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Nov 30

Take the Stress out of Buying Your First Home

  • Buying your first home, Getting ready for your mortgage renewal, Pre-Approvals are important

Buying a home should be fun, not stressful

When you are starting to think about buying your first home, there are a lot of things to consider. What is supposed to be an exciting time can oftentimes feel stressful. With that in mind, here are some ways to reduce the stress and get back to the excitement!

Get pre-approved!

By a human, not an online app or a computer system. Mortgage pre-approvals should take up to one hour (60 minutes, not the advertised 60 seconds). A pre-approval tells you your mortgage maximum (the highest approvable mortgage amount), provides an example payment, and introduces first time home buyers to interest rates, fine print, and all the options that a great mortgage should have (things like pre-payments to principle). We here to provide this service, at no cost to you!

Ask lots of questions!

This is the biggest financial decision of your life, ask lots and lots of questions. If you don’t get the answer you want, you are not working with the right people. Do some research but remember that Google is full of lots of positives and lots of negatives so get familiar with the concepts and ideas but be open to advice. We will work with you to figure out what type of mortgage rate, lender and fine print works for your situation.

Consider both fixed and variable rates.

Be open minded when thinking about rates. Each financial and personal situation is unique, as is each rate decision. You will be dating the rate and marrying the home – interest rates, both fixed and variable are most often offered in five years terms. So all rates, including fixed rate will fluctuate over the 25 year amortization of your mortgage. Considering if you may be transferred to a new city due to work, if there are family or life changes on the horizon, or if you may decided home ownership is not the right choice and may sell the home. Try to consider five year periods of time – what could and might happen to change your home ownership plans? For any home buyer who isn’t sure if the five year plan is rock solid – a variable rate is important. For any rental property – consider a variable interest rate as well. For longer term planning, family homes, dream homes, and those who feel confident in a five to ten year plan on home ownership fixed rates can be the right choice.

Build a team of highly competent specialist in the mortgage, real estate, and legal areas.

When you buy a home, you do not pay realty fees… your realtor’s services are free to you. The seller pays all realty fees…. you are literally obtaining the advice of a real estate expert at NO cost, so make sure you are choosing the right one. We work closely with a wide range of real estate professionals and would be happy to find the right match for you in terms of price point, area, type of home, and alignment. The same goes for home inspector and real estate lawyer. Surround yourself with professionals who have your best interests at heart.

Your bank does not care about you. I’m sorry, it’s true.

We know, we hear it daily… but I like my bank and I’m comfortable there. I’m sure you are but your bank does not have a single ounce of love or care for you. You are an account number. So don’t let loyalty stop you from connecting with a mortgage expert and finding the right mortgage solution. Your best fit might just be a mortgage at your bank, but if you only talk to you bank you will not know. Bank mortgage reps only offer one mortgage product and one set of rates, and their advice is biased to the brand they work for. A mortgage broker has no loyalty to any lender or product, so they are able to suggest a multitude of options for you.

Everyone is going to have an opinion.

You dad, your friend, your grandfather, or your aunt who used to be a real estate agent 20 years ago will have lots of advice on the bank they prefer, interest rates, picking a realtor, and even the type of house you should chose. Unless that family member is a licensed expert in the mortgage, real estate, appraisal, or banking world, take their advice with a grain of salt. Trust your gut – you will know what works best for you and your situation.

Make it fun and enjoyable!

If you are surrounded by the right people, and you feel confident in your decisions and knowledge the process of buying your first home will not be stressful. It will be busy, there will be meetings, and documents, and forms to sign. But you should not feel any anxiety or stress. The process should feel exciting and when you get your keys in hand you should only feel  confidence and happiness that you made the right decisions.

Now go out and shop for your new home with confidence!

Take the Stress out of Buying Your First Home

Take the Stress out of Buying Your First Home

Buying a home should be fun, not... read more →
November 30, 2022
You are pre-approved! What are the next steps?

You are pre-approved! What are the next steps?

Congratulations! You are pre-approved. Congratulations! You are formally pre-approved. A pre-approval means that our team... read more →
November 23, 2022
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      Merry Christmas! ❤️🎄Sending love amd light Merry Christmas! ❤️🎄Sending love amd light to all of our friends, family and our truly incredible work crew (@realmortgs , @mansbridgemortgage , @hughbullenmortgages - simply the best 🤩🤩🤩) and industry partners! You make our business run so smoothly! We are so grateful to our incredible clients and those who refer our way! 🥰😘❤️ Thank you! #christmas #2022 #readyfor2023
      Back to the 🎄🎅🏼🤶🏻⛄️ memories! ✨

These cuties at the @posthotelspa! Love this photo. 💙 Stunning hotel, stellar service, warm, cozy, packed with the Christmas spirit. 🦌 The best food, wine list 🤩, pool / spa and a skating rink right out the front door. Did I mention roaring fires and mountains? Dreamy. Take us back! This memory fills my bucket. 🥰May start planning for next year now! 😍

