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What is the GDP And How Is It Calculated!!

November 16, 2018
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We have all heard about the GDP however do we know what is or for that matter what it stands for?  GDP stand for Gross Domestic Product and is used to gauge the health of a specific region.  I tis the total dollar value of the regions goods and services.

GDP is calculated by adding up what everyone earned during a specific and time and what they spent.  These two should add up to about the same for that time frame.  It is the total dollar value of everything produced as well.  It is very important to know what the GDP is for the time frame in question as it helps to know how the economy is flourishing or not flourishing and what steps need to be taken to adjust for the result.

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Interest rates are still good!

October 24, 2018
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With interest rates consistently climbing there is a lot of talk about the cost of borrowing. Although interest rates have gone up and seem to be continuing in that direction rates are still quite good! It is still a great time to buy.

As an example back in January of this year you would have been able to get a 5 year closed term at 2.99% currently you are looking at around 3.44% for the same term. On a $300000 mortgage back in January your monthly payment would have been approximately $1410. At today’s rate the same mortgage comes with a payment of $1474 per month. So really quite a small increase. Taking into account that we are in a buyers’ market and that the list price of a house is quite possibly lower now than it was in January the difference could actually be nothing. Overall it’s a good idea to speak with the professionals and get the right advice. These professionals would be Mortgage professionals Brenda MacKay and Jessica Bartolf here at Mortgage Alliance Advance Mortgage and one of our trusted realtors that we would be happy to recommend to you.

Give us a call to secure your rate and have any questions you have answered! 403-347-0774


Jessica Bartolf

Mortgage Associate

Mortgage Alliance Advance Mortgage

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Terminology Tuesday – Are You Realty Pre-Approved? BEWARE ofAds That Say “Get Instant Pre Approval 24/7 – Why? Read and Find Out!!

October 2, 2018
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There are many ads out there right now that are telling people to get Instantly Pre-Approved anytime, any day!!!  BEWARE, those ads are very misleading and can be very frustrating as well when you do to buy a house and find out the pre approval you have was just a pre qualification based on no information supplied to back up your application.

A real pre-approval, or at least as best as you can really get if you have not placed an offer yet, is based on supplying the income documentation that will back-up your income type and also a credit check is done.  From that a Mortgage Broker will advise you meet to discuss your situation, check the documents you have that confirm your income and then actually going over your income to debt ratios based on that information.

I true approval however is when you have actually placed an offer and then and only then does the full file go to the lender and then if required to the insurer to get full approval.  These ads are very scary and also again misleading!!!  I urge you to contact us at Advance Mortgage to get the REAL Pre Approval and Approval!!!

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Terminology Tuesday – FCT – Who Are They and What Role Do They Play In The Mortgage Process

September 25, 2018
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FCT – First Canadian Title is a refinance program lenders use when a client is refinancing or transferring their mortgage in order to deliver improved service and heightened customer satisfaction.

This one-stop solution helps lenders complete refinancing or mortgage transfers easily and efficiently.  They take care of all required searches, documentation, funding and reporting.

With a quick turnaround time and a competitive fixed price, The FCT Refinance Program eliminates guesswork and unpleasant surprises for borrowers.  It includes a title insurance lender policy that protects your investments from title related risks.  Canada’s top banks, national lending institutions and credit unions use the FCT Refinance Program for smooth, secure transactions.

Call Brenda or Jessica at advance Mortgage for full details 403-347-0774

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Do You Really Have a Pre-Approval

September 21, 2018
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In light of misinformation we see being given from time to time we want to shed some light on the issue of pre approvals. We have met with many homebuyers who come to us after visiting the bank. They will tell us they had a pre-approval but when they went to purchase a home they were somehow no longer approved. We see this far too often and it is very difficult on the homebuyers and everyone else involved.

If you visited a bank or other mortgage professional and filled in an application but did not provide any documentation to verify income or personal information then the integrity of your pre-approval has to come in to question. The reason for this is because determining a homebuyer’s personal information is not always so simple. There are many rules we have to follow when qualifying a homebuyer and we don’t expect homebuyers to know all of these rules. For example what someone claims to earn in income is not always the same number we are allowed to use in qualifying. Different rules apply for different situations as far as what we can use to qualify. For this reason on any pre approval we always review documentation, especially income documentation. We want to ensure your pre- approval has a solid foundation and you don’t get any surprises after the fact!

A pre-approval is only meant to provide homebuyers with a good idea of what they can qualify for. Once you have an accepted offer on a home then we seek out a formal approval with the chosen lender. For any questions please give us a call at 403-347-0774

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Terminology Tuesday – Your Third Stop On Your Road To A Successful Real Estate Experience – The Property Inspector!

