Purchasing your first home can be an overwhelming and sometimes trying experience. It’s a decision you’ve thought long and hard about, and one we know you don’t take lightly.
With the help of an Urban Mortgage agent however, you’ll find the process is easier than you think. Let us find the best mortgage rates and products to suit your lifestyle.
As a first time home buyer, you can take advantage of many programs including:
- Home Buyers Plan
- Gifted Down Payments
- 100% financing
Learn More by Watching, Reading or Calling
To learn more about the process of purchasing your first home, watch the Buying a Home video below or read the 7 Steps to Purchasing Your New Home below.
Or if you would prefer to have one our friendly agents get you up to speed, you can count on Urban Mortgage to find you the best mortgage rates whether you’re in Calgary, Edmonton, or another Alberta center.
Do yourself and your wallet a favour. Call or apply today to save your money.
- Apply today
- Calgary mortgage broker: 403.274.6753
- Edmonton mortgage broker: 780.474.6753
- All Alberta contact numbers
Take a look at this video from CMHC.
7 Steps to Purchasing Your New Home
Moving through the following 7 steps to purchase your first home can be greatly streamlined with the expert help of Urban Mortgage and other professionals by your side.
Step 1: Get Pre-approved
A pre-approval is a must in the fast paced real estate market in Alberta. A mortgage pre-approval will determine the maximum amount you will be approved for. It will also hold the interest rate for you while you shop, ensuring that you receive the best mortgage rates possible when it comes time to make your offer.
Urban Mortgage pre-approvals generally take 2 business hours to complete, and give you the benefit of the best mortgage rates in Canada. You can even apply online.
Step 2: Arrange Your Down Payment
If you are taking advantage of the Home Buyers Plan, you should make sure that you have notified your financial advisor about your plans to purchase. You will then be required to fill out a T1036 form from Revenue Canada. Your financial advisor or tax office can supply you with this form. Receipt of your funds may take some time so it is important that you request your funds early on in your home buying process.
If your down payment is coming in the form of a “Gift,” you will be required to supply proof in the form of a letter that states who is gifting you the money and what it will be used for.
Step 3: Hire an Experienced Realtor
Having an experienced realtor guide you through this market can make the experience of purchasing your home a lot easier. An experienced realtor in Alberta will be able to help you find the home of your dreams while negotiating the best price for you. Urban Mortgage partners with some of the top real estate agents in Calgary and Edmonton.
Real Estate agents in Alberta can be found online or on the Real Estate Council of Alberta website www.reca.ca. You can also contact Urban Mortgage for a list of our recommended realtors.
Step 4: Hire a Home Inspector
Home inspectors are a great resource to ensure that your new home purchase is not only a house you get to live in but also a sound and safe investment. With a report from a home inspector, you will be able to see the full extent of any damages or deficiencies that may not be visible in your new home.
This report can also help you negotiate a better purchase price. Home inspectors can be found in the yellow pages or you can contact us for a list of the home inspectors in your city.
Step 5: Have All Your Documents Ready
From your mortgage approval to the purchase contract, there are many documents you will need to sign and provide to complete the transaction. Your Urban Mortgage agent will guide you on the exact documents you will need to obtain a mortgage commitment. Below is a list of the most common documents required:
- Employment Letter
- Most Recent pay stub
- Statements indicating where the down payment is coming from. In the case of a 5% down payment mortgage, lenders may require that you provide three
- months history on the down payment. With a 5% down payment, you will also be required to provide proof that you have 1.5% of the purchase price
- for closing costs.
- Purchase Contract and all amendments
- Void cheque
- Copy of drivers license and another piece of ID
Step 6: Hire a Real Estate Lawyer
A real estate lawyer can legally advise you on your rights as a buyer while guiding you through the purchase contract and mortgage documents. A good real estate lawyer will also be able to explain to you in simple language the legal jargon found in contracts.
Meet with your lawyer prior to your closing or possession date. Generally, your real estate lawyer will want to meet with you one month before your closing date. Whether you’re looking for a home in Calgary, Edmonton, or another Alberta center, contact Urban Mortgage for a list of lawyers in your area.
Step 7: Move In
You’ve found the house, you have your mortgage in place, and all conditions have been removed. It’s time to plan your move:
- If you plan on hiring a mover, now is the time to do so since movers book up very quickly.
- Give notice to your current landlord.
- Start the process of contacting your family members and creditors to provide them with your new address.
- Call your local utility companies to set up an account as well as informing them of your move in date.
Still Looking For More Help?
For more information, check out our Frequently Asked Questions page or contact one of our expert mortgage broker agents today:
