As a first-time home buyer or for someone who has not purchased a home in some time, obtaining a mortgage can be challenging. Your Calgary mortgage specialist or banker will be able to explain all the details but here is some information to get you started.

Obtaining a Mortgage

Your mortgage specialist, banker or broker will require financial statements to approve your mortgage application. The application process will proceed more smoothly if you have gathered and organized the following:

a. Letters of Employment – You are required to prove your employment status by obtaining a letter of employment from your employer.

b. Pay Stubs – Part of your proof of income comes from pay stubs. Keep 6 months of pay stubs to help prove your income level.

c. Gifts – Any money that has been gifted to you for the mortgage, down payment, etc.. needs to be established with a gift letter.

d. Last Two Years Income – Sometimes your mortgage broker/banker will need to establish an income level. It is a good idea to have your last two years of tax statements prepared.

e. Beacon Score – Know your own beacon score or credit rating. Your banker or mortgage broker will have to obtain this independently but it’s a good idea to know your credit score and what it means for your approval process.


Shop around

Each broker or bank can offer different mortgage rates and various options on your mortgage. If you are not in a hurry, then it is a good idea to shop around for the best mortgage for you.


First Payment

Your first mortgage payment is usually due one month after your possession date. You are not responsible for mortgage payments until such time as you have taken possession of the home.


Mortgage Terms:

This list details some common terms used by real estate agents and mortgage brokers and specialists. If you have any questions please contact Miranda.

[accordions id=”37664″]