Carlos Montes Calgary Real Estate

January 12, 2011 Mortgage Update

Week 2 of 2011 and already a busy market.  There seems to be a lot of informed buyers out there that know what they want, know the rates are low and want to take advantage of that. Even this past weekend when the weather was simply unbearable for some, buyers were out in full force, looking for that first home, family home or dream home.  And with low interest rate still available to qualified buyers, who can blame them!?  If you are renting, likely your rent can get you a home of your own, and there is a lot of buyers that want to stop paying someone elses mortgage and start building equity of their own.

Many clients who are looking to upgrade from their starter home to a family home, start by getting their home on the market and sold and then they look for a mortgage on the new property.  If your situation has changed in anyway since the last time you were qualified for a mortgage or if the lending guideline have been altered, you may not qualify for a mortgage or the mortgage amount that you are looking for.  One of the first things to do when you are thinking of moving is get a pre-approval in place. That way you know the exact dollar amount that you qualify for and you can sell your existing home with confidence.  I would hate to see anyone sell a perfectly good property only to find out they no longer qualify for what they want and end up having to rent.  Your first stop should always be the financing, then you can list  property.

Have a great rest of the week, stay warm and happy buying!

Jen Mikla, AMP
Mortgage Planner
Mortgage Architects

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