FIRST TIME HOME BUYER MORTGAGE IN CALGARY
Did You Know About The First-time Home Buyer Incentive Program?
CALGARY MORTGAGES Will match you with a first time home buyer mortgage specialist who will answer all of your mortgage questions and provide you real solutions for your home buying journey including recommendations for a REALTOR® Step by step our partners believe that there is no such thing as asking too many questions related to mortgages and we’re here day any night, weekends and evenings to assist you in your first mortgage!
Some Of The Lenders Our Mortgage Brokers Work With and banks we have relationships with.
Did You Know About The First-time Home Buyer Incentive Program?
This new program was developed to help lower your monthly mortgage payments in an effort to assist first time home buyers in Calgary. This initiative provides Calgary first time home buyers with an equity shared interest in a property payment free mortgage loan on top of their regular mortgage. This loan given would be IN ADDITION to the minimum 5 % down payment that is required to purchase your property. Please note, that the total borrowing power for consumers that fall under this program is limited to a maximum of 4 times the applicant’s annual income.
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No Charge or Money out of your pocket!
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FAQ
FOR FIRST TIME HOME BUYERS IN CALGARY
How much do I need for a downpayment?
It’s still pretty common in today’s market to see buyers putting down 20%, but you can obtain your home ownership goals with as little as 5% down!
Are there costs associated with a lower down payment?
Yes! You will require mortgage insurance when you purchase a home with under 20% in a down payment, this rate will vary depending on how much you put down, but is not an insignificant amount.
Can I buy my furniture now that I've found the right home?
We don’t recommend it! In fact, extending your credit and taking on more debt could really hurt your mortgage deal and even worse, could cause the bank to no longer offer it. We recommend that you take posession beforehand and make any minor/major purchases that are on credit after you take over the keys.
Does it matter what REALTOR® I choose to help buy a home?
Absolutely! We have partnered with some of the top REALTORS® in Calgary who are invested in ensuring that your getting the best bang for your buck, and truly catering to your individual needs. As a buyer, you have no costs for purchasing a home when it comes to your agent, take advantage and use the best of the best to help negotiate an incredible deal on your behalf.
Are there closing costs?
Yes! While you wont be paying your mortgage partner or REALTO® anything out of pocket in most instances, there are still closing costs. These include home inspections, condominium document reviews (if you’re purchasing a condominiums) some lenders will charge you for appraisals, and other costs including moving, legal fees, etc. Also ensure that you’re prepared to cover the costs for anything that you may want to upgrade, from furniture to appliances. You’ll also likely require home insurance, this is something we can assist with as well, many of our clients simply go through their bank when purchasing home insurance and much like utilizing a mortgage broker, you should utilize an insurance broker who can go to bat for you and ensure you’re obtaining the best rates.
How long will it take to pay for my mortgage?
This truly depends on your personal situation. A large majority of first time home buyers will opt for a 25 year amortization, this means they’ll have up to 25 years to pay down their mortgage. A longer amortization period will result in your month mortgage payments decreaing but will also result in you ultimately paying more money in interest over the life span of your mortgage. Many mortgage solutions backed by our mortgage partners will allow you to counter this by offering lump sum payments, accelerated payments and other various options that will drive down your amortization period.
What is a pre-approval?
Essentially the lenders will review your initial scope of information, this includes your assets, liabilities, and earnings… These however are not formal mortgage approvals and your lender will often require document verification including pay stubs, tax returns, etc.
There are advantages to having a pre-approved mortgage, you’ll be able to lock in your interest rates for up to 120 days, protecting you from interest rate increases, it could also assist you with your offer when your REALTOR® negotiates on your behalf, by signifying your intent and legitimate intentions in comparison to those who may not have a pre-approval in place.
Most REALTORS® we partner with insist that a client obtains a preliminary and discovery pre-approval at the very least, there’s nothing more off putting in the home buying journey then falling in love with a home that you ultimately end up not being able to afford.