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Navigating the world of mortgages can seem overwhelming, especially when it comes to understanding mortgage rates. As a potential homebuyer, shopping for the best rate is crucial, as it significantly impacts your financial future. This guide will provide insights into how mortgage rates work and offer tips to help you secure the most favorable deal. What are Mortgage Rates? Mortgage rates are the interest rates charged on a mortgage loan. These rates are determined by a variety of factors, including...
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Buying your first home is a milestone filled with excitement and challenges. Understanding the process can help you make informed decisions and navigate the journey with confidence. Whether you're exploring financing options, searching for the perfect property, or ready to make an offer, our comprehensive guide for first-time home buyers is here to assist you every step of the way. Getting Started: Preparing to Buy Your First Home Budget Wisely: Before diving into property listings, it's crucial to assess your...
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A Comprehensive Guide to Getting a Mortgage in Edmonton Owning a home is a dream many share, and getting a mortgage is often the key to turning that dream into reality. If you are considering buying a home in Edmonton, understanding the mortgage process is crucial to making informed decisions and securing the best possible deal. The entire process can be a little overwhelming and confusing. This comprehensive guide will walk you through obtaining a mortgage in Alberta, providing valuable...
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Moving to Edmonton, Canada, as a newcomer is undoubtedly fascinating. However, obtaining a mortgage can be overwhelming for a newcomer seeking a home. Finding the correct mortgage option is essential to homeownership in this beautiful city. So, if you are a Newcomer in Edmonton, this article will explore everything you need to know as a newcomer and help you find the right mortgage products for your needs. Understanding Mortgage Eligibility & Requirements for Newcomers A Newcomer is an individual...
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First-Time Home Buyer Guide in Edmonton A Step-by-Step Handbook Becoming a first-time homebuyer in Edmonton, two major cities in Alberta is an exciting milestone. These vibrant cities offer immense opportunities and an attractive real estate market for new homeowners. However, first-timers may find navigating the homebuying process a little daunting. This comprehensive guide will give you clarity on the step-by-step journey of purchasing your first home in Edmonton: Understanding the First-Time Home Buying Process: Benefits of Being a First-Time Home...
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Are you looking for a home loan in Edmonton? Edmonton Home Loans: Find Your Ideal Mortgage with The Mortgage Force Edmonton! Buying a home is an important decision that you shouldn't take lightly. That's why it can be so helpful to have access to a loan that can help you cover the costs of your purchase. Mortgage Apply Online can help you find the best mortgage for your needs. Whether you're looking for a fixed-rate loan or a variable-rate product,...
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Are you looking for a cheap mortgage rate in Edmonton? At Mortgage Force, we provide our clients with the best manageable prices when applying for a home mortgage. Our goal is to make finding a mortgage easy and fast. We provide free quotes from all the major lenders so you can compare rates easily. What does a mortgage broker do? A mortgage broker does a variety of things, but the most common tasks include: - Preparing and submitting loan applications...
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There really is no perfect time to refinance your home. The answer depends entirely on why you want to refinance your home and whether or not you are financially prepared to do so. Refinancing your mortgage is a serious and long-term commitment. It should not be entered into lightly. For this reason, The Mortgage Force team wants to ensure that you understand what it takes to refinance your Edmonton home. This way, you can make an informed decision that benefits both...
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If you feel unclear about what your down payment options are and how mortgage default insurance comes into play, you are likely not alone. When buying a home in Canada, mortgage default insurance premiums are impacted by the percentage of your downpayment and the purchase price of your desired home. Many people are not aware of the pros and cons of different down payment options or the purchase price tipping points that affect the requirements. So let's break it down....
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Are you self-employed and looking to buy a home? You may believe that it’s more difficult to get a mortgage when you are self-employed, but the basic criteria for approval are the same: Good credit history and a history of stable employment. However, you may run into challenges if you've only been self-employed for a short period of time, or if you make less money on your personal income taxes than lenders prefer. But it’s not impossible to get a...
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Did you know you can use your home to secure funds and pay off other debts? Second mortgages are a convenient and cost-effective way of doing so, but they should not be taken out without serious consideration. The Mortgage Force team focuses on educating our clients to provide them with the information they need to make informed financial decisions. Before taking out a second mortgage on your home, here are a few different things to consider. How Does a Second...
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In Canada, a joint mortgage is a mortgage between two or more people. More commonly, two partners in a relationship get a joint mortgage but it is also possible to apply for one with a family member. Applying for a joint mortgage often involves joint ownership of the property and shouldn’t be confused with co-signing on a mortgage. Co-signing on a mortgage does not guarantee rights to the property. While getting a joint mortgage is certainly appealing if you are...
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Are you ready to buy a home? The idea of buying a home is appealing and exciting. However, it is a huge investment and one that should not be rushed into if you’re not ready. The first few steps of this guide are going to help you determine what you need in order to buy a house. We recommend that, if you are not ready to meet those requirements, you take the time to properly prepare yourself for the purchase...
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The standard guideline for a down payment on a new home is anywhere from 5%-20% - but that’s a large amount of money for many individuals, especially first-time homebuyers. A 20% down payment is common because it is the amount homebuyers need to pay to avoid mortgage insurance, which can cost up to 4% of the mortgage amount. While this number is obviously ideal, paying 20% is not necessary. Even as the cost of new homes continues to rise, the...
