Many are Renting, or Living at home with Parents, Some are Newly-Wed and Ready to Get a Place of Their Own.
Many are also new to Calgary or simply upsizing. Either way, things can get confusing.
Home-buyers are usually looking for good mortgage rates, house prices, sometimes with “mortgage helpers” like basement suites, or just a worthwhile investment for their future.
We spoke with Calgary Real Estate expert Ali Mawani to get some answers.
“People Need to Watch Out”
Ali spoke of some red flags for buyers to watch out for:
From Ali, “Trust is very important in this industry, people need to watch out for things like overpriced properties & major unforeseen issues, such as grow-ops, bad resale values, and condos in bad financial positions”.
“The realtor may not tell you about these things, it’s good to have a healthy skepticism and be sure the person you hire has a good reputation”.
Ali also gave us some great advice on which areas of Calgary are underpriced and set to appreciate.
Smart to Get Pre-Approved First
Ali recommends that before people go house-shopping, it would be smart to get pre-approved for a mortgage first, so you know what is available to you.
From Ali, "People have so many questions related to mortgages, and unless they get in touch with someone who is willing to come up with creative mortgage solutions, they will get the same old answers".
Some Common Mortgage Questions are:
When should I Get Pre-Approved for a Mortgage?
How long does Pre-Approval Last?
How do I get the Best Interest Rate?
What about Poor Credit?
What are the Mortgage Rules?
What is an Unconventional Mortgage?
What are the Qualifying Factors?
How much can I Qualify for?
Can I do it online?
Yes, you can start the process online and even send documentation via email so you can get set up without an in-person meeting.
Ali Mawani specializes in foreclosure prevention, bankruptcies, legal real estate solutions, and creative mortgage qualifications, he has been interviewed on CBC Radio Calgary and continues to provide Real Estate Services and Education to Calgarians.