Triston Rans - Calgary Mortgage Associate

Calgary Housing Market: Is this the time to buy in or to wait?

As a first time buyer in today’s market should I buy house today or wait? What other information is pertinent so that I can get a mortgage?

As they say – there is no time like the present! Today’s interest rates are historically low, which significantly increases your purchasing power. Plus with the surplus of inventory that is currently on the market there is a lot to choose from without the pressure of having to buy ‘anything’ just to get in.

The first thing you would want to do is get pre-qualified with a mortgage broker to see what your exact purchasing power is. Also, it’s time to start seriously thinking about your personal budget for your monthly houses expenses. Be sure to keep in mind, when planning your budget, the TOTAL amount you are comfortable spending per month for ALL of your housing costs. This includes such factors as the mortgage payment, property tax payment, home insurance, any applicable condo fees, as well as all utility costs. Fortunately your mortgage broker factors most of these costs in during the pre-qualification process, so we can work backwards from your ‘Total’ and see how much is left over for the mortgage portion, and therefore what your ideal loan amount would be.

Some information your mortgage broker will ask for in to do a proper pre-qualification will be:

• your current employment particulars (type of work, length of tenure, rate of pay etc.) as well as a minimum 3 year employment / schooling history.

• Personal information such as social insurance number, date of birth, contact information and 3 year history of residences.

• Basic net worth information – including an account of any assets and liabilities

• A credit bureau investigation will be done by your mortgage broker at the time of pre-qualification.

Once you elect to proceed with a formal pre-approval and/or actual purchase you will be required to provide documentation to support your application. (verification of employment, down payment monies, etc). The type of required documents are specific to each individual application, so you would discuss these details with your mortgage broker during your personal pre-qualification.

As well, at this time your mortgage broker will be able to provide a step by step guide as to how the purchase process will flow, from house selection until your possession day.

For more personal advice on your mortgage needs, please contact Triston Rans, at The Mortgage Group, at 571.8142 ext. 237 email tristonrans@mortgagegroup.ca. Or visit www.tristonrans.ca

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