Alberta Military Mortgage Brokers
Calgary Military Mortgage Broker
Finding the right Mortgage can be stressful. This is especially true for Military & RCMP personnel. Our Military & RCMP experts make it QUICK and EASY. Whether you apply online or stop by, you get a real person who cares about getting your best mortgage.
We’re EXPERIENCED and, highly trained in providing the correct mortgage for your unique situation. And there’s no cost or obligation while we deal with the lenders and details for you. It’s a relationship for a lifetime of mortgage help — anywhere you are in Canada. Have some questions? We’re ready for that and look forward to providing you with all the answers.
Cold Lake Military Mortgage Broker
Military personnel should consider utilizing the services of Cold Lake military mortgage brokers due to their specialized understanding of the unique financial needs and circumstances of service members. These brokers are well-versed in the intricacies of military life, including deployments, frequent relocations, and the benefits available through programs such as VA loans. By working with a Cold Lake military mortgage broker, service members can access tailored advice and guidance to navigate the complexities of home buying while serving in the military. Additionally, these brokers often have established relationships with lenders who offer favorable terms and rates specifically designed for military borrowers, ensuring that service members can secure the best possible mortgage options to suit their needs.
Edmonton Military Mortgage Broker
Our experience will help you get pre-approved so you can go on your HHT (house hunting trip) confident in your ability to purchase the home you make an offer on. Being fully trained with the Brookfield Relocation Program so you won’t need to waste time trying to explain things like interest rate buy downs, post living differentials or posting allowances.
We realize that house hunting trips are short and often very stressful for the families involved. You need someone to communicate with so you can get quick answers to your questions and provide you with a mortgage approval in the fastest time possible.
Wainwright Military Mortgage Broker
Wainwright military mortgage brokers offer a level of expertise and support that goes beyond traditional mortgage brokers. They understand the challenges and uncertainties that military life can entail, and they are committed to providing personalized assistance to help service members achieve their homeownership goals. Whether it’s explaining the intricacies of discount mortgages, guiding through the process of securing financing during a deployment, or offering advice on purchasing a home in a new duty station, these brokers are dedicated to serving the unique needs of military personnel. By partnering with the Wainwright military mortgage broker, service members can benefit from a trusted ally who is knowledgeable, experienced, and committed to helping them make informed decisions about their financial future.
Why Choose a Mortgage Broker?
A mortgage broker acts as an intermediary between the borrower and the mortgage lenders.
His/her role is to find a mortgage loan according to the borrower’s needs.
They inform and guide their clients through all stages of the process (preparation, presentation, approval, and acceptance of a mortgage application).
Advantages of Working with a Mortgage Broker
A mortgage broker knows the range of mortgage products offered by lenders. He or she will find the mortgage that suits your objectives and your financial situation, considering the interest rate and the characteristics of the loan.
They save you valuable time. A mortgage broker negotiates a mortgage with institutions on your behalf, avoiding tedious and stressful procedures
He/she quickly obtains the information sought from lenders, which is not to be overlooked given the current shortage of resources.
You have access to a wider range of lenders (some only available through mortgage brokers).
The services of the mortgage broker are free of charge. They are paid by the lenders.
How to get Pre-approved for a Mortgage
Documents Needed to Complete a Mortgage Pre-Qualification
As mentioned earlier, the documents needed for a pre-qualification list are concise. Some documents verify your details, while others confirm the same during the pre-qualification. Your lender or broker is looking to confirm the details that you presented that were presented in your application.
| Document | Confirming | Reason |
|---|---|---|
| Paystub(s) | Income & Employment (Personal) | Understand the income/employment used to qualify for a mortgage. |
| Statement of Remuneration (T4s) | Income & Employment (Self-employed or Incorporated) | Understand the income/employment used to qualify for a mortgage for someone who is a sole or partial company owner. |
| Drivers Licence / Passport + 1 other | Identity. | Confirm identity and that the applicant’s and their name match as presented in the application. |
If you’re separated or divorced, you won’t be asked to provide your separation or divorce agreement (for spousal or child support).
However, your mortgage advisor will still need to confirm if you have any obligations to list as a part of your regular debt repayments. If you receive child or spousal support, you’ll need to add this to income, and primary proof may be required, such as a bank statement to show it’s being deposited into your bank account.
Documents Needed to Complete a Mortgage Pre-Approval
| Document | Confirming | Reason |
|---|---|---|
| Paystubs | Income | Understand the income/employment used to qualify for a mortgage. |
| Statement of Remuneration (T4s) | Bonus Income | Understand that bonus has been received in two consecutive years and use the average to qualify. |
| Letter of Employment (LoE) | Employment | Confirm the salary, time on post and job title, etc. |
| Notices of Assessments | Commission or Self-Employment Income | The 2-year average is used for qualifying income. |
| Financial Statements | Corporate Income | Confirm that your corporate income source makes enough revenue to duplicate your personal income used for qualification. |
| Corporation Income Tax Returns (T2s) | Corporate Income Taxes | Confirm no corporate taxes owing. |
| Business License | Registered Business Name | Confirm if a sole proprietor is registered under a name different than their personal name. |
| Business Account Statement(s) | Business Income | Confirm the duplication of employment income when clients are self-employed. |
| Separation Agreement | Spousal or Child Support | Confirm the income or obligations under the separation. It will require 2 months’ bank statements to confirm if income. |
| Universal Child Care Benefit Statement | Federal Child Tax Benefit | Confirm child tax benefit. It will require 2 months’ bank statements and birth certificates for children under a certain age who are the UCCB beneficiaries. |
| Drivers Licence / Passport + 1 other | Identity. | Confirm identity and that the applicant and their name match as presented in the application. |
Documents Needed For Mortgage
As with many stages of the homebuying process, you must submit several essential documents for the final mortgage approval to provide proof of finance. At this stage, the lender seeks to validate all details related to the borrower’s income(s), downpayment, closing costs, and the purchased property.
