Buying a home can be stressful. We try to keep the process as simple as possible. Here are some quick steps to getting your mortgage. Quick Mortgage Steps Step 1: Meet with a trusted mortgage broker, Mortgage Alliance Advance Mortgage would be a good place to start;). Step 2: We will go over all the information you need to know about the home buying process. What you can expect and how the process works. We will collect some preliminary documents from you. Most importantly these initial documents will include paperwork that shows your income. At this point we complete the pre-approval application. Once we have collected the information…

We are flashin’ back this Friday to share a mortgage story! We were referred a client in early December. They desperately wanted to be able to move into their new home before Christmas! Altogether we had about 12 days between accepted offer and move in day of Dec 23. This is no easy task especially around holidays as many offices are closed! We worked our butts off as did the realtor and our lender. All the hard work paid off and our clients were able to enjoy their first Christmas in their new home! While quick possessions can be stressful for buyers and challenging for professionals they are…

Canada Child Benefit how does it work and can it benefit you when purchasing a home? The answer is yes as some lenders will use the CCB as income. Call Brenda or Jessica to discuss 403-347-0774. the Canada Child Benefit Program is an excellent program to allow for using the monthly amounts as income which is turn can help you qualify for a higher purchase price.  Not all lenders use the product however enough do that we have access to for your mortgage needs  

ATB Financial’s Economics & Research Team December 9, 2019 Unemployment up in November The latest Labour Force Survey from Statistics Canada shows Alberta’s seasonally-adjusted unemployment rate jumped half a percentage point over the course of a month, going from 6.7 per cent in October to 7.2 per cent in November. This translates into an increase of 12,900, bringing the total number of unemployed Albertans to 182,500. On a year-over-year basis, the unemployment rate is up by a full percentage point compared to November 2018 when it was 6.2 per cent, meaning there were 25,700 more unemployed Albertans in November 2019 than a year earlier. The provincial unemployment rate…

Bank of Canada holds interest rate steady ATB Economics and Research Team Dec 4th,2019 In its final scheduled announcement of 2019, the Bank of Canada is leaving its policy interest rate at 1.75 per cent. A rate cut would have been better news for the sluggish Alberta economy, but a national economy “operating near capacity” prompted the Bank to buck the trend among other central banks and keep the rate steady. The Bank cited the positive effect of rate cuts of other central banks on financial markets and the reduced fears of a global recession as reasons for holding steady. It did, however, note how trade conflicts continue…

When it comes to buying a home down payment is one of the most important aspects. Lenders have specific guidelines as to what they will accept when it comes to verifying down payment. They always require a 90 day history on any funds being used for down payment. If any large deposits or acquisitions have taken place within that 90 day window we are required to verify the source of those funds. Usually the 90 day history is easily verified through a bank statement. This bank statement must contain the home buyers name and a complete transaction record. If the funds have been transferred from another account then…

Some of the Key Points in CMHC’s new first time home buyer incentive program Eligibility requirements To be eligible for the home buyers incentive at least one borrower must be a first time home buyer. This means you can not have owned or lived in a home owned by your spouse in the last 4 years. You have never owned a home before. You may also qualify as a first time home buyer if you have gone through a breakdown of marriage or common law partnership. In addition to being a first time home buyer they have some other eligibility requirements. Annual income must be $120000. The mortgage…

Your Mortgage is APPROVED!!! Now What? Advance Mortgage calls you to advise your mortgage has been approved and we need you to come in and sign the Commitment Letter, what is that? The commitment is the agreement the lender sends once they have a conditional approval for your mortgage, it spells out the terms and conditions of the approval including the agreed to rate, term and other items they require to complete. When we have you in, Advance Mortgage Brokers in Red Deer will discuss in detail what that commitment states so you understand before you sign what the terms of your mortgage will be. It is a…

Property Appraisals When are they required by the Lender and Why! Lenders typically require an appraisal for two reasons : 1. For a purchase you need a property appraisal when you are doing 20% or more down payment 2. Refinances – to determine the value of your property In the first case as there is no insurer approval required the lender must know what the market value of the property is to determine loan to value. A lender can not lend on more than 80% of the appraised value if the mortgage is not insurer approved. So your mortgage amount is determined by the value the appraiser comes…

Why get Title Insurance Buying a new home and wondering about Title Insurance? It can be used for several purposes that we will review in this article. It may be used to protect against: 1.For mortgage fraud – mortgage fraud refers to an intentional misstatement, misrepresentation, or omission of information relied upon by an underwriter or lender to fund, purchase, or insure a loan secured by real property. 2.For coverage for defects with title – refers to any potential threat to a current owner’s full right or claim to sell a property. 3.Gap Coverage Gap Coverage is a way that allows lawyers to close a deal quickly before they…