Purchasing a home can seem intimidating like a complicated process. However, there are people along the way who can help you. They are your home buying “team.” Mortgage lenders are an essential part of this team. As you start on your journey, read about what every mortgage lender wishes you knew.
1. Get Preapproved for a Mortgage Before You Go House Shopping
Getting preapproved for a mortgage is one of the first steps when buying a home. Knowing your price range will help you make decisions when deciding which home to buy.
2. Your Mortgage Lender Can Help You
Your mortgage lender can help you understand the home buying process. Ask questions at each step to ensure that you understand what’s happening. A mortgage is a big commitment. Make sure you know what you’re signing up for and ask for clarification when necessary.
3. Be Patient
The process takes time. Depending on your credit score, it may take a while to find the right mortgage loan.
Make no Changes to Your Financial Situation
Once the mortgage process starts, you have to watch your finances. Avoid big purchases or other loans. Wait to quit your job or accept a promotion until after the mortgage process is complete. Any changes may cause the process to be delayed, or possibly even revoked, and you may have to start the process over again.
Attainable Homes Calgary Corporation (AHCC) is a nonprofit social enterprise and wholly owned subsidiary of The City of Calgary that delivers well-appointed, entry-level homes for Calgarians who have been caught in the city’s growing housing affordability gap.
Through our Attainable Home Ownership Program, we connect builders, developers, lenders, lawyers and others to bring down the upfront costs of ownership so qualifying Calgarians can buy their very own home with a $2,000 down payment. Furthermore, when you decide to buy an attainable home, you're also choosing to pay it forward to help another family in the future. When you eventually decide to refinance or sell your home on the market, a share of the appreciation goes back into the program to fund more developments that will help even more people get a foot on the property ladder.
Do you aspire to own a home of your own? Contact us today and let us show you just how attainable this milestone can be.