Do you need a mortgage?
Most people require a mortgage when purchasing a home in Calgary. Shop around for a great interest rate, or ask us what our preferred lenders can do.
Get yorself pre-approved
Let us know if you need any help with the mortgage pre approval process. Our contacts include mortgage associates with up to 50 lenders, major banks to private finance.
New to Canada or not yet a citizen? No worries this can be accomadated.
Typicall items required by a lender, but may vary depending on you circumstances
- Notice of assessment for a couple years
- Proof of downpayment source. Where are your savings? RSPs are good, cash in your bank account for at least 3 months. A gift letter from a family member is always nice.
- If you are self employed information on your busiiness may be requested.
- Letter of employmend and or recent pay stubs.
- Information on other investment properties, if you are a real estate tycoon.
How comfortable are you with your mortgage
Just because the bank is willing to lend you a pile of money you may choose to not use your pre-approved amount. As interest rates change, they may go up over time resulting in higher payments, something to consider.
Mortgage payment terms and options
Typical terms for a mortgage vary from 6 months to 10 years. Five years is a favourite for most people. The term is the amount of time the mortgage is usually locked in at a set interest rate. You can also get a variable rate that fluctuates with the bank of Canada's monetary policy.
If you pay off your mortgage early there will likely be a penalty to pay to the lender. If you plan to sell and move many lenders will allow you to port your mortgage with no penalty, if completed during a certain time frame. Check with your lender on this.
Assumable Mortgages Prior to 2012 in Alberta many mortgages where assumable without qualifying, now it is a requirement to be qualified by the bank. Assumables the buyer pays the difference of the mortgage and purchase price.
Benefits of an assumable mortgage:
- Get a lower interst rate than the banks posted rate. If todays ank rates are higher than when the terms of the mortgage where first negotiated they the buyer can benefit from the lower rate.
- The seller will not have to pay the penalty for selling before the end of the term.
- The buyer will not have to pay premuims like CMHC, and Genworth. This can save the buyer thousands of dollars