Home Purchase Mortgage
Find your perfect Mortgage with The Mortgage Girl.
What Is a Home Purchase Mortgage?
A Home Purchase Mortgage helps Albertans finance the purchase of a new home, even if you haven’t fully saved for a down payment. The Mortgage Girl provides expert guidance throughout the process, ensuring you understand your options, including flexible solutions like a Flex Down Mortgage, so you can move into your new home with confidence.
How Can Flexible Down Payment Options Help Me?
If you haven’t saved the full minimum 5% down payment, a Flex Down Mortgage allows you to borrow part or all of it from a credit card, personal line of credit, or personal loan. Keep in mind that along with your new mortgage payment, there will be an additional monthly payment to repay the borrowed funds. Reviewing your finances with a licensed broker can help determine whether this option is right for you.
When starting the process of buying a new home, there are several important things to be aware of.
Understand the home-buying process and talk to a Mortgage Broker about your options.
Gather financial documents and secure pre-approval for your mortgage loan.
Find an experienced Realtor and share your pre-approval details with them.
Explore Improvement Plus Mortgages for upgrades and ask your Broker for details.
Home Purchase Mortgage FAQ
Can I buy a home without a down payment in Alberta?
Yes, programs like a Flex Down Mortgage allow you to borrow part or all of your minimum 5% down payment. You will have an additional monthly payment to repay these borrowed funds.
What is a Flex Down Mortgage?
A Flex Down Mortgage lets first-time or experienced buyers borrow their down payment from a personal loan, line of credit, or credit card, giving more flexibility when purchasing a home.
What is a Purchase Plus Improvement Mortgage?
This program allows you to finance renovations or upgrades into your home mortgage, giving you funds to improve your new home right after purchase.
How long does mortgage pre-approval take?
In Alberta, pre-approval can often be completed within 24 to 72 hours, depending on how quickly financial documents are submitted and reviewed by lenders.
Do I need good credit to get a home purchase mortgage?
A strong credit score improves your chances of approval and better interest rates, but alternative mortgage solutions may be available depending on your overall financial profile.
Happy House Hunting!
The Mortgage Girl offers mortgage services across Alberta, including Edmonton, Gibbons, St. Albert, Sherwood Park, Thorsby, Millet, Leduc, Stony Plain, Spruce Grove, Fort Saskatchewan, and surrounding areas, with the ability to assist clients anywhere in Canada.