In Need of Mortgage Advice?

Fri, 29 Dec by edmontonhomepros

5 Tips for Finding the Right Mortgage Professional for Your Needs

Finding the perfect Edmonton home is only the first step in the journey towards home ownership. The next step is a financial one and comes with many questions: Is the home being bought with cash or is a mortgage needed? Will the buyer be using a mortgage broker or going to a bank? If those questions don’t have definitive answers then maybe it’s time to turn to a mortgage professional for help. Here are five things to think about when searching for the right mortgage professional.

Talk to Recent Homeowners about Their Experience

Some people have negative experiences when buying a home, but most of them loved the team they assembled and would recommend them to anybody who asked. One of the best ways to find a mortgage professional is to talk to friends and family members who have bought a home in the last few years about their experience. It’s the easiest way to get honest feedback and everybody who loved their Edmonton mortgage professional will be more than eager to share that information.

Meet with a Wide Variety of Professionals

The best way to get to know somebody is to meet face to face. Websites, ads and personal recommendations can only reveal so much about a person and nobody can know how much they connect until meeting firsthand. Make sure not to jump the gun and settle after the first meeting, it’s important to talk to as many professionals as possible to make sure the right choice is being made.

Ask for a History of Lenders They do Business With

Mortgage brokers receive a fee from the bank or financial institution where the mortgage is set up. This is to be expected but it can lead to a broker giving preferential treatment to a lender that gives out a larger fee. A professional who does business with many different banks will probably look out for the client’s interest more than one who only does business with one or two financial institutions.

Look for a Professional with Years of Experience

The real estate market across Canada has gone through a massive boom in the last ten years, which resulted in plenty of people switching their professional focus to capitalize on the increased work. This is why mortgage brokers are so popular across the country now, which has benefits and drawbacks. The benefit is that the buyer has more choice.

Make Sure They Have Experience in the Community

Make sure any mortgage broker is local and has experience in the community, just because it’s the buyer’s first time doesn’t mean it should be their broker’s first time. Buying a new home can be scary and stressful, but if you’re surrounded by the right team it can be the seamless experience that other people brag about.

Steps To Calculating Your Home Buying Budget

Fri, 05 Apr by edmontonhomepros

So you’ve decided to purchase a home, congratulations! Before becoming a homeowner you must calculate your budget and keep in mind that it’s all about balance. Yes, you want to find the perfect home; however, you want to do so at an affordable cost.

97% of Canadians agree that cost in the most important consideration when choosing a home.

The Edmonton Home Pros team help future homeowners from day one, until the moment they move into their new home. Below are three simple steps to help you calculate your home buying budget:

Homebuying Budget 1. Find your options. Do you know the difference between variable-rate and a fixed-rate mortgage? Do you know what amortization period best suits you? Take the time to learn about your options, it will help you make a better informed decision. Payment flexibility is also important to keep in mind if you are looking to pre-pay.

2. Crunch some numbers. Search for your desired Edmonton home with confidence- knowing that each property you view is within your budget. Download an online mortgage calculator to compare different mortgage options and payment plans.

3. Get pre-approved. You can do this at your home bank at no cost or obligation, it also gives you the perfect opportunity to go in and talk to a mortgage specialist. By doing so, you will be prepared when you find the Edmonton home you want.

Looking to buy an Edmonton home? Contact Stephen Lau today for your complimentary home buyers consultation. Alternatively, you can also begin searching for Edmonton homes for sale.

Paying Off Your Mortgage Faster?

Fri, 22 Mar by edmontonhomepros

Paying off your mortgage faster may not always be a good thing.

For Canadians it’s all about balance: balancing your checkbook, balancing your work and personal life, and balancing your debts. Over the last year, the real estate market saw two dramatic changes: household debt climbed to a record high and 32% of homeowners increased their mortgage repayments.

Mortgage Image

Image by: 401(K) 2013

Somehow, these Canadians had found ways to pay off their mortgages faster. In fact, approximately 1.9 million mortgage-holders had made additional payments during the past year. The remaining 60% continued to make their minimum biweekly payments while contributing to their RRSP’s, utilities, groceries, vehicles and daycare costs.

While being mortgage-free is a homeowners dream, one must remember that it’s all about balance- although their mortgage debt is falling, their consumer debt is rising. Some of the 1.9 million mortgage-holders acquired debt elsewhere, such as: credit card balances and lines of credit. As a result, they are not getting ahead in their overall debt load, despite their faster mortgage repayments. It’s a dangerous game, especially when credit card debt comes with a very high interest rate.
The keys to obtaining mortgage freedom are balance, cash flow discipline, and a commitment not to spend additional income on items other than your mortgage repayment. Mortgage rates are at an all time low, so now is a perfect time for Canadians to take advantage of it and shorten their amortization periods- as long as they do it wisely.

Stephen Lau and the Edmonton Home Pros team can help Edmontonians become homeowners. Looking to buy a home? We can bring in mortgage specialists to talk financing options with you and answer any questions you may have. Contact Stephen Lau today!

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
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