First Time Home buying
First time home buyers homes for sale and real estate listings in Calgary, including homes, condos and townhouses
Why should I buy a house, instead of rent?
A home is an investment. When you rent, you write your monthly check and that money is gone forever. In addition, the value of your home may go up over the years.
How much money will I have to come up with to buy a home?
That depends on the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you agree to pay with your bank or mortgage broker; and closing costs, the costs associated with processing the paperwork for the buying process (lawyer, moving costs, etc).
When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-25% of the purchase price or 35% if you are canadian non resident.
How do I know if I can get a loan?
Contact me or go to your bank, they will help you evaluate your loan potential. Your bank or mortgage broker will know what kinds of mortgages the lenders are offering and can help you choose a lender with a program that might be right for you. Another good idea is to get pre-qualified for a loan. That means you go to a lender and apply for a mortgage before you actually start looking for a home. Then you'll know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.
In addition to the mortgage payment, what other costs do I need to consider?
If your utilities have been covered in your rent, this may be new for you. I will be able to help you get information from the seller on how much utilities normally cost. In addition, you might have homeowner association or condo association dues. You'll definitely have property taxes, and you also may have city or county taxes. Taxes normally are rolled into your mortgage payment.
What will my mortgage payments cover?
Most loans have four parts: principal: the repayment of the amount you actually borrowed; interest: payment to the lender for the money you've borrowed; homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders; and property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year.
From first-time home buyers to seasoned investors, we all sometimes need some assistance as a the procedures changes from province to province, we can help with a guide for a Calgary First-time Home Buyer.
Calgary Real Estate First Time Buyers Videos
From Calgary first-time home buyers to seasoned investors, we all sometimes need some assistance as a the home buying process changes from Alberta to other provinces, browse the current news from the Calgary Real Estate press and discover information on incentives for first time buyers, mortgage rates, loan refinancing and the Calgary Real Estate