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In this blog post, we will be going over the 5 biggest mistakes first-time homebuyers make in Canada. Prepare and Research The single biggest first-time homebuyer mistake that we see a lot of people making is they are not mentally prepared to purchase a home. It is important to do your research and speak to a mortgage professional about how much you qualify for. We see a lot of people looking for houses, but they do not qualify for the...
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In June CMHC announced big changes to the way they underwrite mortgage applications which include three significant changes which will be outlined below. Increase in Minimum Credit Score The increase to the minimum credit score went up from 600 to 680. A Decrease in Debt Service Ratios Income to debt ratios also known as growth debt service and total debt service. These went down from 39 and 44 to 35 and 42, respectively. No Borrowed Sources of Down Payment This...
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Becoming a homeowner can be an exciting time but the process can take long and arduous. Securing a mortgage is an important first step in the home buying process but you might not know where to begin. Working with a residential mortgage broker like the ones from The Mortgage Force Team can help make the home buying process much easier. You might ask yourself why work with a mortgage broker? We do the heavy lifting for you As mortgage brokers,...
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There are many mortgage options to choose from and it is important to pick the one that works best for you. The different types of mortgages have features that meet different needs and it is important to understand them when you are shopping for a mortgage. Open Mortgages Open mortgages allow you to pay off your mortgage at any time without incurring any penalties. Interest rates are higher on open mortgages compared to a closed mortgage that has a comparable...
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Effective July 1st, 2020, there will be some changes coming to the qualification criteria for insured mortgages and it will be harder to qualify for a mortgage again. On June 4th, 2020 CMHC announced that they would be making some changes to the way applicants qualify for insured mortgages. A mortgage is insured in Canada when the applicant is putting less than 20% down. If you are putting down more than 20% the new rules will not apply to you...
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A Q&A with Jim Dhillon and Sunny Vig of questions they have been receiving about buying and selling homes during COVID-19 Is it a good time to buy right now? It is an excellent time to buy right now. The perception is there is not much in the market but really there are over 14,800 listings on the market right now. Every day and every week the listings are going up and there is a selection out there for people...
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Why do people refinance? When you refinance your mortgage, you are paying off your existing mortgage and replacing it with a new mortgage. There are a variety of reasons why homeowners choose to refinance their mortgage. These include lowering your payments by extending you amortization, or using your home’s equity for home improvements, beefing up savings, or consolidating high-interest debt. How to know if refinancing is right for you If you can save money by leveraging the low rates of...
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What to Consider Before Buying a Vacation Home Are you excited about buying a vacation home for you and your family to enjoy? Having a vacation property is a great feeling, as it means when you are on vacation, you are at a literal home away from home. It also means you do not have to worry about finding a hotel and parking. When you have a vacation home, all of that is taken care of for you. However, before...
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Are you looking to get a new loan for a home that you want to buy, or perhaps you want to refinance your property? Whenever you are in need of a mortgage broker, it is important to approach the loan carefully. After all, you want to be sure that you are working with a great broker, and that you are getting a good mortgage. This means you need to ask them certain questions. The following are important questions that you...
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Are you getting ready to buy a home, or at least thinking about purchasing a property? If you are, then you know that at some point, you are going to need to speak with a mortgage professional in Edmonton. The big question for many is when they should start to consult the professional. The answer, in just about every case, is going to be that you should speak with them as early as possible in the process. There are some...
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You have probably noticed that the mortgage rates are not static. They are going to go up and down, which can be difficult to follow and understand. There are many different factors that can affect the rates, and those who are considering getting a mortgage are going to want to have a better idea of what types of things can cause shifts in the mortgage rates. Economic Growth and Economic Indicators The economy is the biggest factor that tends to...
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For the vast majority of people, buying a home means getting a mortgage. Most of us don’t have pockets deep enough to pay cash for a home outright. That means working with a lender. By definition, lenders take risks in loaning money to consumers. There’s always the risk that you might make some payments late, or default on the loan completely. In order to offset that risk, lenders require mortgage insurance in many instances. What is mortgage insurance and how...
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Credit and Homeownership: Understanding How Your Credit Score Affects Your Mortgage Rate While your credit score might not determine your value as a contributing member of society, it does have a major impact on your life and how you are able to live it. If you’re contemplating making the leap into homeownership, for instance, your credit score will have a great deal to do with the interest rate you’re given on the home loan. In turn, that will affect the...
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What Information Do You Need for a Loan Application? Buying a new house or property in Edmonton is an exciting adventure, but one part of the process that can be stressful is applying for the loan. Not being sure that you can afford the property will put a damper on things until your loan application is processed. In order to have the best chance of getting your loan approved, it’s best to be very thorough in your loan application. Knowing...
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How to Get Pre-Approved for a Mortgage in Edmonton There are many paths to homeownership, and for most homeowners in Edmonton, luck and circumstance play a big part in finally landing that dream home. But did you know that there are ways that you can make it more likely that you’ll seal the deal when the time comes? One of the best ways to ensure that you are shopping for a home that you’ll be able to buy is to get...
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As many of you have seen on the media, OSFI has implemented new mortgage rule changes starting January 1, 2018. Now, non-insured mortgage consumers (buyers with a 20% or greater down payment) must qualify at the “a stress test rate” which is the higher of the Bank of Canada Rate (currently 5.14%) OR the rate from the lender plus 2%. What effect will this have on the average consumer? The biggest impact will be on the amount in which the...
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Credit Challenges In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a couple years ago. Your best solution is to consult one of our Mortgage Specialists to determine whether your situation can be quickly repaired or if you face a longer road to credit recovery. Either way, there...
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