Buying in 2011 - What to do BEFORE mortgage rules change in Calgary

If you are thinking of purchasing a home in 2011 you need to take some crucial steps to make qualifying easier for you and ensure that you get an excellent interest rate. IT WILL BE EASIER TO QUALIFY IN THE FIRST 3 MONTHS OF 2011.

1. GET A RATE HOLD THROUGH A LICENSED MORTGAGE BROKER


**Very important first step, this will lock in an interest rate for you lasting 120 days. This means if interest rates increase during this rate hold period (which is expected to take place), your rate will stay at the lower amount you locked in. Using a mortgage broker instead of a bank also provides you with a greater number of lending options. Getting a rate hold also COSTS YOU NOTHING!

2. GET AN IDEA OF WHATS OUT THERE


- Now is an excellent time for prospective buyers in Calgary, especially first time buyers. There is a high amount of inventory on the market, so start seeing what is available to you.

**If you want to take advantage of the extra 5 year amortization (35 years) before the rules change (March 18, 2011) and make qualifying easier for yourself, then look to placing an offer on a home before this date**

3. ACT AS QUICKLY AS YOU CAN


- This applies especially to getting a rate hold, once this is complete you will have some time (before March) to search for your perfect place. In real estate it is never wise to rush into a purchasing decision, that's why it is very important to start the process early so you can make informed decisions along the way


If you have any questions regarding the new mortgage rules or about purchasing a condo or single family home, feel free to contact me at 403 554 7779 or by email asheton@calgaryrealtyteam.com. and
GOOD LUCK!
Asheton Coultman
Realtor
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