Recent statistics show more people are turning to mortgage brokers when shopping to find the best home loans.
CALGARY, Aug. 15, 2013 /CNW/ - Alberta continues to be a great place to own a home, despite the recent floods. Recent statistics show that average home prices in Calgary increased from $422,139 last June to $442,529 in June 2013. Edmonton also showed gains in resale home prices with increases from $340,391 to $353,360.
Notably, the average price of a Calgary bungalow was $457,889 in the second quarter of 2013, up 5.9% over 2012 ($432,322). Bungalows in Edmonton rose 5.9%, with average bungalows costing $347,344.
Standard two storey homes showed bigger gains in Calgary, with average price rising 6.7% in the 2nd quarter ($453,789) over 2012 ($425,456). Edmonton saw modest gains of 2.2% - rising to $361,636.
As the prices of homes rise, consumers are shopping for better deals to make their mortgages more affordable. Recent statistics show that an increasing number of home buyers are seeking out mortgage brokers to arrange mortgages, renewals and home equity loans. Accredited Mortgage Professionals are independent, licensed mortgage specialists who essentially work for the client - not the lender. Borrowers who don't qualify at their banks usually have more success finding a lender through a mortgage broker with knowledge of lenders having more flexible requirements with hard to place mortgages including self employed, divorced, first time and new to Canada.
Jim Black, a mortgage broker in Lethbridge, explains: "Mortgage brokers analyze your financial position, risk tolerance and future goals to help you determine how much debt you are comfortable financing with a mortgage, taking into account all the closing and carrying costs. We then shop your loan across all lenders for the best product, term, rate and overall package for your needs. Generally we can negotiate better rates than consumers could get on their own."
As home prices rise and investing in a home becomes a more expensive prospect, it's important to understand other costs and factors surrounding a mortgage, and not just focus on interest rates. "The lowest rates may have more restrictions" says Jim. "It is important consumers understand the terms and conditions so their mortgage doesn't cost more in the long run."
SOURCE: WebMAD
Media Contact:
Jim Black
(403)-331-1327
http://www.mortgageloansalberta.ca
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