Most people do not buy their homes outright. If you can, you should. After all, who wouldn’t want to live rent and mortgage free? But when the average home price in Calgary sits at around $488,000, most people are putting a 10-20% down payment on a house and mortgaging the rest.
What is a mortgage? A mortgage is money a lender provides you for the sake of purchasing a home. You pay this off over time, typically within a 15-30 year range, and pay interest on the loan. Mortgages not only help you get into a home, but help build your credit history and enable you to slowly build equity in your property.
There are many different kinds of mortgages available, but before you can even begin to assess which is best for you, you need to find a mortgage provider. Depending on where you live there will be different options available to you, but here are some general tips for finding the best fit for you:
First things first, you need to find a mortgage broker. A quick google search will provide you with lots of options. We also recommend connecting with people you know to see if there are any recommendations! Money can buy a fancy google advertisement that makes a name come up in a search engine first, it can’t buy real life clients and their testimonials. We can also make recommendations to you if needed.
Gather a list of some names and reach out. Have a preliminary meeting to assess their credentials and experience. Make sure to find someone who has worked with buyers that have similar profiles as you. For example, if you’re a first time buyer, find someone who has helped first time buyers. You’ll want to find someone who is resourceful and has connections!
Once you have connected with a broker you like, the fun begins! They will start sourcing quotes to find you the best deal possible. Remember that you’re the consumer and you have the power to say yes or no to any offer.
Brokers and banks work for you, so make them work for it!
Posted by Ken Richter on
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