Competition = Low Mortgage Rates

What is a Home Inspection Report and do I need one?

A Home Inspection Report can be used by a qualified buyer or a property owner to verify the condition of the property prior to being bought or sold. Those conducting home inspection reports are not required to be licensed and they are not regulated by a governing body other than the general consumer protection legislation.

Qualified home buyers are not required to have a home inspection done, but it is recommended to ensure the property is a sound investment. In order to get an accurate report, ask for the resume of the inspector and check references if possible. The report should contain details specific to issues or problems with the property and include the cost to repair these items.

To learn more about Hiring a Home Inspector search our website or call one of our Alberta agents for a list of inspectors. We will assist you and answer any questions you may have.

Should I Increase My Down Payment?

Coming up with enough money for a down payment can be difficult for many potential home buyers, so they often settle for simply putting the minimum 5% down.

However, it is better to put down as much as possible towards the purchase price because the more you put down, the less money you have to borrow and as a result your mortgage payments are lower and easier to manage financially.

If you are able to put down 20% of the purchase price, then you are not required to purchase mortgage insurance thus saving yourself more money over the life of your mortgage.

Let us find the best lowest rate!

When dealing with your bank, you only deal with one lender. At Alberta Equity Mortgages, we shop the market from coast to coast comparing rates from hundreds of Canadian banks, mortgage lenders, trust companies and credit unions. This allows us to find you the lowest mortgage rates and best possible terms in Canada. And, if that's not enough, we will do all the paperwork necessary to get your mortgage application pre-approved, saving you the time, money and trouble of going to the bank.

Tips on Saving for a Down Payment

If saving for a down payment seems impossible, think again. The following tips will help you achieve this realistic goal:

• Set a goal by determining what you can afford to spend on a home
• Calculate how much you need to save (generally 5% of the purchase price, although more is better)
• Remember to include closing costs and other expenses related to the purchase into how much you need to save
• Be realistic and pace your savings according to your desired purchase date (e.g. If you want to purchase your home within a year, take the calculated down payment amount, add the amount for closing costs and other expenses, then divide by the number of months until the purchase date).

Deciding what you Want in a New Home

It is important to clearly define what is important to you and your family to have in a new home. Most people focus on how much they can afford to spend, but there are other things to also consider.

Before shopping for that new home, write down a list of things you would like to have in your new home and divide them by essential items and nice-to-have items.

Ask yourself questions such as:

• What area of the city is desirable?
• What style of home is preferred?
• How many bedrooms are required?
• What amenities are in the area?
• Is a garage important?

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