Calgary Mortgages

Finding a great mortgage for your dream home in Calgary is imperative to homeownership. Take a look at our posts below to help guide you in understanding more about the world of mortgage financing and how to interact with it.

Found 8 blog entries about Calgary Mortgages.

move_up_in_down_market_postWe've all seen it before. You know when something is going wrong, like really bad, it feels like it's in slow motion. We can replay the moment as an observer from the outside and analyze everything that could have been different.

Unfortunately, this pandemic that we are in, mixed with our economy in Alberta, it may seem like you are stuck. Isolated.

But here's the thing.

If you are in a position of good income still, you have probably saved money over the past number of months due to lack of spending; you could be in a great position to make a move up in this down market.

This may seem like a crazy thought in a time like this, but hear us out, because if you do this right, the math is in your favour.

Right now, the market is down from what it was a couple

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real_estate_marekt_report_april_2020

After a really strong start in 2020 that our brokerage saw in sales and activity, we have seen some changes, as expected. Many homeowners are still having possession taken place over the coming weeks from the sales that happened over a previous couple of months.⁠ ⁠ With all the COVID-19 talk and impact on Calgary, we are starting to see some of it affecting our market. Here is what we've noticed:⁠ ⁠

  1. If you are still thinking of selling and are ready, DO IT! 
    Here's why... Many homes are coming off the market, sellers taking a pause in their transition for many reasons. With the inventory low, our agents are actually calling agents who had listings that have expired to see if their client would be open to selling because we have buyers who are
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should_I_defer_mortgage_payments_covid_19We have been asked many times, and have even asked ourselves, "Should I defer my mortgage payment with COVID-19 here and is it worth it?" We took these questions to one of our amazing mortgage brokers Lindsay Labrecque and this is what she let us know!

Over the last 2 weeks, several articles, recorded Zoom calls and Podcasts regarding the economic effects of COVID 19 and mortgage deferrals have surfaced.  We’ve listened to and read many of these articles and have spoken to several clients, landlords and lenders about the programs available.

Many mortgage industry members were quick to jump to an opinion on deferrals with some saying things like, “unnecessarily deferring your mortgage is like parking in the handicapped stall without a permit” or “Defer

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bank_of_canada_cut_rates_coronavirus_concerns

Effective this morning the Bank of Canada has decreased its 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 in the Bank Prime Rate was in October of 2018.

This is a great announcement for both buyers and sellers in Calgary as the market hasn't been kind over the past 5 years. As we mentioned in our March Calgary Real Estate Market Report that we saw a massive jump by over 23% in the number of sales in February over 2019. There

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Real Estate Market Report March 2020

This month saw a double-digit gain in sales, but last February was one of the slowest levels of activity since the late ’90s. With the extra day this February, monthly sales totalled 1,197 units. A combination of these two factors resulted in a 23% improvement over last year, but sales remain well below long-term trends and consistent with the lower levels reported over the past 5 years.

Whether your thinking of buying or selling, the market is generally seeing a balanced market or slightly into the buyer's market ranges. Many areas of Calgary that have detached homes under $500,000 are seeing inventory being bought up quickly. Make sure you have a real buying and selling strategy to help you prepare for what could happen when making the move.

Real Estate Market Report March 2020

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New_Mortgage_Rules_2020There is finally some good news in the real estate world when it comes to your financing and qualifications! As of April 2020 there are some new mortgage rules you need to be aware of!

If you are planning on purchasing a home, you could easily qualify for more. If you have been turned down by the banks or the amount you were qualified for just wasn't enough, it could be your time to finally make that jump. 

We were talking with Lindsay Labrecque with Spire Mortgage Team from MMG Mortgages and here is the low down.

Buyers with less than 20% down will qualify at an average interest rate plus 2%, instead of the current Benchmark rate of 5.19%. Based on assumptions, this is a -0.50% difference from the current qualifying rate and will increase

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Questions To Ask About Your Calgary Mortgage Broker or Lender - How do I talk to a mortgage lender?

Most people assume that they only need to walk in with one question: “What’s your best mortgage rates for my house?” 

While that might work to open the door, there are more considerations that you should be asking about. Ask questions like “what’s the term” or “How much with insured mortgages” should get your lender talking. They know that you’ve come prepared to be thorough. Ask leading questions like:

  • What are the penalties?

  • Are there refinancing restrictions?

  • What about portability issues?

These are three big questions that conquer some the hidden regulations that mortgage regulations that can restrict your

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First Time Home Buyers Incentive Program

On September 2nd, 2019 the Federal Government is rolling out a new First Time Home Buyers Incentive Program. This program is for first time home buyers. If you’re purchasing a home for the first time, are separating from common law or marital relationship or have been a previous homeowner and have been renting for 4 years, you will be eligible for this program.

Take a look at the video below to get all the information you need about this program.

 

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