I found a very interesting article in the REIN newsletter and I thought I would share it with you. 

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PROTECT YOUR MORTGAGE APPROVAL TIP 1 Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Small, explainable deposits are fine, but getting $10,000 from your parents as a gift in cash is not. Discuss the proper way to track your assets with your mortgage broker.

PROTECT YOUR MORTGAGE APPROVAL TIP 2 Don’t make any large purchases like a new car or a bunch of new furniture. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher ratios…higher ratios make for riskier loans…and sometimes qualified borrowers are no longer qualifying. This is also true about Buy Now Pay Later programs, even if you don't need to make a payment for a year, the bank still calculates a payment equal to 3% of balance, eg. $4000 appliance package = $120/mth payment

PROTECT YOUR MORTGAGE APPROVAL TIP 3 Don’t co-sign other loans for anyone. When you co-sign,...

REALTORS® Association 2013 Housing Forecast is bullish on Edmonton

Edmonton, January 9, 2013: The REALTORS® Association of Edmonton released their annual housing forecast today at a seminar at the Northlands Expo Centre attended by 700 REALTORS® and business people. President Darrell Cook forecast that the value of MLS® sales in 2013 will increase by about 3% for the year after sales of $7 billion in 2012. This is based on a three percent increase in the number of homes sold and increased prices. Cook expects that single family homes, duplexes and rowhouses will increase on average by 2% while the average price for condos will increase by one percent next year.

“We are positioned in the best economy in Canada and perhaps the world,” said Cook. “It is hard to make a restrained forecast when we have job growth, in-migration, low vacancy rates and continuing low interest rates.”

His remarks echoed the predictions of five other speakers at the seminar...

How Much Can You Afford?
Why is it so important to know how much you can afford to spend on a
home?
Two reasons.
First, you don't want to buy a property and then find out, only after you’ve
moved in, that you can't financially maintain it. That would mean having to
resell it under stressful conditions.
Second, you don't want to settle for a property that's less than ideal, when
you really could have afforded the "dream home" you've always wanted.
So how do you figure out how much you can afford to pay for your next
home?
The first step is to talk to a good REALTOR®. He or she will help you gain a
clearer understanding of how much your current home will likely sell for in
today's market. That amount, together with other financial resources you
might have (such as savings), will determine your down payment.
The next thing you’ll need to figure out is your mortgage. Your REALTOR®
can help you find a lender who will take a variety of factors into account –
income, credit...