We have all heard about the GDP however do we know what is or for that matter what it stands for?  GDP stand for Gross Domestic Product and is used to gauge the health of a specific region.  It is the total dollar value of the regions goods and services. GDP is calculated by adding up what everyone earned during a specific and time and what they spent.  These two should add up to about the same for that time frame.  It is the total dollar value of everything produced as well.  It is very important to know what the GDP is for the time frame in question…

With interest rates consistently climbing there is a lot of talk about the cost of borrowing. Although interest rates have gone up and seem to be continuing in that direction rates are still quite good! It is still a great time to buy. As an example back in January of this year you would have been able to get a 5 year closed term at 2.99% currently you are looking at around 3.44% for the same term. On a $300000 mortgage back in January your monthly payment would have been approximately $1410. At today’s rate the same mortgage comes with a payment of $1474 per month. So really…

There are many ads out there right now that are telling people to get Instantly Pre-Approved anytime, any day!!!  BEWARE, those ads are very misleading and can be very frustrating as well when you do to buy a house and find out the pre approval you have was just a pre qualification based on no information supplied to back up your application. A real pre-approval, or at least as best as you can really get if you have not placed an offer yet, is based on supplying the income documentation that will back-up your income type and also a credit check is done.  From that a Mortgage Broker…

FCT – First Canadian Title is a refinance program lenders use when a client is refinancing or transferring their mortgage in order to deliver improved service and heightened customer satisfaction. This one-stop solution helps lenders complete refinancing or mortgage transfers easily and efficiently.  They take care of all required searches, documentation, funding and reporting. With a quick turnaround time and a competitive fixed price, The FCT Refinance Program eliminates guesswork and unpleasant surprises for borrowers.  It includes a title insurance lender policy that protects your investments from title related risks.  Canada’s top banks, national lending institutions and credit unions use the FCT Refinance Program for smooth, secure transactions.…

In light of misinformation we see being given from time to time we want to shed some light on the issue of pre approvals. We have met with many homebuyers who come to us after visiting the bank. They will tell us they had a pre-approval but when they went to purchase a home they were somehow no longer approved. We see this far too often and it is very difficult on the homebuyers and everyone else involved. If you visited a bank or other mortgage professional and filled in an application but did not provide any documentation to verify income or personal information then the integrity of…

Why do you need to use a Property Inspector and what do they do!!! Most realtors will advise you have your property inspected as there could be issues with the property that only a fully trained professional inspector will find or even know where to look. There will always be wear and tear with an existing home, that we expect and understand. Although the inspector will address those, the real ones to be concerned are major relating to but not limited to electrical, plumbing, structure, leaks, drainage, roofs, and so on. Your inspector will be in the property for about 4 hours and will do a thorough exam…

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…