Alberta homebuying

A typical Alberta homeowner pays over $3,500 annually in private mortgage insurance (PMI) when purchasing property with less than 20% upfront. This extra cost often catches buyers off guard, adding financial pressure during an already complex process. PMI becomes mandatory for most conventional loans when the down payment falls below one-fifth of the home's value. For a $400,000 property, that translates...

When purchasing property in Alberta, many buyers rely on financial support from family members. A formal document called a gift letter becomes essential here. It confirms that funds provided for a down payment are not loans requiring repayment. Lenders demand this paperwork to ensure compliance with mortgage regulations. Why does this matter? Without proper documentation, banks may question the source of...