First-time buyers, I’m talking to you
The latest statistics released by CREB, show that Calgary is still in a buyer’s market. What does this mean? It means that inventory is high, prices are low, translating to more options for home buyers at lower-than-average rates.
This makes for excellent conditions for people who want to step into real estate ownership for the first time. So if this sounds like you, here’s the major three things to prepare for:
- Determine your down payment, and where it’s coming from. Do you have 5%, 10%, 20%? Are the funds in a savings account or in an investment of sorts? There are a lot of ways to find and/or fund your down payment, so consulting with a mortgage broker is probably your best best.
- Get pre-approved. If you have already approached a realtor to begin the home purchase process, you may have been told to get pre-approved. A pre-approval is by no means a guarantee, but rather the lenders blessing provide all the information and documentation provided is true and correct. This pre-approval also acts as a rate hold to protect you for future interest rate increases.
- Start searching for homes. Now that you are armed with more information about what you can qualify for and the respective monthly payments at the various price points, you can begin your home search. Work with a real estate professional who has been recommended by someone you trust, or do some research online.
It is best to schedule an appointment with a mortgage broker so you can discuss the entire mortgage financing process from start to finish. If you would like me to be that mortgage broker, you can reach me here.