This is not an exhaustive list, these documents are needed in addition to those we listed for pre-approval documents:
| Document | Validate | Reason |
|---|---|---|
| Bank Account Statements | Incomes | Receipt of different incomes. |
| Business Account Statements | Business incomes | Receipt of self-employed incomes. |
| Savings Account Statements | Downpayment and closing costs. | 90-day validation of downpayment and closing costs. |
| Deposit Cheque Copy | Part of the downpayment was made to secure the purchase. | Deposit made to the lawyer’s trust (a third party to reduce the risk of fraud) as confirmation of the purchase undertaking. |
| Investment Statements | Downpayments and closing costs. | 90-day validation of |
What is the Mortgage Stress Test
Effective June 1, 2021, the Government of Canada introduced mortgage stress testing to protect lenders and borrowers from sudden increases in interest rates leading to excessive debt.
The stress test involves confirming that the borrower could pay the negotiated mortgage interest rate + 2% (for example, a 5-year fixed rate of 5.14% + 2% = 7.14%). All buyers must go through this process, except for those wishing to renew an insured mortgage by default.
What Fees Can I Expect other than Down Payment
There are several costs to anticipate when buying a property.
Inspection fees
Evaluation fees (sometimes required by institutions)
Notary fees
Title insurance (if necessary)
Moving expenses
Transfer tax (welcome tax)
9% QST on the mortgage insurance premium (if applicable)
Adjustment of municipal and school taxes (will be adjusted at the notary)
Why Use the Calgary Military Mortgage Broker
Calling the Calgary mortgage broker offers several advantages when seeking financing for a home purchase:
- Local Expertise: A Calgary mortgage broker possesses in-depth knowledge of the local housing market, including neighborhood trends, property values, and lending practices specific to the area. This expertise allows them to provide tailored advice and recommendations based on the unique characteristics of the Calgary market.
- Access to Local Lenders: Mortgage brokers in Calgary have established relationships with a network of local lenders, including banks, credit unions, and mortgage companies. These connections enable brokers to match borrowers with lenders who offer competitive rates and terms tailored to their financial needs and circumstances.
- Understanding of Provincial Regulations: Mortgage regulations and requirements can vary by province, and a Calgary mortgage broker is well-versed in the specific regulations governing the mortgage process in Alberta. They can guide borrowers through the intricacies of provincial regulations, ensuring compliance and a smooth transaction.
- Personalized Service: By calling a Calgary mortgage broker, borrowers receive personalized service and attention throughout the mortgage process. Brokers take the time to understand their clients’ financial goals and circumstances, offering tailored advice and solutions to meet their needs. This personalized approach fosters trust and confidence, helping borrowers navigate the complexities of obtaining a mortgage with ease.
- Convenience and Accessibility: Calling a Calgary mortgage broker provides convenience and accessibility for borrowers, allowing them to discuss their mortgage needs and ask questions from the comfort of their own home or office. Brokers are available to assist clients at their convenience, offering flexible appointment times and communication options to accommodate busy schedules.
In summary, calling a Calgary mortgage broker offers the advantages of local expertise, access to local lenders, understanding of provincial regulations, personalized service, and convenience. By leveraging these advantages, borrowers can receive expert guidance and support throughout the mortgage process, ultimately helping them achieve their homeownership goals in Calgary.
Call the Edmonton Military Mortgage Broker when Posted in or out of Edmonton
Contacting an Edmonton mortgage broker when relocating to the city offers numerous benefits tailored to your specific needs:
- Local Knowledge and Expertise: An Edmonton mortgage broker possesses in-depth knowledge of the local real estate market, including neighborhood trends, property values, and lending practices specific to Edmonton. Their expertise can help you navigate the intricacies of the local market and find the best mortgage options tailored to your preferences and financial situation.
- Access to Edmonton-based Lenders: Mortgage brokers in Edmonton have established relationships with a network of lenders operating in the city. These connections allow brokers to connect you with lenders who offer competitive rates and terms suitable for your needs. They can also help you explore specialized mortgage programs available in Edmonton.
- Understanding of Provincial Regulations: Mortgage regulations can vary by province, and an Edmonton mortgage broker is well-versed in the specific regulations governing the mortgage process in Alberta. They can guide you through the provincial requirements, ensuring compliance and a smooth transaction.
- Personalized Service and Support: By reaching out to an Edmonton mortgage broker, you’ll receive personalized service and support tailored to your unique circumstances. Brokers take the time to understand your financial goals and preferences, offering expert advice and solutions to meet your needs. They can also provide valuable insights and recommendations to help you make informed decisions about your mortgage.
- Convenience and Accessibility: Contacting an Edmonton mortgage broker provides convenience and accessibility, allowing you to discuss your mortgage options and ask questions from wherever you are. Brokers are available to assist you at your convenience, offering flexible appointment times and communication options to accommodate your schedule.
Overall, reaching out to an Edmonton mortgage broker when relocating to the city can streamline the homebuying process, provide valuable insights, and help you secure the best mortgage options available in Edmonton. Their local expertise, access to lenders, understanding of provincial regulations, personalized service, and convenience make them invaluable partners in your homeownership journey.
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