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?
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…
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.
With new information and changes coming daily, our impact mortgage partner Renee Huse who runs the incredibly popular and busy Spire Mortgage Team took the time to digest and provide her thoughts on one question many Calgarians, and Canadians have been asking in their homes. Should I defer my mortgage?
Calgary Mortgage Tips
Thanks to the SPIRE mortgage team!
To defer or not to defer – it’s the million dollar question! As COVID 19 hit Canada over the past weeks and many non-essential businesses began laying off employees, there has been much miscommunication from the government, both federally and provincially, that lead both homeowners and tenants to believe that mortgages are being “forgiven.” This is just not correct. Period. …
Breaking news from our mortgage partner Renee Huse - Owner of Spire mortgages https://www.spiremortgage.ca
Effective this morning the Bank of Canada has decreased their overnight lending rate by 50 basis points or .5%. Although many expected a rate drop in late 2020, this was certainly a more substantial drop than anticipated. This drop comes on the back of general weakness in the global economy due to the Coronavirus or COVID-19 outbreak and the .50% drop by the Federal Reserve yesterday, March 3rd 2020.
Before today, the last move to the Bank Prime Rate was in October of 2018.
The media is full of information (some correct and some incorrect) so we wanted to take some time to break down exactly how this effects mortgages and our…
The home buying process starts with figuring out what you can afford to purchase. A 10 minute conversation with our mortgage partner will provide clarity about what you can afford or what you need to work on to be able to reach your home ownership goals!
How to start your mortgage in Calgary
As early as a year prior to purchasing, our mortgage partner starts working with our clients to position them for success in the home buying process. We want this to be an enjoyable experience for our clients. For that reason, we’ve broken the mortgage process down into 3 simple steps.
Check out our Calgary mortgage process guide below, and keep reading to see all the steps to obtaining a mortgage.
Courtesy of our wonderful mortgage partner Renee Huse, we're excited to share a spring (almost summer) market update!
Hello Spring (almost)...
We've seen a massive flurry of activity in April and May in the Calgary Real Estate and Mortgage market. Homes, positioned properly in the market, are selling quickly and even with multiple offers. It's been exciting to see this activity and makes me hopeful about some recovery in the Alberta markets over the next 24 months.
Mortgage Rates continue to be very aggressive. Lenders, both the big banks and the mortgage companies, have been very competitive with their fixed rate business. Fixed rates have fallen below variable rates. This is very different from what we…