Getting a Mortgage in Calgary AB – What You Need to Know
Whether a long time Calgary resident, newly arrived, or planning a big move to Stampede City you’re in the market for a new home. You’re off to a great start because you’re in the right place. Conditions are indeed quite favorable at the moment. That being said, you don’t want to enter into a new mortgage without doing some homework first. That’s where we come in. Our team is honored to serve as the great city’s mortgage ambassador for households and investors alike. So, before you take the next step towards securing that all-important loan, have a good look at the following.
4 Things You Need to be Aware of Now That You’re Considering a Mortgage in Calgary Alberta
1. The Economic Rebound and When to Act
The good news, is that the past couple of years are becoming just that, the past. National economists are vocal about Alberta’s economic rebound which is beginning right here in 2017. Oil is one of the reasons, but more importantly the province is seeing industry diversity leading the charge, with growth in agriculture, hospitality, commercial retail, and real estate. This diversity creates a sustainable economic model, which is quite possibly the first time the province can claim so, given the past single-reliance on the energy sector. With Calgary being central to all of these industries the economic forecast is in great shape. And you know as well as any, those that get in on the boom just before it happens are the ones to reap the future rewards. Act now.
2. Property Prices in Calgary Will Rise with Foreign Interest
When we stated “act now” above, we meant it. The cat is out of the bag, with big media hinting that Calgary is the next hot spot for foreign buyers. When the full wave of these buyers arrive they will drive up the prices of Calgary real estate, and the mortgages of those acting after the fact. Have you seen what happened in Vancouver BC? Imagine those who got in early, they cleaned up. You can do so too, here at home, but you will need to act here in 2017-18 to truly capitalize on what may be a once in a lifetime opportunity.
3. Where to Buy Within
To be honest, there is no bad place to buy in Calgary. However, some spots may suit your purchase needs. For instance, those seeking an income property will want to look to low buy-in developments close to the LRT and strip malls. Homes in the Albert Park/Radisson Heights area fit the category. Family units seeking a home and investment may look Northeast, towards Martindale, which has weathered the past economic storm with nary a fluctuation in price. The Northeast is also dotted by neighborhoods which are more conveniently located (to the city centre), including Castleridge, which is seeing growth in the way of new developments replacing older bungalow-styled homes. Then there’s the city centre’s Hillhurst, which everyone seems to be excited about given its proximity to the lively bustle of Calgary. Contact us for more advice on where you feel your investment best fits in.
4. A Broker Will Better Manage the Big Banks for You
Coming off of a tumultuous time has Calgary banks marketing mortgage rates that solve their own financial concerns, not yours. Simply put, don’t go to them directly. You need to bring in a non-bias party. Correction, a party that is biased on your behalf. No household or investor should seek a home loan in Calgary (or anywhere in Alberta) without a broker. A licensed broker with years if not decades of collective professional experience will have well-established ties with lenders. These relationships have allowed them access to discounted bulk rates with immediate savings that are passed down to you. These rates will not be advertised by local banks. Learn more about why you need to use a broker, and proceed to follow-up with Dan Heon at your earliest convenience.