Common questions answered.
We’re dedicated to helping our customers. That’s why we’ve answered the most frequent homebuyer questions to help you on your journey to homeownership.
When you visit an Excel Homes Sales Centre you can expect to meet the Sales Team, browse our showhomes, have a look at all available models, and learn more about the community.
How much you can afford will depend on a variety of factors including your income, your down payment, your existing debt, and your credit score. With the introduction of the new mortgage rules it’s important to note that regardless of your down payment amount, the bank will stress test you at 2% higher than the interest rate you sign at.
While both owning and renting have their perks, there are some definite positives to consider when you own: Every month that you make your monthly mortgage payment, you can rest easy knowing your hard earned money is going towards something that is yours and not owned by someone else. Owning a home is an investment in yourself and your future. Real estate tends to appreciate with time, which means in 5-10 years you’ll have made money off of your home simply just by buying and living in it, creating equity. Being a homeowner helps to create a sense of pride in where you live, and encourages you to get to know your neighbours and become involved within the community.
Qualifying for a mortgage is easier than you might think. Often times, it is best to get pre-approved before you start your home search to ensure you are looking at the right product segment. If interest rates are low this will also allow you to lock in the rate while you are looking. Here’s what you can expect when you begin the process:
- Fill out a mortgage application. This is not a binding contract, it just helps your lender to pre-qualify you in regard to how much you qualify for for your mortgage amount. Expect to be asked questions regarding your income, your assets, and your debt load.
- Your lender will ask for proof of documentation from you, the buyer. This will include such things as: proof of down payment, proof of income, income tax receipts, and information on any debt you may have.
- Once your lender has assessed your situation and has pre-qualified you, they will help to point you towards the best mortgage product that suits your needs.
- You can begin house hunting! Having a price range/budget when you start shopping will prove to be a huge help and will help to move the process around smoothly and quickly.
No, you do not need a home inspection when you buy a new home from Excel. All of our homes are inspected numerous times throughout the building process and once again at the end of the build period.
This varies depending on the community where you live. Some neighbourhoods have Homeowner Associations, while others do not. An HOA forms a board that helps to take care of and maintain the community. To name a few: they ensure everyone’s yards are well kept, host community BBQ’s, and plant flowers throughout the neighbourhood. Communities with Homeowner’s Associations must pay an HOA fee. The fee can range from $20 to a couple of hundred dollars a month. This payment is non-negotiable.
Buying a new home means buying piece of mind and security. All of our homes at Excel come with a one year warranty which covers everything in the house, while some systems such as distribution systems come with a two-year warranty. After that period, the Alberta New Home Warranty takes over the warranty of your home and continues to cover parts of it for up to 10 years.
The Alberta New Home Warranty Program is Alberta’s most trusted and most experienced new home warranty provider. They take over the warranty of your home once the one with your builder has ended. Here is a breakdown of Excel's coverage with the ANHWP:
1 Year – Labour & Materials
Coverage of defects in labour and materials.
2 Years – Distribution Systems
Coverage of defects in labour and materials related to plumbing, electrical, and heating.
7 Extended Years – Building Envelope
Excel is delighted to offer an extended 2 extra years on top of the ANHWP standard of 5 years. Coverage of the system of components that separate controlled interior air from the exterior.
10 Years – Structural Integrity
Coverage of key structural components.
Closing day is the term used for the day you take possession of your home. While your biggest concern is being at the house to pick-up the keys, here is what goes on behind the scenes: 1. Mortgage commences and interest starts accruing, the first payment date is as previously arranged with the lender 2. Legal transfer documents are submitted to the Alberta Land Titles Office for registration 3. New Home Warranty starts 4. Walk Through 5. Key Release 6. Title Insurance coverage begins – for more information please visit: https://fct.ca/property-owners/
Generally, yes, you will get to select your colours and finishes. If you purchase a presale home, you will have the opportunity to choose your colours and finishes. If you are buying a quick possession home, you may have the ability to select some things or nothing at all. At Excel, we use expertly designed scheme boards in our Sales Centres which gives buyer’s the opportunity to choose their colours and finishes, while also ensuring the home blends well together and presents a look of cohesiveness.
It depends. Buyers who put less than 20% down of the purchase price qualify for high ratio mortgages, while buyer’s who put more than 20% down do not require the additional insurance that CMHC covers.