Source Mortgage

There are many reasons we sometimes work with Canadians buying homes outside of Alberta. Often, we’ll work with an Albertan who has an adult child who is moving to a new province, and the parents want to buy an apartment there, either for their own use (usually to visit grandchildren) or for their child’s use (perhaps they’re in university still). Alternatively, they may be financing a home for a parent in another province. https://goo.gl/294isI

If there’s one thing most people agree on, it’s that it can be frustrating paying rent every month and just letting that money seemingly vanish. Renting has lots of pros — you can get up and move quite easily, you aren’t responsible for appliances when things go wrong, there’s no down payment. But despite what most Canadians think, cheaper monthly payments is not one of the perks of renting. https://goo.gl/kzclpG

Did you know you can pay 5% down on owner-occupied homes even if you don’t live in the house year round? It’s true! A summer vacation home you only use a couple months each year, a cabin in the mountains you visit for just a week or two, an apartment in the city for the odd weekend— as long as the property is bought for your use and not for renting out, you can purchase it for just 5% down.  https://goo.gl/vtdvae

Why would Canadians buying a home outside of Alberta consider working with us? Well, sometimes these clients are Albertans who have bought a holiday home or cabin in another province. They spend most of their time here in AB, and they want to work with a mortgage company that’s conveniently located close to their primary home. Other times, we have clients who bought their first home with our help, and even though they’re moving to a new province, they’re still in Alberta for now, so they’d like to work with us again. https://goo.gl/P8IQlF

Remember that if you’re putting less than 20% down, you will need to pay mortgage insurance. If you need the new property to house your parent or kid, the insurance can be worth it. But, if you have 20% saved, you may want to use it to avoid the insurance payments. https://goo.gl/u65TWE

Renting to own is a great option for many Albertans. If a seller is willing to provide a tenant-buyer with the choice to rent to own, that’s great. But we recommend caution to both sellers and buyers. In particular, be careful of middlemen who report to make the rent-to-own process simple and stress free. While there are undoubtedly some great Canadian rent-to-own companies that are simply trying to help, some are scam artists who will disappear as soon as you’ve paid the fees. https://goo.gl/lQngko

Whether you’re buying a nearby apartment for an aging parent or helping out your son or daughter, as long as the property you’re buying will be owner occupied — that is lived in by you or a family member, you can purchase it with just 5% down. This is great news for rural families whose child is going away to the big city for university or for Calgarians whose kid is heading for Winnipeg, and we’ll tell you why. It gives you the rare opportunity to buy an investment, rental property at 5%. Simply buy the apartment for your student to live in for the four years they’re at university, and then, once they graduate, either sell the property or use it for revenue. https://goo.gl/ST3P5a

During the renting period, the tenant will pay rent but also contribute extra money towards the down payment. This extra money should, at the end of the leasing period, equal the 5% of the purchase price and serve as the down payment for the home. https://goo.gl/bjxmwt

All the time, we have Albertans who believe since they own one home, they’ll never be able to buy a property with just 5% down ever again. They’d like to buy a small apartment closer to their kids or a vacation home, but they just can’t afford the 20% down, and they think that’s the end of the story. It’s not! https://goo.gl/PNaI02

Who Can Benefit from Rent to Own? This sort of agreement makes a lot of sense for many Albertans. Perhaps you have a baby on the way and just got a great new job. While your employment history may not satisfy the needs of lender now, they will when your lease has finished and you have the option to buy your home. Similarly, Albertans whose credit isn’t as good as it could be will likely benefit from the lenient requirements of renting. Once the leasing period is done, you will still need a good credit score to qualify for financing, but the price of purchase will have been determined at the beginning of the lease, and you’ll have had the time your need to repair your credit score. https://goo.gl/vw7DG8

For young Albertans who have been struggling with the tough economy but want to buy a home, rent to own may be a great option. Rent to own, also known as lease to own or lease option, is a leasing agreement that provides the tenant with an exclusive opportunity to buy their home after a set amount of time. Read our blog to learn more! https://goo.gl/Xeh2Zk

If buying a house has always been something that you wanted to do, and you’re feeling financially and emotionally ready for the commitment; we’re ready to help. At the end of the day, we think homeownership is a wonderful goal, and as long as you’re going into this adventure because you want to, then we’re here to make your dreams a reality. https://goo.gl/tfxIoV

Sometimes the market is funny, and interest rates and housing prices will mean that buying is actually more affordable than renting. If purchasing an apartment or house is a better use of your housing dollars than renting, we will be right beside you helping you to find the best mortgage rates and features. If you’re buying purely for financial reasons, there are a lot of great mortgage features (like porting) that may greatly benefit you. Talk with our mortgage experts to learn more about what you want and need from your mortgage. https://goo.gl/Wx2eNC

Why do you want to buy your first home? There are many reasons that Canadians decided to purchase a house. One of our favourite reasons? You’re financially ready and you’re excited by the idea of owning. Wow! Just those words make us delighted. There are few things better than working with a young Albertan who has budgeted carefully, decided buying a home make financial sense for them, and is eager to talk with the experts who can help them accomplish this goal. If facing the challenges of home ownership (like being responsible when the roof leaks or the oven stops working) fills you with a sense of confidence and a willingness to succeed, then we are thrilled to be here to help you on your way to home ownership! https://goo.gl/SKGmH3

At Source Mortgage we enjoy working with Albertans and helping young Calgarians to buy their first home. But for us, our clients come first and foremost, and that means helping them to decide whether homeownership is really the best decision for them. If you want to work with friendly, mortgage experts who will put your needs above all else, come in to Source Mortgage today! https://goo.gl/w0DQHJ

Earlier this month, we wrote about five of the common bad reasons people have for wanting to buy a home. For the most part, those bad reasons have to do with pleasing other people or trying to meet some social expectation. Fortunately for us, we meet lots of young Albertans who are ready to buy their first house for all the right reasons! Here are some of our favourites! https://goo.gl/34dLCz

Previous generations of Canadians have all done well purchasing homes and investment properties, and that’s not necessarily out of reach for young Albertans today. But doing anything simply because you’re “supposed to”, isn’t a very good reason at all. If you love the freedom of renting, if the idea of being tied down to one house for at least five years doesn’t make you excited, then you don’t have to buy a house. You can rent for another few years or forever if you prefer. https://goo.gl/LLz0jz