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First-Time Home Buyer Mortgage Calgary – Get Pre-Approved Fast
Buying your first home is an exciting milestone, but in real life, it can also feel a bit overwhelming. That’s where we step in! With years of experience and connections to over 70 lenders, we are all about providing tailored mortgage solutions just for Calgary first time home buyers.
Whether you are wondering how much you can afford, need assistance with a down payment, or want to look at different mortgage options, our team is here. Our mission is to make this journey as simple and stress-free as possible. We take the time to listen to your needs, answer your queries and find the perfect mortgage that aligns with your financial goals. And the cherry on top? Our services come at no cost to you!
We offer Different Mortgage Solutions in Calgary
Common Mistakes First-Time Buyers Should Avoid
Even the most experienced buyers can stumble along the way. Here are some common pitfalls-
- Underestimating closing costs: Set aside about 1.5% to 4% of the home’s price for these expenses
- Skipping the home inspection: These small expenses can save you a fortune down the line
- Overextending your budget: Just because you qualify for a certain loan amount does not mean you have to spend every penny
- Not considering future plans: Think ahead. Will this home still suit your needs in five years?
Why Work with Us for First Time Home Buyer Mortgage Calgary
Choosing the right mortgage broker can truly change the process when it comes to buying your home. Here’s why Calgary first time home buyer trust us:
- Experience You Can Count On: With more than 20 years in the business, we have guided countless first-time buyers in landing the best mortgage deals.
- Wide Network of Lenders: We collaborate with banks, credit unions and private lenders to offer you a variety of financing options.
- Tailored Advice: Every buyer has unique needs. We craft mortgage solutions that fit your financial situation and future goals.
- Full Transparency: No hidden fees, no surprises- just honest advice and simple service
First-Time Buyer Programs: We help you tap into every first-time home buyer incentive in Calgary, ensuring you get the best affordability and peace of mind.
How to Prepare Financially as a First-Time Home Buyer in Calgary
Getting ready to buy a home? It all starts with some solid financial planning. Before you dive into house searching, take a moment to focus on these key steps:
- Check and boost your credit score
- Tackle any existing debts for closing costs and your down payment
- Get pre-approved so you know your budget
By following these steps, you will not only improve your chances of getting that mortgage but also feel more confident while looking for properties.
Fixed vs. Variable Rate: What’s Right for You?
For many first-time home buyers in Calgary, the big question is: Should I go for a fixed or variable mortgage?
- Fixed-rate mortgage: This option keeps interest rates steady throughout the term, which is fantastic for those who value stability.
- Variable-rate mortgage: With this choice, your rate can fluctuate with market changes, potentially leading to lower interest rates over time.
We are here to help you figure out which type aligns best with your financial comfort and long-term goals.
First Time Home Buyer Calgary Government Programs
Quite a few programs are designed to make your first home purchase easier and more budget-friendly. Let’s see them-
Home Buyers' Plan (HBP)
You can withdraw upto $35000 tax-free from your RRSP ($70000 if you are buying as a couple) to help with your down payment. Just remember, you will need to pay this back within 15 years.
First-Time Home Buyers’ Tax Credit
This federal tax credit gives eligible buyers a rebate of upto $1500, which can help cover legal fees and closing costs.
PEAK Program (Public Essential and Key Workers)
This program offers a grant of upto 5% of the purchase price for eligible essential workers, making it easier to manage those initial costs and down payments.
Attainable Homes Calgary Corporation (AHCC)
This initiative assists moderate-income buyers in purchasing homes through a shared equity model, allowing you to get started with as little as $2000 down. We are here to help you figure out which programs you qualify for and guide you through the application process.
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Let’s Make Your First Home in Calgary a Reality
While there is no perfect moment to buy a home, right now is a unique time for first time home buyers in Calgary:
- More homes available on the market mean better options for you
- Interest rates, although higher than the lows during the pandemic, are still competitive when you look at historical trends
- New buyer incentives and programs are making homeownership more accessible than ever
Whether you are just starting to explore your options or you are ready to get pre-approved, we are here to assist you. From accessing first-time home buyer incentives Calgary programs to finding the perfect mortgage fit, we provide everything you need to make your first home purchase simple. Book a call today to chat with us and take that exciting first step toward owning your dream home.
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Commonly Asked Questions
Pre-approval helps you understand your budget, lock in interest rates, strengthen your offer, and speed up the mortgage approval process.
- Purchase
- Refinance
- Renewal
- Private mortgage
- Reverse mortagge
- Pre approvals
- commercial mortgages
Programs like the Home Buyers' Plan, First-Time Home Buyers' Tax Credit, AHCC, and PEAK Program offer financial support. We help you access these programs easily.
The pre-approval process usually takes a few hours to a couple of days, depending on how quickly you provide the necessary documents. Working with our expert team ensures a smooth and fast process.