Calgary Real Estate Blog - Calgary Mortgage Tips

Property Appraiser vs. Assessor: Key Differences You Need to Know

Property Appraiser vs. Assessor: Understanding the Differences

A property appraiser is a professional who determines the value of a property for various purposes. They often work for private firms, as independent consultants, or for specific clients, including homeowners, buyers, and lenders. The property appraiser evaluates factors such as property condition, location, and market trends to determine an accurate property value. In Calgary, appraisers are crucial for determining fair market prices, especially in a competitive Calgary real estate market.

An assessor, on the other hand, is a public official responsible for assigning property values for taxation purposes. Working for local governments or tax offices,…

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Mortgage Renewal FAQs ANSWERED

Navigating the mortgage renewal process can be daunting, but understanding the key aspects and common questions can make it much smoother and more advantageous for you. Navigating the mortgage renewal process can be daunting, but understanding the key aspects and common questions can make it much smoother and more advantageous for you.

USE OUR QUICK NAVIGATION GUIDE BELOW TO JUMP TO ANY POINT OF OUR GUIDE ON MORTGAGE RENEWAL FAQs ANSWERED:

• Are there hidden fees?
• What are Mortgage Renewal fees?
• What are Mortgage Transfer fees?
• What are Exit Transfer fees?
• What are Title transfer fees? Does your Mortgage amount change?
• What Happens to Mortgage Loan Insurance Premiums When You Switch Lenders?
• What will your mortgage payments look…

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Getting a Mortgage Pre-approval - Dos and Don’ts

For many Canadians, owning a home is a life-long dream. It’s a dream that requires a lot of planning and hard work if it’s going to come true, however. From finding the right realtor to sifting through home listings, fighting bidding wars and navigating open houses, buying a home is a big commitment. 

Of course, most people will need a mortgage to purchase a home. This can be a major obstacle for some, but you can improve the process by getting pre-approved for a mortgage. A mortgage pre-approval will let you know how much you can borrow with minimal risk. This will give you the confidence to get out there and see what you can afford.

How does mortgage pre-approval work in Calgary?

Whether you’re looking to buy your first home or you’re an…

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How To Buy A House With Bad Credit

The idea of purchasing a home can sometimes be daunting. If you have bad credit, getting started with the process of buying a home can be an even tougher task to accomplish. 

If you have bad credit, getting started with the process of buying your first home can seem especially difficult. There are ways of buying a home, and getting the loan that you need, even if you have a poor credit score. Bad credit home loans have been established and are available for those that qualify for them. This means that your credit score may not be as big of an obstacle that you think it is for purchasing a home.

This article will go over how to get a mortgage with bad credit, what you need to know about your credit score, what you need to qualify for a home loan, and…

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Buying vs Renting in Calgary

The rent vs buy conversation in Calgary is certainly not something "new" on the scene.  Clients ask on a regular basis if we think it's a good time to buy or if they should keep renting.  In the past 5 years in Calgary, we've seen reasonable vacancy rates and market rents have been affordable. Because of this, finding a great accommodation to rent hasn't been a difficult task in Calgary and lots of newcomers to the city have chosen to rent instead of buy.  But, the question to ask is, "What is the best for your long term financial goals?"   

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When is the Best Time of Year to Buy a House?

If you’re browsing the housing market and find yourself asking the question “when is the best time of year to buy a house,” the short answer is: it depends! We unpack some external effects including the time of year, mortgage rates, and other factors that will help you determine when is the best time to purchase a home. 

Pro Tip: Have you locked in interest rates? Saavy home buyers should have taken advantage of the low interest rates and would (or should) have locked them in, (typically for up to 120 days). If you haven't click here to jump into our mortgage approval form. We'll get you in front of the top mortgage partners we work with and have them assist you in locking in the best rates in the market, and helping you understand how much home…

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Questions to ask your mortgage broker

When you’re asking your friends, family and colleagues about their recent home purchase and their mortgage experience, often the conversation starts  and ends with “what’s your mortgage rate?’ 

Here is the truth, when you’re shopping for a mortgage, the rate is a super important piece of the conversation, but it shouldn’t be the only piece of the conversation. We sat down the Renee Huse at Spire Mortgage one of our key impact partners and got the low down on the important questions you should ask your mortgage broker if you’re planning to get a mortgage.

7 things to ask your Mortgage Broker if you’re getting a mortgage in Calgary

1.    What is the down payment requirement for this mortgage rate? 

Reminder, mortgage rates…

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Why Do I Have Different Credit Scores?

Oftentimes, as we move through the mortgage pre approval process with our clients, they end up confused about their credit score.  They check the score themselves using one of their banking apps or Credit Karma and the score reads 780, but when we pull their beacon score, they are so frustrated that often their score is lower.

Here are the straight goods:  Every credit information provider has a different algorithm for calculating credit scores.  They all scrape information from the internet in different ways and they all come up with a different number in the end.  It’s also super important to remember that credit scores fluctuate monthly.  My personal credit score can land between 750 and 850 depending on the month.  If I’ve had…

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What Are Closing Costs?

Buying a home can feel like an epic adventure, full of ups and downs.

From working with a real estate agent to viewing Calgary homes for sale to organizing open houses, it can be stressful. 

So, when closing day approaches, buyers are overjoyed and relieved that part of the journey is over. However, while finding the home of your dreams and closing the sale are major accomplishments, before you crack open the bubbly, you'll need to pay some administrative fees, otherwise known as closing costs.

What are closing costs in Alberta? Our experts will explain.

Closing Costs: The Breakdown

Closing costs are fees or expenses that the buyer owes before or on closing day. Homebuyers should budget 1.5%-4% of the property's purchase price…

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How To Find A Mortgage Broker In Calgary

 If you're thinking about buying a home, one of the first steps almost every buyer starts with, is getting pre-approved for a mortgage. Below are some of the many advantages of doing this key first step in your home buying journey.

Read Below For Our Guide On Where To Go For Mortgage Brokers In Calgary

• This will move you one step closer to home ownership
• You'll discover how much home you can afford. Allowing you to truly narrow and refine what homes you should be looking at.
• Demonstrate your worthiness to sellers in your offer. Whether this be the removal of a condition, or the ability for your agent to leverage your purchase power in a situation where you're in multiple offers. 
• Minimize or reduce waiver timelines within your offer,…

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