7) Mortgage
Mortgages Are the Most Complex Part
The most important part of your closing is coordinating your financing and about 90 days before closing, you want to start working on your mortgage. Securing financing is the most nerve-wracking part of buying real estate, and I’ve seen many people scrambling at the last minute to secure financing. Delays in funding a mortgage are by far the most common reason that buyers cannot close on time - don’t let this be you!
NOTE: On a rental property in Canada, are you are required to have a minimum 20% down-payment to qualify for a mortgage.
This means that if you put down a:
5% deposit→ you need an extra 15% at closing
10% deposit→ you need an extra 10% at closing
15% deposit→ you need an extra 5% at closing
20% deposit→ you don’t need anything more
Use Experienced Professionals
It may be tempting to use a friend or family member for your mortgage but I have seen this go wrong countless times. To fund a Calgary mortgage, a mortgage broker must be licensed in Alberta - use a trusted professional that is experienced in funding pre-construction properties to ensure a smooth process!
I work with incredible mortgage brokers that closed countless Calgary deals for my clients and have access to a wide variety of financing options for your needs:
Top 5 A Banks (Scotia, RBC, TD, BMO, CIBC)
B Lenders
Private Financing
Halal Mortgages
Non-Resident Funding
High-Net Worth Qualification