September 11, 2018
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Why do you need to use a Property Inspector and what do they do!!! Most realtors will advise you have your property inspected as there could be issues with the property that only a fully trained professional inspector will find or even know where to look. There will always be wear and tear with an existing home, that we expect and understand. Although the inspector will address those, the real ones to be concerned are major relating to but not limited to electrical, plumbing, structure, leaks, drainage, roofs, and so on. Your inspector will be in the property for about 4 hours and will do a thorough exam from top to bottom and then go over that report with you to explain. It is imperative you use an inspector, ask your realtor to refer one to you as they are your best avenue in that they know the best ones!!! Not using one could incur huge costs down the road if there are issues that could have been addressed at purchase time. Lots of times there will be negotiating done to facilitate any costs relating to any repair that may need to be done if something is found as a problem

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Terminology Tuesday – 2nd Stop On Your Road To A Successful Real Estate Experience – The Realtor

August 10, 2018
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2nd Stop – The Realtor!!!

How important is the Realtor in this process! Really, they are very important and one of the professionals you should never go without. When buying a realtor does not cost you anything, in fact they can save you a lot of not only money but headache as well. To be honest, how many of us really know how to put in place all of the steps needed in order to complete on a huge investment like real estate? I for one would never go without using a realtor and I am in the industry.

How do they help:
Writing up the offer to purchase and presenting to the sellers realtor
Negotiating the price and other terms for you
Setting times for financing dates, property inspection dates that meet the requirements for the lender and the inspector
many properties require permits, inspections for wells, septic, easements, on and on it goes

these are just a few and believer there are many more. The need for the use of The Realtor is huge, we can help you find the right one as well

So, now you have the First Two Professionals you need on your road to a successful experience!!!

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Terminology Tuesday – The First Stop On Your Road To A Successful Real Estate Experience – The Mortgage Broker!

August 1, 2018
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Our New Series on The Professionals you need to ensure a successful real estate experience has begun!!!!

The first professional you need to see is The Mortgage Broker – you need a pre approval first in order to determine what you can qualify for, if you can qualify and what are the steps to get the approval done!!! Remember however pre approvals are just that “PRE” and don’t necessarily ensure you get an approval. To get a full approval you need to not only have your income and debt ratios complete along with the credit check, you also need to have an actual offer in on a property. That comes later though because at this point you need to have a good idea that you can even put an offer in.

So, step 1 is to set an appointment with us, we will go over your income, debts, credit report and give you a very good idea if you are ready and set to go forward with the purchase. Jessica and myself will always ask you to bring in as much income information as you can that pertains you situation, we will put your application onto our mortgage system, go over the credit report with you and go over the entire process with you. At this time as well we will enter into your application the potential purchase price that you are looking for, relate that to the monthly payment you will have so you can better understand how those connect to each other. This is very important so you know based on what you would like to spend for a home you can also see what the payment is per month to feel comfortable with that as well.

Now, you are either set to go to Step Two – The Realtor- or we need to advise and go over with you what steps need to be taken first in order to ensure a successful purchase. STAY TUNED – STOP #2 NEXT WEEK!!! THE REALTOR!
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Terminology Tuesday- Who Are The Professionals You Need On Your Team To Ensure A Successful Real Estate Experience!

July 24, 2018
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This is a very important topic and one we will be addressing over the next few weeks in a series that will help you to understand who you need and why. We will pick one professional each week and explain who they are, why they are important and what they do. I hope you will enjoy this series as we believe everyone needs each of these professionals to assist them along the way.

So, stay tuned and we hope it will be helpful!!

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Conditions Have Been Met – What Happens Now!!!

July 13, 2018
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Things are moving along, you have placed your offer, your mortgage is all approved, now what. Now is the relax time, enjoy the great thoughts about moving into your home. The paperwork is done for now.

The next step is signing the legal mortgage documents at the lawyer. About 7-10 days prior to possession day your lawyer will call you to set an appointment to sign the legal documents which must be done at least 3-4 days prior to possession. They will advise you to bring in a bank draft or certified cheque for the amount of the rest of the down payment and all closing costs which will include but not limited to the lawyer fee, pro-rated property taxes if applicable, title insurance etc. You also need to be sure you have sent to your lawyer proof of fire insurance as the lawyer can not release the funds unless fire insurance is in place as at closing. After that it is a wait time for possession at which time the lawyer will receive the funds from the lender, send over to the sellers lawyer who at that time, once received, will release the keys to the client or the client’s realtor. Now, you move and ENJOY!!!
Why use a Mortgage Broker, Which Mortgage Broker to use, When use a Mortgage Broker, credit advice, first time home buyers, home equity lines of credit, loans, second home purchases, acreage financing!!!

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