First Time Home Buyer/ Home Purchase Mortgage in Calgary, Alberta
Calgary Mortgage Broker
Buying a home is a large financial decision, so it pays to make an informed one. At Rock Solid Mortgages, we will assist you with the entire process from the moment you decide to buy to the moment you move into your new home.
Why work with Rock Solid Mortgages?
We will assist you throughout the home-buying process by:
- Explaining the various mortgage products available to you and provide advice on the product best suited for your financial circumstances.
- Advising you on the documentation needed to obtain a mortgage approval.
- Customizing options to make sure your mortgage is working for you.
- Explaining all the costs that exist over and above your Downpayment.
- Providing a network of trusted industry professionals as part of your home-buying team (realtors, home inspectors, appraisers, lawyers, insurance providers, accountants).
Some things to consider
Here are some key points to keep in mind as you start the home buying process and how working with a mortgage broker can help you save time and money. (In most cases, my services are at no cost to you with no risk and obligation)
- Know what you can afford.
- A rate hold can be granted for up to 4 months to protect you from any possible increases while you shop.
- Insured vs. Conventional mortgages. This depends on the amount of Downpayment you have. If putting less than 20% down the mortgage is subject to an Insurance Premium through one of the 3 mortgage insurers in Canada – CMHC, Genworth & Canada Guaranty. If putting 20% or more Downpayment then this Mortgage Insurance can be avoided.
- Fixed vs. Variable rate mortgages. I can explain the difference between the Fixed Rate Mortgage vs. Variable Rate Mortgage and advise on which one is best for you.
- Length of repayment – up to 30 year Amortization periods. If putting less than 20% Downpayment the maximum is 25 years.
- Mortgage Term – from 6 months up to 10 years.
- Other costs that must be factored into your purchase such as legal fees, land transfer tax, appraisal, title insurance, home/fire insurance & home inspection.