Frequently Asked Questions

Fixed Rate Closed: If you like things steady and don't want to worry about changing rates.

Variable Rate Closed: If you want the lowest rate now and are okay with things changing a bit.

Open Mortgages: If you're all about flexibility and don't mind paying a bit more for it.

Just like picking an outfit, choose the mortgage that fits your style and feels comfortable for your financial journey.

Choosing between a mortgage broker and a bank depends on what you prefer. Mortgage brokers offer more options, better rates, and help with paperwork. They're great for a personalized experience. 

Banks, on the other hand, are convenient if you already bank with them, providing in-house loans and potential discounts for existing customers. It's about what suits you best – more choices and personalized service with a broker, or convenience and familiarity with a bank. 

Compare both options, considering rates, fees, and your needs, to make the right choice for you. 

In Canada, most mortgage brokers do not charge clients directly for their services, as they are compensated through commissions paid by lenders.

However, in cases involving alternative lenders such as 'B' or private lenders, who may not pay broker fees, clients may be required to cover the broker's fee. In such situations, brokers may charge clients directly due to the lack of compensation from these alternative lenders.

• For homes priced at $500,000 or less, the minimum down payment is 5% of the purchase price.
• For homes priced between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000 of the purchase price, plus 10% for the portion of the purchase price above $500,000.
• For homes priced at $1 million or more, the minimum down payment is 20% of the purchase price.

The projection suggests otherwise, as Calgary's housing market is anticipated to experience an 8% increase in the coming year. 

The median cost of a detached home could potentially exceed $800,000, with the overall aggregate price of homes expected to rise by eight percent year-over-year by the end of 2024 according to the Royal LePage 2024 market report.