When you purchase an Edmonton home, it is most likely one of the biggest financial decisions anyone will ever make. It’s a long-term commitment and finding the perfect mortgage can be exhausting. Mortgage Tailors is here to make the process as smooth and simple as possible so you can focus on the fun part of finding the perfect home. The most important thing to do is choose a mortgage product that meets your financial goals with a mortgage payment that you will be able to keep up with. There is nothing worse than feeling house poor and not having the funds to enjoy life. It is important to make sure you have a life outside your mortgage.
We’re here to help make that dream a reality.
What is a home purchase mortgage?
A mortgage to purchase a home in Edmonton or area is typically offered with some sort of fixed or variable interest rate. Typically, it is paid every month with a portion of the payment going to the principal amount and a portion going to pay interest to the bank. Over time, as the principal is paid down, the interest is calculated on a smaller balance so that future payments count more towards the principal rather than the interest charges. You can also choose to pay weekly, biweekly, or semi-monthly. Choosing frequent payment types allows you to pay down the mortgage a lot quicker thus saving you thousands in mortgage interest.
Variable Mortgage rates are based on the Bank of Canada Prime lending rate. As the prime lending rate changes so can your variable mortgage payments. These payments can either increase or decrease when there is a change in the prime rate. The Bank of Canada meets 8 times a year to discuss whether the Prime lending rate will remain the same, increase or decrease. Fixed mortgage rates are based on the bond market. As the bond market moves, this is what affects a change in fixed interest rates.
A home purchase mortgage is one of the most common forms of debt, and it is also one of the most advised. Home purchase mortgages come with lower interest rates than almost all other kinds of other debt. When you buy a home, you are investing in your financial future, like having a forced savings plan. The property you purchase will be one of the few items you will ever purchase that typically appreciate over time.
what we bring to the table:
Acquiring your ideal mortgage is not always a simple task. You will need to meet with banks and lenders, sharing all of your personal and financial information in the hopes that they will approve you for the funds you need at a reasonable rate and then guide you through the process.
When you work with me, I see you as more than just a client. I am dedicated to making every mortgage a relationship that will last a lifetime. I strive to provide top funding at the very best available interest rates and to make sure that my clients are never left in the dark about their mortgage details. We will continue to grow our relationship and guide you through my Mortgage Management System to make sure the mortgage product you choose is always getting you closer to your financial goals.
READY FOR a CHANGE?
I have developed a program that could help you pay off your mortgage in 16 years rather than the normal 25 – my Sweet 16 program. You just have to be willing to follow this proven system