Buying Your First Home in Calgary

November 27, 2008  
Filed under Purchasing

The task of purchasing your first home in Calgary can be a daunting one, especially considering your home is probably the largest asset you will ever purchase. That is why we want to make the process as stress-free and easy as possible for you. The following are a few things you should do to make sure your home purchase goes as smooth as possible.

Get a Mortgage Pre-Approval
Although a mortgage pre-approval is not a guarantee that you’ll get mortgage financing, it gives you an idea of what mortgage amount you qualify for based on your income, debt and credit. Mortgage pre-approvals are the lenders saying “yes, this person would qualify for financing if all the information provided is true and they are able to back it up with documentation.” A mortgage pre-approval also acts as a rate hold, in that it reserves today’s interest rate for you for a period of 90 to 120 days. If rates go up, you receive the rate on your pre-approval, and if rate go down, you automatically get the lower mortgage rate.

Contact a Calgary Realtor
Realtors are trained professionals that search all available properties for sale in Calgary. They will show you the Calgary homes that are in your price range and meet your criteria. Once you have decided on the home you’d like to purchase, a Realtor will help you prepare your offer and will represent you in the negotiation process. Generally speaking, you won’t be required to pay a fee to the Realtor that represents you (they are paid by the seller of the home). If you are purchasing your first home and are overwhelmed – or even if you’d like a hand house hunting – it’s a good idea to get a Realtor involved, since they take out a lot of the guess work and are a valuable resource (especially since you’re not paying for their services!).

Do Some Home Research
Think about what kind of Calgary home you’d like, and do some research to see if all the features you want fall in your price range. This means visiting sites such as MLS and ComFree. If your research indicates that you may not get the features you want for your price range, it may be time to re-evaluate what you’re looking for (since what you can afford is more set in stone than your future home’s characteristics).

Buying your first home in Calgary is a big event. Even though it can be kind of intimidating, rest assured that there are lots of people that are there to help you. If you would like to be put in touch with a good Calgary Realtor, or would like to speak to a mortgage associate to obtain a pre-approval, please contact us!


Comments are closed.