Calgary Real Estate Blog - Mortgages

How To Buy a Home When You're Single

Calgary is one of the most affordable major cities in Canada when it comes to real estate. With the city having one of the highest overall average single incomes, historically lower unemployment rate, and general population growth,  its no surprise that Calgary is a highly sought after hot spot for single people looking to purchase a property.

Whether you're looking to buy a loft, condominium, townhome, or single family home with some backyard space, this city has it all, with many different and dynamic lifestyle opportunities. From living in the downtown core or in one of the many lake communities, to living in the West for quick escapes to the mountains, there's an enormous amount of options for single home buyers and in this article, we'll cover a…

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Maximizing Your Money: Mortgage Repayment or Investing in an RRSP?

Should I Pay Down My Mortgage or Invest If I Have Extra Money?

What a great problem to have! If you are waking up on the last day of the month to an extra $500 in your chequing account, it might make sense to ask yourself if that money could be working harder for you, earning more than the 0.02% it's earning in your chequing account. Many Canadians face the dilemma of whether to use excess funds to pay down debt or invest. Deciding between paying down your mortgage or investing can feel like a tug-of-war between security and growth. Both options have compelling arguments; the right choice depends on your financial goals, risk tolerance, and priorities. Let’s explore the numbers, benefits, risks, and potential strategies. 

Use our quick navigation…

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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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How to get a Mortgage

If you're planning to buy a home, you'll probably need a mortgage. In the simplest terms, a mortgage is a type of loan that you take out to purchase a home. It's a long-term commitment, usually lasting 25 to 30 years, so it's important to understand how it works before you sign on the dotted line.

Check out our quick video on the mistakes many first time home buyers make in Canada!

Key Takeaways

Here's a few things you'll learn more about in this blog. 

• To get a mortgage, you'll need to meet the requirements set by the lender. Typically, these include having a good credit score, a stable income, and a down payment.

• Working with a mortgage broker allows you to evaluate mortgages from a variety of lenders without…

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Maximizing the First-Time Home Buyers Incentive

Looking to purchase your first property, but the market & payments are getting away from you? Consider a new build!

Buying your first home can be an overwhelming experience, especially in the wild Alberta market. Clients that didn't get in last year, but are still in the market for a new home, are looking at higher required down payments and higher monthly payments after closing. New builds are becoming a more viable option for young Canadians looking to purchase their first home. Purchasing a new build may allow clients to avoid competing offer situations, and it allows them to take   advantage of the maximum shared equity loan available via the Government of Canada's First Time Home Buyer Program. 

The First-Time Home Buyers Incentive program…

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What is a builder’s rate hold?

Instead of buying a prebuilt home, some clients decide to build their own home. When you, (or your builder), are building a home from the ground up, it could be months or even years before you need your mortgage financing.  Depending on market conditions, it could be advisable to get a “builder’s rate hold” mortgage.  This is allows you to hold a, “worst case scenario” rate for the completion date of your new home.  

Special thanks to  our impact partners at the Spire Mortgage Team for assisting with this article! Find out more (at the end of this article) about this incredible mortgage team that helps out hundreds of our clients every year. 

When would I need a Builder’s Rate Hold Mortgage?

You would need a builder’s rate hold when the…

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What is a purchase plus improvements mortgage?

Purchase plus improvements introduction

Purchasing a previously owned home, that hasn’t been recently renovated, can mean that the new owners want to put some work into freshening things up.  Home renovations have been very popular this year as Canadians moved to larger homes and set themselves up for move favourable work from home situations.

Many of our client’s who utilize our partners at Spire Mortgage's use what’s called a, “purchase plus improvements” mortgage to help make sure that they were borrowing the cost of the renovations at the very best rate.  Purchase plus improvements mortgages can be a super useful tool for clients but they come with a little bit of fine print as well.  Let’s take a quick look at the pro’s and cons. 

Pros of a…

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Construction Financing In Calgary

There are really 2 ways to make construction financing come together for a new home purchase.  A completion mortgage and a draw mortgage.  If you’re purchasing a new home, your builder will likely have requirements for what type of mortgage they expect you to have.

Completion Mortgages

Many production builders, like Streetside Developments, Shane Homes, , Homes by Avi or others, will expect you to have a “Completion Mortgage.”  This means that you  provide your 5% down payment funds at the time that you write the offer and then the rest of the funds at closing. 

If you’re purchasing a new build, rental property, the builder may require that you put 20% down payment down at the time of the offer and the rest at “closing.”  In this context, closing…

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New to Canada Mortgages

Cracking the Code on New to Canada Mortgages 

Despite immigration slowing due to closed borders during the pandemic, the Canadian housing market has shown unprecedented strength. Rolling into the back end of the pandemic, the "endemic," we expect to see  maximum numbers of new immigrants arriving in Canada. The Canadian government had approved many applications, and those candidates are now able to arrive. It will be more important than ever that New to Canada borrowers understand their mortgage options so that they can secure housing in their new home.  

Mortgages for newcomers to Canada

If you or your family are planning on arriving in Canada in 2021 or 2022, it's important to reach out to a mortgage broker and figure out what the mortgage…

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How to Sell Your House Fast

If you are in a situation where you’re saying to yourself “I need to sell my house fast,” you’re not alone. Homeowners often need to sell their home quickly for a variety of reasons. The good news is that it can be done - with some help. 

Here are some tips to help you find a buyer for your home quickly, without having to lower your asking price.

1. Hire a real estate agent

You have two options when it comes to enlisting outside help to sell your home. You can hire a real estate agent, or you can look into an estate service.

A real estate agent will handle contracts, provide a list of referrals (lawyers, mortgage brokers, etc) sales forms and other documents, ensuring you understand each and every piece of information relevant to the…

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