How do I get pre-approved?
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The first thing we do is have a quick chat on the phone, you can book this call by going to the get in touch page and you can book a time that works best for you.
During this first call we’ll talk about your goals, be it for this purchase and any future purchases you may expect to have.
We will then have a conversation about your employment and how much you earn, how much you have saved for a down payment and where it has come from. These are important factors that affect your ability to buy a home. I will of course answer any questions that you may have.
After we have finished the call you will receive an email where you can fill out an online mortgage application.
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When you receive the email you will first be directed to sign our credit consent form which allows us to review your credit report. Once signed you get redirected to the application.
This is a secure online application portal that allows you to fill out all your personal information including where you currently live, employment details as well as any liabilities and assets you have.
Once you have filled out the information, you can upload your employment documents to verify your income, again this is secure so these documents are safe!
When you have finished the application and submitted everything we get an email to let us know.
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Now that we have your completed application, we thoroughly review what you have submitted along with analysing your credit report.
We then calculate the maximum amount you are pre-approved for based on your income, any debts you have, your down payment and the mortgage payment using the Bank of Canada’s bench mark interest rate of 5.25%
It’s really that easy.
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Once we know the maximum amount you are pre-approved for we will set up a time to chat over the phone again and go over your pre-approval.
We can even include your realtor so they know how much you qualify for. If you don’t have one we work with some of the best realtors in Calgary I would happily introduce you to someone.
some things to consider when you buy a house
mortgage insurance
Mortgage default insurance, commonly referred to as “mortgage insurance” helps Canadian consumers buy a home sooner and with down payment of less than 20%. In fact, for qualified borrowers a home can be purchased with as little as five per cent down. Mortgage insurance protects the lender and investor – not the homeowner – from losses related to borrower default and foreclosure. Many Canadians are familiar with CMHC – Canada Mortgage and Housing Corporation but there are actually two other mortgage insurers in Canada – Sagen and Canada Guaranty.
title insurance
Title insurance is an insurance policy that protects you, the homeowner, against title fraud and challenges to the ownership of your home.
home insurance
Lenders required homeowners to maintain home insurance at all time. At the time of home purchase the law office must verify that there is a home insurance policy in place on the new property. This verification is called an “insurance binder” and details the type of coverage and the property covered.
legal fees
Home buyers are required to retain a lawyer to act for you in the purchase and mortgaging of a property. We can provide a referral to a highly respected real estate lawyer.
property taxes
Property taxes are determined by the city or municipality the property is in. Taxes are evaluated and set annually. In the city of Calgary property tax assessments are provided in January of each year. Taxes can be paid annually or monthly. There can be a property tax adjustment may be required when you purchase home depending on the time of year. The most common type of adjustment occurs when the sellers of the home have paid property taxes ahead of time and the amounts must be settled.
moving costs
Plan ahead for any moving costs – boxes, cleaning charges for your current property or new property, moving vans etc.