Joining the ranks of homeowners means becoming versed in lots of new fields. From home inspections to pest control, leaky basements to appraisals. First and foremost, you’ll want to become familiar with mortgages and what you need to do to get the best home mortgage for you to finance your first home Calgary, AB or elsewhere in Canada.
Meet with a mortgage officer before house hunting in Calgary
Sure it’s exciting to look for your first house in Calgary. But it’s a lot more fun to house-hunt if you know exactly what you can afford and what mortgage you qualify for. Looking for residential real estate before you know what’s realistic for you and your budget is a waste of time. Meet with a mortgage officer before you begin your house search. Even if you don’t get official pre-approval or pre-qualification, get an idea of what mortgage you’ll be getting.
Know the perks and help available to you
If you have bad credit or no credit, there may be government programs available to help you get your loan. Check with federal and provincial government agencies to see if there are any first time home buyer credits, incentives or grants available to you.
Do a debt check-up on yourself
Pay off as much debt as you can before applying for your first home mortgage. Not only is it a good idea to reduce your debt considerably before taking on a home mortgage, low to no debt will help you quality for a mortgage.
Remember the debt limit on your credit cards can be considered part of your debt, whether you owe that much or not. If you have credit cards that you never or rarely use, this might be a good time to dump them.
This is a good time to know your credit score. Order reports in Canada from Equifax and TransUnion and it won’t cost you a thing if you’re willing to wait a few weeks for a paper copy to arrive. You can order your free paper report from TransUnion here and get instructions for an Equifax report here.
Your finances should be somewhat dormant during the home buying process
Don’t open new bank accounts or transfer large sums of money between your accounts while you’re waiting to get your mortgage approved. And keep your credit debt in check during the mortgage application and home buying process. Avoid large purchases on your credit cards.
Your work history matters
Current employment is crucial to getting your first mortgage. Almost as important is a good work history. Mortgage lenders will look at the years since you left school, to see if you have a solid work history with job changes that made sense, or if you job hopped or couldn’t support yourself.
Talk to more than one mortgage broker or lender
All lenders and mortgage brokers are different, so it’s smart for you to shop around and compare offers. Carefully compare offers and options. When comparing lenders and brokers, be sure it’s apples to apples – the amount of your up-front money will change your interest rate.
About our Company
Viktoria Professional Movers Calgary is a professional moving company operating out of Toronto, Vancouver and Calgary, providing high quality local and long distance moving services throughout Calgary AB and across Canada. Thanks to our country-wide network we are also able to service our clients’ long distance moving needs throughout Canada. By helping to educate our clients on topics that can help them plan and execute a successful move, we are fulfilling our directive of taking the stigma out of hiring professional residential movers in Calgary, and helping to make the moving process a stress free experience overall. To hear first-hand about our high quality moving services, please visit Homestars page where you can read reviews on our company submitted by many of our satisfied customers.
Call Viktoria Professional Movers Calgary: (587) 779-7729 or Toll Free: 1 ( 877) 399-1315 for a FREE Consultation in regards to your residential or office moving needs.
