Tagged : Calgary Mortgage

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 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 $1

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 as well. This is sure is that is offered by the same thing 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

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

If you're new to the world of purchasing a home and haven't taken out a mortgage before, you may be confused about the differences between a mortgage broker and a loan officer at the bank. Although they can both provide you with a mortgage, there are differences between them that you'll want to learn so that you can get end up getting the best mortgage possible that matches your personal financial situation.

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

Using a Mortgage Broker For Your Mortgage

This is a professional that specializes in mortgages and acts as a third-party to bring together borrowers and lenders. A broker can access a variety of lenders

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

The market conditions have changed quite dramatically over the past twelve months. As a result, some homeowners may stumble upon financial hardships that make it difficult for them to pay their mortgage payments. Once your mortgage loan defaults, the chance of foreclosure increases.

If you or your spouse has lost employment and no longer make as much money, and you see meeting your mortgage payment obligations is going to be problematic, the first step is to take a deep breath. There are literally millions of people that face the same problem. You are not a bad person, so leave any feelings of guilt at the door. You do not have time for them. Instead, you need to focus on your options.

Try not to panic and instead act quickly to find

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.