The following are the questions most frequenlty asked by our clients. If you don't see your question on the list, please call us at 780-474-7900 or email us and we will answer your questions.
A conventional mortgage is one whereby a person puts down 20% or more in downpayment. It is a mortgage that typically does not require mortgage insurance.
Closing costs are everything that you will have to pay to finish your house purchase. Typical closing costs consist of:
The benefit of getting pre-approved is that the paperwork is done before you put an offer on a property. This way, you already know how much you can spend on a property and will not waste your time looking at houses or condos that are below or above your price point. It also gives you some negotiating power when you put in an offer since you can tell the vendor that you are already pre-approved for your mortgage financing.
In a fixed rate mortgage, the interest rate is locked in for a fixed period of time (e.g. five years). In a variable rate mortgage, the interest rate fluxuates with any changes in national interest rates. If rates go down, more of the payment goes to principle, but if they go up, more of the payment goes toward interest.
Yes, there are a number of mortgage products for people who cannot meet standard income verification practices. Please contact us at 780-474-7900 for details.
It is more difficult to obtain mortgage financing if you have poor credit; however, there are mortgage lenders and products that will work. The interest costs will be higher and there may be a lender fee as well. These amounts are dependent on many variables. Please contact our office and we can walk you through the process and provide you with details.
Can my downpayment be given to me?
Yes, a downpayment can be gifted as long as it's from an immediate family member. The person giving you the money must sign a "gift letter" which states that the money does not have to be repaid.
The minimum downpayment is generally at least 5% of the value of the home; however, there is now a program that finances 100% of the purchase price.
Yes you can through a variety of mortgage products.
Yes. Many clients mortgage their investment property which enables them to buy more.