How does the mortgage system work when looking to buy a property in Banff/Canmore?
When you are looking for a mortgage the bank will first look at how much you are currently earning. You will generally have to show them your last years income and tax statements. Then they will look at how much you have to put down. If you are a first time home buyer you can put as little as 5% down. If you owe big money on loans and credit cards it could be harder to get a mortgage. Property in this area isn’t cheap. Go see a Real Estate agent in the area to see the local property on the market. When you are in negotiations on a price and conditions to buy a place, you will need a lawyer. This process generally costs about $1000- $1500 when all is said and done. So add that to your total deposit cost. Good Luck!
