When you’re asking your friends, family and colleagues about their recent home purchase and their mortgage experience, often the conversation starts and ends with “what’s your mortgage rate?’
Here is the truth, when you’re shopping for a mortgage, the rate is a super important piece of the conversation, but it shouldn’t be the only piece of the conversation. We sat down the Renee Huse at Spire Mortgage one of our key impact partners and got the low down on the important questions you should ask your mortgage broker if you’re planning to get a mortgage.
7 things to ask your Mortgage Broker if you’re getting a mortgage in Calgary
1. What is the down payment requirement for this mortgage rate?
Oftentimes, as we move through the mortgage pre approval process with our clients, they end up confused about their credit score. They check the score themselves using one of their banking apps or Credit Karma and the score reads 780, but when we pull their beacon score, they are so frustrated that often their score is lower.
Here are the straight goods: Every credit information provider has a different algorithm for calculating credit scores. They all scrape information from the internet in different ways and they all come up with a different number in the end. It’s also super important to remember that credit scores fluctuate monthly. My personal credit score can land between 750 and 850 depending on the month. If I’ve had…
Buying a home can feel like an epic adventure, full of ups and downs. From working with a real estate agent to viewing Calgary homes for sale to organizing open houses, it can be stressful.
So, when closing day approaches, buyers are overjoyed and relieved that part of the journey is over. However, while finding the home of your dreams and closing the sale are major accomplishments, before you crack open the bubbly, you'll need to pay some administrative fees, otherwise known as closing costs.
What are closing costs in Alberta? Our experts will explain.
Closing Costs: The Breakdown
Closing costs are fees or expenses that the buyer owes before or on closing day. Homebuyers should budget 1.5%-4% of the property's purchase price…
If you're thinking about buying a home, one of the first steps almost every buyer starts with, is getting pre-approved for a mortgage. Below are some of the many advantages of doing this key first step in your home buying journey.
Read Below For Our Guide On Where To Go For Mortgage Brokers In Calgary
This will move you one step closer to home ownership
You'll discover how much home you can afford. Allowing you to truly narrow and refine what homes you should be looking at.
Demonstrate your worthiness to sellers in your offer. Whether this be the removal of a condition, or the ability for your agent to leverage your purchase power in a situation where you're in multiple offers.
With new information and changes coming daily, our impact mortgage partner Renee Huse who runs the incredibly popular and busy Spire Mortgage Team took the time to digest and provide her thoughts on one question many Calgarians, and Canadians have been asking in their homes. Should I defer my mortgage?
Calgary Mortgage Tips
Thanks to the SPIRE mortgage team!
To defer or not to defer – it’s the million dollar question! As COVID 19 hit Canada over the past weeks and many non-essential businesses began laying off employees, there has been much miscommunication from the government, both federally and provincially, that lead both homeowners and tenants to believe that mortgages are being “forgiven.” This is just not correct. Period. …