Tagged : Calgary Mortgage

Picture this: You're ready to buy your first home (or refinance), but two different mortgage professionals are telling you opposite things about the best loan for your situation. One works for TD Bank, the other works independently with 40+ lenders. Who's actually looking out for your best interests?

This confusion hits thousands of Canadian homebuyers every year.

The choice between a mortgage broker vs. a loan officer can literally save or cost you thousands of dollars over your mortgage term. But too many people don't understand the real difference until it's too late.

The truth is, both can help you get a mortgage. But they work very differently, get paid differently, and offer completely different advantages. By the end of this article,

Miss enough mortgage payments and your lender might take your house. That's mortgage default, and it can wreck your credit score and financial future. But before you start panicking about foreclosure, you should know that it’s preventable with a few smart moves. Let's look at what mortgage default really means and the simple steps to make sure it never happens to you.

For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any action.

Save This Quick Checklist

If you're worried about missing mortgage payments:

• Call your lender right away—don't wait
• Look at your budget and cut non-essentials
• Check if refinancing could lower your payments
• Ask about applicable

In Calgary, the minimum down payment for a home depends on its price: 5% for properties up to $500,000, 10% for any portion above that, and 20% for homes over $1.5 million. Additionally, buyers making a down payment of less than 20% must also obtain mortgage insurance, typically through CMHC. Are you trying to figure out how much you can spend on a house? Here's what you need to know about making a down payment on homes for sale in Calgary.

For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.

Key Takeaways

• In Calgary, the minimum down payment is 5% for homes up to $500,000, increasing to 10% for amounts above that and 20% for homes priced at

Condo fees often spark debate and confusion. These fees, which cover the maintenance of shared spaces and essential services, vary widely depending on the building's age, size, and amenities. Understanding what condo fees are, how they're calculated, and their impact on ownership costs is crucial for both prospective Calgary condo buyers and current owners.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Condo Fees at a Glance

• Condo fees are mandatory monthly payments for owners
• Condo fees cover maintenance and common area upkeep
• Fees are calculated based on unit size, building type, and available amenities
• Contributions support a reserve

When selling your home, traditional methods often involve buyers securing financing through banks or mortgage lenders. However, another option can benefit both sellers and buyers: seller financing. This alternative approach allows the seller to act as the lender, offering the buyer a loan to purchase the property. This can open the door to a wider pool of potential buyers, offer attractive terms, and even potentially expedite a smooth home selling process. However, the risks weigh heavier on the seller, so seller financing requires thorough consideration. 

For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with any real estate transaction.

Seller Financing at a Glance

• Seller

When you have purchased a new home you'll also be asked whether you'd like to buy mortgage life insurance. This is generally offered by the same entity that you're dealing with for your mortgage. In some cases, it will make sense to get this type of insurance, and other times, it's a complete waste of time and money.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

The Difference Between Mortgage Life Insurance and Term Life Insurance

There are significant differences to consider when choosing whether mortgage life or term life insurance is the best choice to meet your specific needs. Whereas mortgage life insurance is designed to pay off mortgage balances

Many people wonder if buying a home is really within their reach. It often seems like a daunting purchase for the first time buyer. The good news is that with the large variety of options available today, it has never been easier to secure a mortgage.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

What Criteria Do Mortgage Lenders Use to Select Qualified Buyers?

Mortgage lenders assess a variety of criteria when considering mortgage applications. Most lenders look at the following factors when determining whether you qualify for a mortgage loan.

One of the first questions a lender will consider is how much of your total income you'll be spending on

There are a lot of people that are just happy making their mortgage payments every month knowing that their 25 year mortgage will be paid off some day. For others, it's a race to the finish line where getting the mortgage paid off as fast as possible is a priority. If you fall into the second category and can't wait for the day when you can finally set the mortgage papers burning, here are the 3 tips you need to know in order to make it happen.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Shop Around For The Best Mortgage Possible With Your Credit Score

When a mortgage company has a small overhead cost to stay in business it typically means that

If you're like most Albertans you prefer the fixed-rate mortgage. This is according to a recent survey conducted by CIBC showing that most residents in the province would select a mortgage with a fixed-rate over a variable rate.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

What Are the Pros and Cons of Variable-Rate and Fixed-Rate Mortgages?

An adjustable-rate mortgage (ARM) has fluctuating payments based on the specific terms of the mortgage and a benchmark interest rate that is chosen by the lender. This can be beneficial for home buyers, especially for those who are expecting changes in the next few years and are not looking for long-term

There are special Mother's Day brunches occurring in many restaurants across Calgary on this special day that celebrates moms and everything they do for their children. Take her out for a brunch at her favorite restaurant or surprise her with a new menu to choose from at a different place. Here are just some of the brunches available in the city this year:

Chop Steakhouse & Bar in Chinook

For a special indulgence in crab and steak, take your mother out for a spectacular brunch this Sunday. Whether mom loves succulent fresh seafood, prime cut beef, or prefers traditional breakfast and lunch fare items, Chop Steakhouse & Bar in Chinook will delight her every sense. The brunch runs until 2 PM, and Mother's Day reservations are recommended.