Competition = Low Mortgage Rates

When Applying for your Mortgage

When applying for your mortgage it is beneficial to have the following information readily available:

• A current salary statement or letter from your employer
• A confirmation such as a letter or bank statement showing the source of your down payment
• Financial statements for the last three years and personal income tax returns if you are self employed
• A copy of the accepted purchase offer
• Details on the property being purchased such a land survey or an MLS print out
• Building plans, specifications, and the builder agreement if you are buying a home that is to be constructed

Taking the Stress out of Home Hunting

Purchasing a new home can be a major decision for many and it can also be extremely stressful. Don't let stress ruin this exciting time.

By pre-qualifying and taking all of your mortgage needs into consideration prior to house hunting, you can then focus on the small details when you are ready to start looking.

The perfect home within your price range is waiting for you, but if you need more help taking the guess work out of mortgage shopping and home buying, our brokers at Alberta Equity Mortgages will work for you.

Closing Costs Associated with Purchasing a New Home

Be prepared to pay some closing costs when purchasing a new home. These costs are not part of the property purchase, but additional items that you should consider. However, it is important to remember that these items may not be applicable in all cases, so check with your lawyer for a complete list of all closing costs specific to your situation. Possible closings costs can include:

• Legal fees
• Property Transfer Tax
• Interest Adjustment
• Property Tax Adjustment
• Property Appraisal
• Property Inspection
• Survey Certificate
• Insurance Binder

Note: Some of these costs may be included in your legal fees as your lawyer will arrange for the service to be completed.

Choosing the Right Type of Home

After you have decided that home ownership is right for you, it is important to fully understand which type of home will best suit your needs.

Not all individuals or families belong in a three bedroom, split-level house in the suburbs. Some might prefer condo or town home living for added convenience, so it is important to assess your needs fully before deciding on the type of property to purchase.

Each type of housing will have pros and cons, so weigh them all carefully and make an informed decision. If you are finding the choices overwhelming, our professional mortgage brokers at Alberta Equity Mortgages can offer advice about the different kinds of housing available and steer you in the right direction.