#christmas #memories #cutekids #mountainfun #pooltime #skatingrink #therockies #theposthotel #familytravel
      Christmas memories 2013 ☺️😍 Can’t believ Christmas memories 2013 ☺️😍

Can’t believe how fast they are growing up! 🥰 Love this photo, so sweet❤️ Lunch at the Calgary Tower with Grammy and the family just after Christmas! So fun to see the city and be tourists for a few hours. Those teeth finally came and and seven years of braces and retainers later, they are perfect! Such a cutie. 🎄🎅🏼⛄️

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      We are on the count down now! Hoping you are all e We are on the count down now! Hoping you are all excited for Christmas 🎅🏼⛄️🎄We wanted to share some of our favourite Christmas memories! So many incredible Christmas adventures across Alberta, family outings, great times with friends and many fun photos! Memories are made during the holidays. ❤️💃🎁Santa and Mrs. Claus popped by our office for a visit and some good cheer back in 2016🎅🏼🤶🏻. #cutecouple #goals #goodmemories❤️ #officeparty #christmas #2016 #elevationmortgage
      The Prime rate has risen by another .50%. For the The Prime rate has risen by another .50%. For the first time in 15 years, fixed rates are now lower than variable rates across the board. The borrowing costs for variable rate mortgage and lines of credit will rise. Not the news any of us wanted, but the new reality is that inflation is severely impacting the Prime lending rate and is not slowing quickly enough. 

Thoughts on the news from Sherry Cooper, DLC Chief Economist - "The Bank of Canada hikes the Prime rate by 50 bps.... The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 50 basis points today to 4.25% and signalled that the Council would "consider whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target.

This is more dovish language than in earlier actions where they asserted that rates would need to rise further. Some have interpreted this new press release to imply that the Bank of Canada will now pause or pivot. Expect there will be additional rate hikes next year, but they will be more measured and not on every decision date. The BoC may refrain from dropping Prime until 2024. 

Three-month rates of change in core inflation have come down, an early indicator that price pressures may be losing momentum. However, inflation is still too high, and short-term inflation expectations remain elevated."

Bottom line: This will likely be the last oversized rate hike this cycle. The Governing Council next meets on January 25. Whether they raise rates will be data-dependent. If they do, it will likely be by 25 bps. Even if they pause at that meeting, it does not rule out additional moves later in the year if excess demand persists. I expect further monetary tightening, the continued bear market in equities, and a further correction in house prices. 

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      The end of each year is a great time to start to p The end of each year is a great time to start to plan for next year’s budget. ✨🎄💸

That may be buying your first home, your dream home or cottage or figuring out how to manage debts and pay down your mortgage faster. There are many ways to tackle your mortgage or reduce consumer debt with a mortgage refinance. 🏦 

Our advice begins with a thorough mortgage pre-approval. Did you know that we provide pre-approvals for first time home buyers but also for home buyers selling a home and buying, downsizing, or planning for a rental property or cottage? We also talk to many clients about buying a home for family - a child going off to university or aging parents. 📚 Budgets are great tool for all ages and all financial decisions. 🤓

So if you want to talk through options, run the numbers and create a plan we are here to help! 👋🏻
      Thinking about buying your first home? Start by ge Thinking about buying your first home? Start by getting pre-approved! 

By a human, not an online app. Mortgage pre-approvals should take up to one hour (60 minutes, not 60 seconds). We will collect details on employment, savings, debts, down payment, your credit score, and the range of homes you are interested in. 😊

A pre-approval tells you your mortgage maximum (the highest approvable mortgage amount), provides example payments, and explains interest rates, fine print, and all the options that a great mortgage should have (things like pre-payments to principle). Now is the time, plan ahead and let’s build your homeownership budget together. 🏡

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      What a great conference! @toddduncanofficial We ca What a great conference! @toddduncanofficial We can’t wait to implement all the new ideas to better serve our incredible referral partners, lenders and clients!
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      A little obsessed. 🤷🏼‍♀️ Yes! We love A little obsessed. 🤷🏼‍♀️ Yes! We love our work. Our gratitude to our clients and referral partners is immense. Our website is one click away - to starting your mortgage pre-approval! Link in our bio. Just a few minutes will save you a lot of time, effort and money. 💰
      PSA 🚨 When you are buying a new home really, r PSA 🚨

When you are buying a new home really, really consider that during the three weeks before the possession date it’s best to be at home, not travelling OR planning ahead to sign with your lawyer in advance of any travel plans. Remember that signing in advance requires every stage - the financing condition period, providing your income, downpayment and property documents and signing forms to be completed in advance. 🤷🏼‍♀️

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