Calgary Real Estate Blog - Mortgages

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 with New Builds

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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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 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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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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