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Handy Tips First Time Home Buyers in Calgary

by sambit
home buyers

Don’t know where to start when you’re looking to purchase property in Calgary? The best way to remain competitive in the Calgary housing market is to partner with an expert.

The Calgary real estate market has many brokers who come and go during good times and bad, but only a few can be considered experts. Make sure to ask your agent all the questions you need before you decide to move forward.

Below you will find information that may be helpful in your purchase process.

Get Educated

The importance of getting educated about real estate & first-time home buyers Calgary is paramount. An investment of time will go a very long way; in most people’s lives, this is one of the biggest investments. For information, you can turn to several sources.

There is truly no information superhighway like the internet. It probably doesn’t exist if it’s not on the web . . yet.

Books about real estate can be found in bookstores and libraries. Visiting the library or your favourite bookshop will satisfy your hunger for knowledge. Try to stick to something related to your country or region, since laws and procedures are different where you live.

It is paramount that you speak with an agent to gain a full understanding of how the current real estate market can affect your specific situation.

Obtain a mortgage preapproval.

Your first step in finding your dream home in Calgary should be to do this.  Mortgage companies are now forced to conduct a ‘stress test’ in Canada before granting a loan due to new legislation.

Banks, for example, will ask you if you are able to afford an extra 2% on top of the standard interest rate. This is to ensure you can still afford your home if interest rates rise in 5 years. The bank will give you less money now than they did a few years ago, so you might need to save up.

Before you start searching for a house, you must lock down your interest rate with your bank and determine your budget. It is possible to fall in love with a house worth $700,000 only to find out that you can only get a mortgage for $680,000 if you do not know what to expect.

Establish a better credit history.

The budget and credit score you have now should be known to you. Build up a solid credit history now so that you can qualify for a more expensive mortgage in Calgary. Paying your bills on time and getting a credit card can sometimes suffice.

It is considered bad to get a score between 300-600. The best score is over 800, and any score over 700 is considered good. Your mortgage broker / financial advisor may be able to help you improve your credit score if it is less than 700.

Negotiate the offer

Once you have selected the property(es) you are interested in, we thoroughly investigate the property, using our specialized industry tools to evaluate all the available information.

We evaluate the asking price against the historical and title information, as well as recent sales along with an in-depth market evaluation. A seller then begins negotiating.

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