Organizing your finances is the critical first step in your home purchase journey!

Important factors:

Consider the one-time costs associated with a home purchase, including a down payment, legal fees, taxes, dispurisments and moving expenses.

Understand ongoing monthly costs, including mortgage payments, insurance, utilities, property taxes, maintence and if applicable condo or HOA fees.

Pre-qualified for a mortagage gives you the comfort of knowing how much you can afford and what your monthly payments will be.

A pre-approval from a mortgage lender is different, this protects you against interest rate increases for a given peroid. 

Mortagage agents to condiser:

Canadian Mortgage Professionals
Ken Mercer, - 403-509-2434
ken@canadianmortgagepro.com

MMG
Scott Thomson - 403-700-3495
scott@scottsmyguy.com

Advanced Mortgage
Trevor Yerema - 403-466-6654
trevor@advancedmortgage.ca

Down Payment

The typical rule of thumb is to pay 5-20 percent of the home's price as your down payment. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.

Loan Term

Your loan program can affect your interest rate and monthly payments. Choose from 25-year fixed, 15-year fixed, and more in the calculator.

Loan Type

There are several types of mortgage loans, but the most commonly used are:

                             Fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly                                             payment will be the same

                              Variable-rate mortgages have interest rates that can change this can change your payments but normally starts off with lower interest rates.

Property Tax Rate

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance

Home insurance or homeowners insurance is required by lenders.

HOA Fees

A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.