Tyne & Nicole Gardiner

Direct: 403-986-0666 |


August 16th 2010


Buying a home is one of the most important financial decisions an individual will make. As with any major decision it is important to take full advantage of the information and training that Mortgage Brokers and Real Estate Agents offer to you as a Buyer. The home buying process usually can happen pretty fast; between your mortgage broker and real estate agent they can keep you on track during the process.

Before searching for your dream home it is important you review these Seven Steps to get you started:

Step One: Imagine Yourself as a Home Owner

Imagine living in your own home! A fenced yard for the kids and animals… a garage for your trucks and toys… Enough room for you and all your stuff… in a nice neighborhood.

Step Two: Know Your Credit

Your credit history is one of the first things a lender will look at in making a decision on your loan. Visit www.equifax.ca to obtain your credit report. Review it very carefully to make sure all the information is correct; if not you should contract the credit agencies to correct them immediately.

Step Three: Determine How Much You Have for a Down Payment

Saving up for a down payment is one of the biggest barriers to home ownership. Most lenders will allow a first time home buyer, as your self a little as three to five percent down. If you don’t have the five percent, some lenders are offering 5% “cash back” at closing to cover for your down payment. I have asked my mortgage associate Tracy Hall with Universal Mortgage Solutions to provide extra information about this special offer; please see attachment. 

Step Four: Choose the Right Lender for You

Bank VS Mortgage Broker


Loans officers that work for the bank are employees who work to sell mortgages organized by their employer. These loans officers take your application and search for a loan that suites your needs.

Mortgage Broker

A mortgage broker treats each client differently; a good mortgage broker will analyze each person’s credit situation to determine what lender would best suite their needs. A mortgage broker takes your application and shops around to different types of lenders to find the best rate possible.

Step Five: Get Pre-Approved First

Before working with a realtor it is important you get pre-approved first so you know what you can afford. Home sellers are more likely to accept an offer from a pre-approved buyer. Call Tracy Hall with Universal Mortgage to book an appointment to get the pre-approval started (or your local lender). Once your lender determines how much you will be pre-approved for this will give you an idea of how much of a down payment you will need. At this time you will have to decide what is a need and want. For example… you need three bedrooms… you want a fenced yard. Most lenders will provide this service free of charge.

Mortgage Approval Checklist


  • Employment Letter(s)
  • Pay stub(s)
  • T4’s for the two past years
  • “Notice of Assessments” for the two past years

Down Payment

  • Three months bank statements
  • Investment Statements
  • Three months RRSP Statements
  • Gift letter & Proof of gifted deposit

Step Six: Consider Using a Real Estate Associate

REALTORS® work on behalf of both sellers and buyers and bring valuable experience and knowledge to the transaction.

If you’re buying, the purchase of a home is probably the largest single investment you will ever make and if you are thinking of doing it alone, you may want to reconsider. All the details involved in the home buying process can be confusing. A REALTOR® has the time, resources and contacts to make the home buying process as trouble-free as possible. You can trust a REALTOR® to protect your interests and to look after the details.

·         A REALTOR® provides expertise. He/she can help you determine a price range you can afford and can suggest ways to obtain a down payment or explain alternative financing methods.

·         A REALTOR® is familiar with development and trends in real estate, as well as current real estate values, taxes, utility costs, municipal services and facilities and may be aware of local zoning changes that could affect your decision to buy.

·         A REALTOR® will be well-acquainted with the details of the neighborhood you may be considering, including the quality of schools, safety of the neighborhood, traffic volumes and more.

·         A REALTOR® will find you homes best suited to your needs – size, style, features, location and accessibility to schools, transportation, shopping or recreational facilities. With immediate access to homes as soon as they are put on the market, a REALTOR® can save you much time hunting for the perfect home.

·         A REALTOR® pledges to disclose property information and provide the facts needed to help you make one of the most important decisions of your life.

·         A REALTOR® can provide advice as to what personal and financial data to bring with you when you apply for a loan, and what other documents you will need to make the transaction run smoothly.

Canadian Real Estate Association (October 06, 2008) stated that “Why Should I Use a REALTOR” http://www.abrea.ab.ca/buyerSeller/working.htm

Step Seven: Get Educated on the Home Buying Process

The quickest and easiest way to get educated on the home buying process is to work with a lender and real estate associate that will look out for your very best interest.


 Tyne & Nicole Gardiner

Realty Executives Red Deer

(403) 986-0666 – Tyne & Nicole

Nicole@nicolegardiner.com – Email

www.TyneAndNicole.com  – Website

Tracy Hall

Universal Mortgage Solutions

(403) 358-4850 – Direct Line

(403) 342-2471 – Office

(403) 341-6303 – Fax

www.universalmtge.com– Website

tracy@universalmtge.com– Email

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The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.