Ranchers' Rise at the Okotoks Air Ranch - A Boutique Community in Okotoks
Ranchers' Rise at the Okotoks Air Ranch - A Boutique Community in Okotoks


3 Quick Mortgage Tips When Shopping for a New Home in Ranchers’ Rise

Signing a mortgage is an important decision, and it’s one that you shouldn’t take lightly, which is why getting one isn’t always simple or easy. However, there are a few quick mortgage tips that will ensure you get the home of your dreams at Ranchers’ Rise.

  1. Save for a down payment

Before you even start looking into a mortgage, you have to set aside some money for a down payment. Although there are some programs that can drastically reduce or eliminate your down payment, it’s in your best interest to show up at the bank with at least a little cash in hand.

You may be able to qualify for special rates, not to mention, you’ll pay less in interest over the lifetime of your mortgage if you come in with a large down payment.

In general, lenders prefer to work with families that have at least a 20 percent down payment. If you have less than this amount, you may still qualify for a mortgage, but you may be responsible for paying any additional fees or mortgage insurance. For example, you’ll likely be asked to pay the CMHC fee if you don’t have a 20 percent down payment. Save yourself the headache and squirrel away some money before you look into purchasing a house.

2. Check your credit score

When you have the money you need for a down payment, it’s a good idea to check your credit score. Without a reasonable credit score, a lender won’t take you seriously, no matter what your down payment. It’s a good idea to make sure your credit is in order before you step foot inside any bank.

It’s important to check your credit on your own first instead of allowing the bank to discover your credit history because you can do a soft check on your accounts. When applying for credit, institutions do a hard pull, which can adversely affect your score. If you discover that your score is low, work to improve it before applying for a home mortgage.

3. Discover your mortgage budget

Once you’ve saved for a down payment and you’re confident that the bank will be impressed by your credit score, it’s time to figure out exactly how much you can afford to spend on a mortgage.

Some serious budgeting is needed to determine how much you are comfortable spending on a house payment each month, but figuring out how your monthly budget translates to a mortgage which includes taxes, interest, home insurance, and more can be difficult.

To get started, use this handy mortgage calculator, and of course, ask your banker for more personalized advice. If you’ve secured a lender, we’d love to see you! Schedule a time to tour one of our properties today!




Our Builder

Ranchers’ Rise offers you award winning and experienced builders.

Sterling Homes

Sterling Homes is a leading builder with an unwavering commitment to quality and customer service. For 60 years, Sterling has built unique homes for customers that are a source of pride for years to come. From the integrity of our craftsmen to inspiring designs to suit every lifestyle, we pay attention to even the smallest of details.


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Ranchers’ Rise is professionally managed by Bordeaux Development