Vacation Properties and Second Homes

Are you considering purchasing a quaint little lake cottage or perhaps a hunter’s cabin in the woods? Or maybe you are exploring the benefits of purchasing a house for your kids heading off to the Universities of Calgary or Edmonton? ‘Tis the season, so it’s a great time to explore the various options for mortgage financing when it comes to buying a second, non-rental property. Read more

The Key to Getting the Right Mortgage for You

Whether you are a first time home owner looking for a mortgage lender or are in the process of renewing your mortgage, it’s always good to shop around. Read more

Bond Yields are Rising – What this Means for You

This just in from one of Home Mortgages Calgary’s lenders: Due to a new 5 year rate of 4.09%, Canadian 5 year bond yields are up 14bps to 2.71. It was only a month ago that 5 year bond yields were at 2.07. Read more

Variable Rates on Their Way Down

Over the last few weeks one of Home Mortgages Calgary’s mortgage lenders dropped their rates on their Adjustable Rate Mortgage product to prime plus 0.4%. This deal is not as sweet as the prime minus 0.9% rates of yesteryear however, at least we see that conditions are improving. Read more

The Long-term Implications of a ‘No-Frills’ Mortgage

In the long run, ‘no frills’ mortgage products might not be as convenient as they seem to be right now. At the moment, mortgage brokers are proffering products that offer people a lower rate at the cost of benefits associated with lump sum payments, portability and assumability. Read more

Breaking Your Mortgage (and the Consequences of Doing So)

Sometimes, you might run into a circumstance where you need (or want) to break your mortgage. Breaking your mortgage means that you pay off the outstanding mortgage balance in full prior to the end of your term (for example, paying off your five-year fixed-rate closed mortgage three years into the term). This incurs a pre-payment penalty, which is either the equivalent of three months’ interest payments or the interest rate differential. The lender usually charges the greater of the two. Read more

Low Mortgage Rates and Your Mortgage

Mortgage interest rates are currently at historically low levels, and that means interest savings for mortgage consumers. However, with these low rates comes some concern and speculation from current and potential home owners… Read more

Fixed Rate Mortgages

Fixed rate mortgages are mortgages that offer a set interest rate to you for the entirety of your mortgage term. That means that if you have a five year term, your mortgage interest rate will stay the same for those five years. Read more

Adjustable Rate Mortgages

An adjustable rate mortgage is perfect for someone who wants to save as much money as possible. However, you must be able to tolerate the increases and decreases of an adjustable interest rate. Read more

Calgary Fixed Rate Mortgages

A fixed term mortgage is a mortgage in which you are able to “lock in” an interest rate, so it won’t change for the term you have agreed upon with your mortgage lender. The fixed rate mortgage is the most simple mortgage product, and generally offers a low interest rate. The most popular term is 5 years, however other terms are available, such as 1, 2, 3, 4, 6, 7, and 10 year terms – even terms longer than 10 years (although these are much less common). Read more