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Thinking of Buying in the Spring?

Red Deer Spring Pre-Approval

Get Prepared Now!

Thinking of Buying in the Spring? Start Preparing Now!
Are you thinking of purchasing property in 2018? Whether you’re looking to buy your very first home, upgrade to a new home or purchase an investment property, being prepared before the spring market hits can prove quite beneficial.
Your first step should be to talk to your mortgage broker about securing a rate hold for you – especially since rates are expected to continue to gradually rise. 
A rate hold is like having insurance on your mortgage rate – you no longer have to worry about mortgage rates increasing while you find your new home over the next 90-120 days. And if rates drop within that same period, so too will your secured rate.
Your mortgage broker can also look at your financials and determine the price range of homes you should be viewing. There’s nothing worse than falling in love with a property that’s beyond your means!
You may want to consider looking at properties ahead of the spring rush. There’s no doubt that spring and summer are the most popular times of year for purchases, but there are many perks associated with shopping in the off-season.
Consider the off-season
One of the main reasons to buy a property now is that there’s typically less competition than in warmer months. With fewer buyers in the market, homes don’t sell as quickly, and sellers are often more willing to negotiate on their asking price. They often need to move from the property in the near future, and you can use that to your advantage to get a favourable deal on a house that may otherwise be out of your price range during the peak selling seasons.
Lenders also usually have fewer mortgages to process and less paperwork to deal with in the off-season. With lenders less hassled, you can expect a smoother mortgage approval process, even with the new mortgage rules that came into effect this year. 
Viewing properties during the winter also allows you to see things that you may not have noticed during warmer months. For instance, drafts may be a sign that windows need replacing or that there are air leaks that may need to be sealed. If the house feels warm without the thermostat being set too high, it may be an indication that the home has good insulation.
Have questions about buying in the off-season or your mortgage options in general? Answers are just a phone call or email away!

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