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2nd Stop – The Realtor!!! How important is the Realtor in this process! Really, they are very important and one of the professionals you should never go without. When buying a realtor does not cost you anything, in fact they can save you a lot of not only money but headache as well. To be honest, how many of us really know how to put in place all of the steps needed in order to complete on a huge investment like real estate? I for one would never go without using a realtor and I am in the industry. How do they help: Writing up the offer to…

Our New Series on The Professionals you need to ensure a successful real estate experience has begun!!!! The first professional you need to see is The Mortgage Broker – you need a pre approval first in order to determine what you can qualify for, if you can qualify and what are the steps to get the approval done!!! Remember however pre approvals are just that “PRE” and don’t necessarily ensure you get an approval. To get a full approval you need to not only have your income and debt ratios complete along with the credit check, you also need to have an actual offer in on a property.…

This is a very important topic and one we will be addressing over the next few weeks in a series that will help you to understand who you need and why. We will pick one professional each week and explain who they are, why they are important and what they do. I hope you will enjoy this series as we believe everyone needs each of these professionals to assist them along the way. So, stay tuned and we hope it will be helpful!! Red Deer Mortgage Broker Mortgage brokers In Red Deer Best Mortgage Rates Renewals Refinances Home Equity Lines of Credit First Time Home Buyers Acreage Financing…

Things are moving along, you have placed your offer, your mortgage is all approved, now what. Now is the relax time, enjoy the great thoughts about moving into your home. The paperwork is done for now. The next step is signing the legal mortgage documents at the lawyer. About 7-10 days prior to possession day your lawyer will call you to set an appointment to sign the legal documents which must be done at least 3-4 days prior to possession. They will advise you to bring in a bank draft or certified cheque for the amount of the rest of the down payment and all closing costs which…

Step 2 in the approval process is the purchase, you now have an accepted offer and ready to get to the approval stage. We have already met with you, assessed your situation, gathered income documents and have most likely pulled a credit report. This gave us some initial information which would have been enough to advise you could go house hunting and given you a range of what you can afford to buy to meet the lender debt ratios used. So, you have an accepted offer, you need to bring that in along with the Listing sheet. We will advise of any updated documents required such as more…

We are beginning a series on The Approval Process- Step By Step – this is Episode #1 explaining the initial appointment. You call into our office to set an appointment to receive a pre-approval, we set that appointment and give you a list of important documentation to bring with you so we can better determine your situation and how we can assist. We will ask you what you are looking to do, is it a first time home purchase, are you selling an existing, are you buying a revenue property and so forth. We need to know who you work for, how long you have been at your…

There are many words used in the mortgage process of which you need to know what they mean and most important why are they important!!! Mortgages can be complex and sometimes even a bi scary however if you are given the explanations during your mortgage application, commitment and throughout your mortgage life it will take away those fears!!! The length of time for locking in your interest rate and the length of time you choose works for your situation as well. Terms can vary from 6 months to 10 years with each one having a different rate attached to them. Lenders buy their money to lend to you…

There are many things within a mortgage that give you different options in how you are able to payout your mortgage and one of those is the Prepayment Privilege. When you take a fixed term in your mortgage you are set with a payment based on the amount of your mortgage, the interest rate and the amortization time set. Further to that most lenders will allow you to payout over and above the required principal and interest payment without incurring a payout penalty. Those amounts will be based on a certain percentage of the mortgage amount which is usually in the 15%-20% range depending on the lender and…

Wondering whether you need a “mortgage commitment letter”?  Certain terms in the mortgage industry sound alike but are completely different.  For instance, pre-qualification, pre-approval, and mortgage commitment all sound similar.  But these three terms- which describe three different types of letters you can get from a lender- mean three different things. Lenders usually provide one of the three and at different times in the mortgage approval process. Pre-Qualification Letter:   This is the loosest OK from a lender, indication that they may possibly grant you a mortgage. It may come in the form of a letter or a verbal agreement.  The lender most likely talked to you about your income,…