan, it shows the seller you want to buy. Such a letter shows the seller that you are financially able to buy their home. Make sure you get approved for the right amount. If it goes higher, then the seller is going to expect more.

Get the best rate with the lender you have now by being aware of rates offered by others. Some financial institutions, including those online, offer better deals than traditional banks do. Talk about this with your lending officer to find the best deal.

Move on to another lender if you are denied. Keep it all as it is now. It may not really be your issue. Some lenders out there have very high requirements. You may find someone as you’re looking that’s willing to work with you.

If you are considering switching lenders, do so carefully. Remember that your customer loyalty may get your better terms and interest rates that would not be available with a new lender. Sometimes you may get to slide on penalties and you may only have to pay a little to have a home appraised. They may even allow you to have a year’s worth of a lower interest rate.

Owning a home is the American dream. To own that home, many people need a loan taken out. Because of this many people are afraid to take the first step toward home ownership. Use the knowledge you learned above to make sure you are on top of the mortgage process.