Shopping for a mortgage - Continued

Q: What is pre-qualification?
A: This is the process, whereby a financial institution will approve the loan of monies for the home you want to purchase. You'll have a clear picture of your financial parameters and a maximum housing price (the mortgage amount plus your down payment). With pre-qualification, the institution verifies your income, debt and financial picture, and approves the loan subject to the favorable appraisal of the property you select.

Q: How do I find a mortgage?
A: Carl can assist in, by referring you to several established mortgage brokers. These individuals will work with you, to get you the best term and rate for your needs.

In addition, Carl offers the following suggestions for getting the most from your mortgage:

Aim for comfortability. Be sure to look at the whole picture. You may be able to stretch your qualification ratios (the ratio of your total mortgage payment to your total income). However, this will leave you spending most of your money on your home. You'll have little extra for enjoying a comfortable lifestyle.

Stick to your budget. If you haven't done so already, draw up a budget and sharpen you money saving skills. With a careful budget, you'll get the most home for your money withou strapping yourself while eliminating wasteful spending.

Pay off debts. Interest costs you money. If you have credit cards reduce the balances to zero.

Don't forget about closing costs. Besides your mortgage, you'll need to allocate funds for housing related items including lawyers, appraisals, taxes and insurance.

Compare. It's well worth the effort to shop for a mortgage. In the long run, this could save you thousands.

Carl offers you a FREE consultation regarding your financial ability to purchase or refinance a home. Carl represents over 10 lenders with 100 different programs to provide you with superior service for all your mortgage needs.

Over the phone or in person? Carl will review the entire process with you.


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Carl Bretzlaff, RE/MAX Real Estate (Edmonton North Branch)
#102 12650 - 151 Avenue NW, Edmonton, Alberta T5X 0A1
Tel: (780)457-3777 Fax: (780)457-2194
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