I'm a first time home buyer... I need to ask you anything - Page 2 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

VladtheImpaler · 04-07-2009, 08:20 AM

Quote:

Originally Posted by Jayems

Thanks for all the tips, much appreciated. As far as I know, we'll be using my fiancee's uncle as a realtor. I have absolutely 100% faith he'll do a stand up job, as he's been doing it his entire life. But, if anyone wanted to PM me details to someone they'd recommend, that too would be appreciated, just in case. Thanks again.

DO NOT USE a friend or a relative as your realtor. If it's one tip you take out of this...

fredr123 · 04-07-2009, 08:22 AM

We bought at the height of the real estate boom here in Calgary. Aside from that unpleasantness, I took away two things from the experience that I'll carry with me for next time:

1. Getting a good real estate agent is key. We used someone recommended by your mortgage broker (who was awesome, btw). She didn't seem to be interested in helping us find what we were looking for. We felt like an inconvenience to her. We broke up with her (and it did feel like ending a dysfunctional relationship) and found someone who was a lot more like us and seemed to have a good handle on what we wanted/needed.

2. All the other costs and expenses after you close the deal. Yeah, we knew about CMHC fees and other closing costs, but as others mentioned there are a lot of things that you'll probably want to upgrade or change right away. For us, as first time homeowners, there were a lot of other things that we never had to worry about before. Snow shovels, step ladders, etc. Some of it is small stuff but it all adds up. We also spent a bunch right away painting and fixing stuff that got messed up when the old owners moved out. Just make sure you have room in your budget for all that stuff.

troutman · 04-07-2009, 08:52 AM

+1 on getting the right realtor

Consult with a lender early in the process

PM sent

mykalberta · 04-07-2009, 09:09 AM

I cant give much advise as per a home as I was looking for a Condo closer to the core so I could walk to work. (Just to confirm, I already own a condo, this is just my thoughts/observations from the ordeal from back in 2005).

For me, this is what I found to be very imporant.

1: Realator. I got a realtor that I have to say was great. After the first 2 times of going out at looking, she knew what I wanted and I never saw another "dump" again. After that it was more about location vs price etc.

2: Get a fixed interest rate mortgage. I love the security or knowing my monthly payment wont be changing for a long time (10 year, 5.15 fixed)

3: For Mortgages, I went through PC financial, they had the best rate but were akward to deal with as you had to play phone/fax/email tag with them. I am happy with my rate, but I dont know if I would use them again. They gave me a 90 day fix from when I was approved which gave me plenty of time to look.

Congrats on getting married and your first house.

Boblobla · 04-07-2009, 11:06 AM

I sent you a PM

GrrlGoalie33 · 04-07-2009, 11:45 AM

Realtor is HUGE. Our realtor was awful (we didn't really know any better). We could have wound up with a house that we liked much more if we had a better realtor.

Jayems · 04-07-2009, 12:13 PM

So I just got off the phone with the banker, and she says that she can lock us in to a closed rate of 3.3% for 5 years. What's that looking like? Pretty good so far?

albertGQ · 04-07-2009, 12:38 PM

Quote:

Originally Posted by Jayems

So I just got off the phone with the banker, and she says that she can lock us in to a closed rate of 3.3% for 5 years. What's that looking like? Pretty good so far?

Wow. That is really good.

Hey Oxlong! You see that? I want a rate like that!!!

Boblobla · 04-07-2009, 12:39 PM

Quote:

Originally Posted by albertGQ

Wow. That is really good.

Hey Oxlong! You see that? I want a rate like that!!!

Yeah, me too.

ken0042 · 04-07-2009, 12:40 PM

Just to be clear, did they also say "fixed rate"?

I won't pretend to know everything about mortgages, but that looks like a floating rate.

Jayems · 04-07-2009, 12:43 PM

Well, she said 3 things. One was a variable open and closed? The other was a fixed.

But I specifically asked: So I can lock in for 5 years at 3.3% and she said yes.

Am I missing something here?

She gave me 3 rates:

3.3% Closed
3.5% Open
and 4.5% Fixed

Am I getting that right? I assumed the 3.3% was variable and could go up on us at any time.

jar_e · 04-07-2009, 12:46 PM

Stay in the NW than I can swing by from work and annoy you.

Boblobla · 04-07-2009, 12:47 PM

AH, that sounds better. 4.5% sounds high, I know I was pre-approved at 4.15% and I have heard that 4.09% is what you can get now. That is why I am an advocate of the Mortgage Broker. I hate dealing with banks, so much, I always feel like I am being taken advantage of.

Jayems · 04-07-2009, 12:49 PM

So I just got really excited for no reason, basically? 3.3% fixed for 5 years is a pipe dream?

lol jar. so many things I want to say, but I'll keep it until tonight.

jar_e · 04-07-2009, 12:50 PM

Quote:

Originally Posted by Jayems

So I just got really excited for no reason, basically? 3.3% fixed for 5 years is a pipe dream?

lol jar. so many things I want to say, but I'll keep it until tonight.

In all seriousness though talk to me about it tonight and I can give you some info re: those communities.

Boblobla · 04-07-2009, 12:50 PM

Is that a rabbit in your avatar?

Jayems · 04-07-2009, 12:51 PM

Yes. and he' munching on some yummy cookies. I have no idea where it came from.

albertGQ · 04-07-2009, 01:04 PM

Quote:

Originally Posted by Jayems

Well, she said 3 things. One was a variable open and closed? The other was a fixed.

But I specifically asked: So I can lock in for 5 years at 3.3% and she said yes.

Am I missing something here?

She gave me 3 rates:

3.3% Closed
3.5% Open
and 4.5% Fixed

Am I getting that right? I assumed the 3.3% was variable and could go up on us at any time.

This is what we offer

P+0.80% on our variable closed
P+1.50% on our variable open
3.95% on our five year fixed closed

Jayems · 04-07-2009, 01:06 PM

Ok. Whats the difference between a variable closed and variable open?

Total rook, sorry.

mrdeeds · 04-07-2009, 01:10 PM

Quote:

Originally Posted by Frankster

Realtor is HUGE. Our realtor was awful (we didn't really know any better). We could have wound up with a house that we liked much more if we had a better realtor.

I completely agree. We went with a family friend whom my wife used to babysit for. It wasn't a disaster, but she was only interested in making a sale instead of looking out for us. This is someone we thought we knew for crying out loud.