TruHome always wants to give our clients the best information possible when it comes to buying and selling in Edmonton. We are sure you know that finding the right mortgage is often the first major step when it comes to purchasing a new home.
One of our team members was recently on the hunt for mortgage information and found that going directly to their bank was less than ideal. They felt the person they spoke to “lacked the human touch” – they wanted to develop a connection and feel that their banker would guide them through the process: stress free and easy. To get them back on track – we wanted to connect with a likeminded person who would provide the guidance they were seeking. Step 1 was introducing them to some of the amazing Edmonton mortgage brokers we have worked with over the years. This made a huge difference with the service they experienced.
We wanted to share with you some of the outstanding insights to common questions that many first time home buyers have when it comes to obtaining an Edmonton mortgage.
What advice would you give to a first time home buyer when it comes to getting a mortgage?
” Really really understand your living budget. Know what it takes to run your home and make sure those numbers actually work for you. It is so important that you understand more than just qualifying for your mortgage. Owning a home can be affordable if you plan well. Think about how long you want to own that home and what you want to accomplish financially in 5 to 10 year increments. Talk to someone who understands the upfront costs, and the back end costs. Treat this purchase as an investment in our overall portfolio of investments. You have to live somewhere so learn how to make money on your purchase.” ~ Yvonne Wilchewski, River City Financial
” My advice when getting a mortgage is call and let’s get you pre approved. We can sit down and find out exactly what your price range is, that way when you go to the Realtor you are ready. There is nothing worse than going out and looking for a home and finding the home of your dreams, make an offer on it and find out it is way above your price range. It is what disappoints all buyers.” – Suzette Hawkes from RBC Mortgages
“Buyers sometimes jump in too quickly before getting their ducks in a row. Preparation beforehand is ALWAYS a good idea. Income, credit, down payment and stability needs to be addressed before the actual buying process begins. Sit down with an experienced mortgage broker to discuss your personal situation and steps to getting pre-approved! ~ Julian Izquiredo, CIBC Mortgage
What advice would you give a person if they are worried about their credit?
“Bad credit? No problem!If you are worried about your credit then come in and let’s see just how bad it is. Bad credit is never going to go away, so let’s sit down pull a credit bureau and see what we need to do to get you back on track and ready to go. Also you may be surprised that it isn’t as bad as you thought. ~ Suzette Hawkes from RBC
“I would say let’s talk about why you are worried and explore where that fear is derived from. Let’s investigate and educate how purchases affect your credit, how payments affect your credit, and how balances affect your credit. Utilize Equifax a free service to view your credit. Lenders look at your history and your habits on your credit report. They look to see how you have managed and paid little bills and this is used as an indicator of how you will pay your big bills ( i.e., your mortgage payments)”. ~ Yvonne Wilchewski, River City Financial
“The rules of lending have changed it’s a different market now, and banks are more cautious, and more risk assessment is being done. More insurers like CMHC and Genworth are more sticky when there are blemishes on a credit bureau. Be transparent with the mortgage broker so they can understand the full story rather than experience financial surprises somewhere down the road. Also keep in mind that having poor credit or lack of credit is quite normal for many people and that it can and will get better by us providing our professional guidance to help point you in the right direction.” ~ Julian Izquiredo, CIBC
Have additional mortgage questions or want to get pre-approved for a mortgage – be sure to connect with our team today. We can also get you set up looking for your TruHome and advice on the steps you need to take to get there.
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