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Buying a home in any marketplace requires a careful plan, attention to detail, and a group of supporting team members to ensure your success. This is even more important in the current Calgary marketplace, so we’ve decided to put together 5 essential tips for you so that you are fully prepared to buy in Calgary today! We’ve got tip number one for you today: Get pre-approved.
Even today, it surprises me how many people are going out into the market looking at homes at price points that they’d love to be in but they haven’t even figured out if they can afford it. It’s important that you take a step back and go through the pre-approval process. When you’re out looking for a home to buy, you want to know exactly what you can afford so that you can speed through the process with ease.
A true pre-approval requires much more than a quick phone call. To make sure you’re fully pre-approved, you need a lender to look at all of your financial information, a fairly lengthy set of documents, so they can assess your situation. These are things like pay stubs and tax returns, which need to be filed and up-to-date. The “paperwork shuffle” as we like to call it isn’t a lot of fun, but it’s an important thing to go through.
We suggest shopping for a mortgage through a broker rather than a bank, for a few different reasons. The broker is going to shop your financial situation across dozens of lenders to find your best rate and situation. Your bank will offer one set of services, and one set of rates. It only makes sense to do your due diligence, and see all the options available to you.
There you have it, tip number one for being fully prepared to buy in the Calgary market. We’ll be back soon with steps two through five, keep an eye out for them! If you have any questions for us in the meantime, give us a call or send us an email. We would love to hear from you!
