Purchasing a residential or commercial property can feel like you're in over your head, but with my expert help as a licensed Anmore mortgage broker, you'll feel at ease. I have extensive experience in helping borrowers (just like yourself!) secure a fantastic mortgage to purchase the property of their dreams.
It’s no secret that many borrowers require a mortgage when purchasing a residential or commercial property. Purchasing a property in Anmore is a HUGE investment – heck, it makes sense that most borrowers don’t have 100% of the funds to purchase upfront!
Purchasing a home or commercial property in Anmore can feel like a daunting undertaking – where do you begin?
With the help of an experienced licensed Anmore mortgage broker (such as myself!), you’ll confidently be on your way to purchasing an incredible property.
There are many factors to consider when purchasing a home in Anmore
Take a peek at some of these self-considerations for purchasing a property:
Do these questions make your brain feel a little fuzzy?
Don’t fret!
I’m a trusted licensed Anmore mortgage broker with countless success stories with helping borrowers just like yourself purchase their dream property.
With my extensive experience and expertise, you can rest assured that your mortgage journey in Anmore will be simple, transparent, and approachable.
Now, let’s break down some important considerations and factors for purchasing a property!
Generally, borrowers purchase property for common reasons:
Of course, as great as the benefits are of purchasing a home in Anmore, there are factors which should also be considered such as expenses for fixing appliances/roofs, shifting housing values/mortgage payments etc.
Chatting with myself (your licensed Anmore mortgage broker) is a GREAT way to learn whether purchasing a property is a financially sound investment for your unique borrowing situation.
Your down payment is the minimum required investment you are required to make when purchasing a property.
Many borrowers believe you’re required to provide a 20% down payment, but you aren’t!
With an insured mortgage, down payments of less than 20% are possible.
A down payment is required to mitigate lenders risk – if you’re unable to make your mortgage payments, a down payment provides a financial backing to lenders in the event of foreclosure.
If your down payment isn’t in the ideal zone (20% or more, an ‘uninsured’ or ‘conventional’ mortgage), it’s considered an ‘insured mortgage’.
In Canada, these are the down payment regulations based on purchase price:
In addition to a down payment for a property purchase, there are other costs which exist.
The upfront costs of purchasing a home are a large barrier to entering the housing market for many borrowers in Anmore.
With proper preparation and planning… your property purchase in Anmore is within reach!
Common Additional Closing Costs/Fees For Purchasing A Property In Anmore Are:
Did you know?
Most services through a licensed Anmore mortgage broker come at no cost to you (we get paid by the lender upon successful completion of a mortgage funding!)
In some special cases however, such as private lending or alternative B-lending, an additional fee may apply. We’ll disclose any costs involved upfront and with transparency.
You’ve probably heard that having great credit is the key to purchasing a property and being approved for an optimal mortgage in Anmore
And it’s true!
Your credit score is a direct reflection of how you handle your finances, payments, and your overall reliability for lending to.
A GREAT or EXCELLENT credit score helps position you as lower risk, while a low credit score alerts the lender that you may be less reliable for paying your mortgage on time.
Lenders assess credit scores and credit reports differently. Private lenders may be more apt to helping a borrower purchase a home even with a low credit score (but they often charge premiums to mitigate their risk of lending).
For more information on credit, checkout my tips in ‘credit 101’!
When purchasing a property, another key component your licensed Anmore mortgage broker and lender will assess are your debt ratios.
Debt ratios give us an insight into how much you owe vs. how much you have to give.
What are your assets compared to your liabilities?
What are your monthly expenses vs. your income?
Assessing these ratios gives us a better understanding of YOUR overall risk of borrowing, and helps us provide a pre-approval amount for how much you can afford.
Debt Which May Affect Your Purchasing Power In Anmore
Note: we assess your debt ratios not only to protect the lender, but to protect your best interests as well in the event of a shifting economy or job loss.
A highly recommended first step before you begin searching for the perfect property to purchase in Anmore is getting pre-approved for a mortgage.
During a mortgage pre-approval, a licensed Anmore mortgage broker (such as myself!) will learn about your mortgage story to determine your borrowing power and eligibility.
Some questions I may ask you during our introductory phone call are:
My questions will adapt depending on our conversation – one question may open us up to many more!
Each question and answer helps paint a clearer picture of your goals, and a more specific insight into which lender programs will be the most suitable.
Your personal information is fully respected, secured, and kept confidential. I never judge my clients regardless of what type of situation they are in and I always foster a comfortable, welcoming environment.
Give me a call to discuss your next purchase in Anmore – it’s free after all!
As a licensed Anmore mortgage broker, I work with most lenders and can negotiate amazing deals on your behalf.
If you LOVE your current bank I’ll do my best to secure a great mortgage deal through them… but if another mortgage solution exists which could save you MORE money, it may make sense to secure your mortgage through a different lender.
I’m Kyle Benzies (licensed Anmore mortgage broker); I have an incredible amount of experience helping seasoned homeowners and first time home buyers purchase property.
For a clear, simple mortgage experience, give me a call!
***other conditions may apply to anything listed above. The information provided on this page should NOT be implicitly relied upon, and may not be 100% up to date. It's best to contact us for the most current conditions/program offerings for first time buyers***