If you are considering applying for a mortgage in the near future, this may be of interest to you.

 There are a number of factors to consider, so many in fact, that it may be wise to consult with a Calgary mortgage broker. Traditionally, in the past, you may have only talked to one of Canada's Big 6 financial institutions as a lender and source of advice. Your Calgary mortgage broker can offer you many more options.

As a consumer, it is vital that you take steps to educate yourself. Your Calgary mortgage broker can walk you through the process. A mortgage is likeliest one of the biggest expenses that you will make in your lifetime.

A good starting point is to honestly evaluate your needs, separating them for your "wants". It will be helpful to establish a list of your priorities, being reasonable in your expectations. Your Calgary mortgage broker can help you determine the debt ratio that you can safely manage. This is similar to being pre-approved for a mortgage. In a tight market, when supply is limited and demand is high, multiple offers may be made for the same property and transactions may be time sensitive. Knowing in advance how much debt you can take on will help avoid disappointment.Why waste time looking at properties that may be out of your price range?

Donot forget to factor in the projected cost of utility bills and hook-ups, annual maintenance costs and condo fees if applicable. Calculate hidden costs such as legal fees, land title fees, property taxes, G.S.T. and other expenses. Your Calgary mortgage broker can assist you with making a realistic budget.

For existing homes on the market, it is recommended and prudent to consider getting a home inspection performed with the sale contingent on the findings.

When applying for a mortgage, the existing debt load that you carry will determine the amount of mortgage that you qualify for. Consult your Calgary mortgage broker for advice about qualifying for a mortgage. Many consumers already have a large amount of unsecured credit. They carry exorbitant balances on their credit cards. Many treat their credit cards as a form of long-term financing, often making only the minimal required monthly payments. The trend of consumers to take on even more debt is troubling. At a time when consumers should be curtailing unnecessary spending and attempting to reduce their debts, credit companies are offering to increase spending limits, luring them to spend even more.

Your Calgary mortgage broker is a source of financial guidance as you anticipate opting into today's housing market.