Making and saving money is important if you want to have funds for your hobbies, like scuba diving. If you want to buy a home in Alberta for example, your first step will be to get pre-approved for a mortgage so that you don't have to make your offer on a home conditional on finding financing. This gives you an edge over other buyers and gives you peace of mind because you'll know that your home purchase won't fall through at the last minute. If you've never applied for a mortgage before or if you think you need some advice on how to get a better deal, you should find this article helpful. If you have other questions, is the perfect mortgage broker to speak to for clear and concise answers.

If you can, start preparing for your mortgage application several months or even years in advance by making sure your credit rating is as good as it can be. Get a copy of your credit report from Transunion or Equifax to see where your starting point is. Then make a concerted effort to make yourself more appealing to banks. Avoid applying for more credit in the run up to your mortgage application. Pay all of your bills on time and try not to carry large balances on your credit card. Make sure you have a steady job and that you are living within your means. A large down payment (20% or more of the purchase price of the home) will also help to convince banks that you are a safe bet for a loan, so start saving early.

The key to getting a great deal on a mortgage is to shop around. There are many banks and lenders that offer mortgages. Don't limit yourself to applying only at the bank where you currently have your chequing and savings accounts. When banks know they are competing against one another, they may be willing to give you a better deal, so if you get an offer from one bank, take it to the next bank and see if they will improve on it. Your goal is to get an interest rate as close to prime as possible. Be aware that you will likely not get the prime rate unless you are wealthy and have an impeccable credit history. It is simple really, the more money you can free up the more money you have to pursue your hobbies and interests.

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