Calgary Mortgages

While you are able to repay your mortgage in part or in full without penalty,this product comes with a higher interest rate than a closed mortgage.

This mortgage is perfect for individuals expecting large influxes of income from either their career, a gift, or large bonuses, ect.

This type of mortgage is often associated with fixed rate mortgages.

Closed term mortgages allow you to save on interest costs and even pay off your mortgage faster. However, you will have to pay prepayment penalties if you wish to re-negotiate your interest rate, if you prepay more than your mortgage allows, or if you pay off your mortgage balance prior to your terms end date.

Let's say that the closing date on your new house is August 10th, but your mortgage payments are on the 15th of each month
(so your first payment is calculated from August 15th and paid on September 15th).

That leaves five days (August 10th to 14th) that aren't accounted for in your first mortgage payment. You have to make an extra payment to make up for these five days; the payment is generally due on your closing date.

You can avoid all this by arranging to make your first mortgage payment exactly one payment period (e.g., one month) after your closing date.

Home owners that are over the age of 55 have access to a reverse mortgage product with some of our Calgary mortgage lenders.

This option allows you to borrow up to a total of 50% of your total home value, however, interest grows within the mortgage debts until you eventually sell the property

You’ll find interest rates on these mortgages to be higher.

These mortgages are usually effective when you’re in need of cash for specific high ticket items like furniture or loan repayment.

The shorter the amortization period, the quicker you pay off your loan and the higher your monthly payments become.

Not to be confused with you mortgage "term" which is, the length of time your interest rate is in effect.

If you decide to co-sign on a loan, you will be placed as the "Co-Borrower". This means that you are buying that home alongside the Primary Buyer.

In the event that the primary borrower defaults, you will be responsible for the loan.

This score allows lenders and insurers to gauge your current scores as part of the determination whether they will allow or deny your application for a mortgage.

The deed of a mortgage is evidence of the interest being transferred to the mortgage holder.

Your mortgage deed will typically be signed at your solicitors office, during the closing of the transaction.

This is the combined household income before any tax deductions.

This number is used to help indicate your borrowing power.

It is always a good idea to financially protect yourself and your loved ones BEFORE a loss takes place.

Depending on your current situation, you can obtain creditors insurance through lump-sum, or monthly payments.

Deposits are decided upon between you and your REALTOR®, and it forms part of your position in the negotiation. If a seller has two offers for example with similar total overall prices, conditions, etc, the difference between a bigger and lower deposit can be all the difference, most sellers will favor the buyer who comes in with a stronger offer and larger deposit, if the sale were to fall through, they’d secure the deposit and cover any losses they may have seen from the deposit forfeiture.