HOA fees, or Home Owners Association Fees are commonly required for properties purchased in some of Calgary’s newer communities, such as Auburn Bay, Mahogany or West Springs, in which residents are required to pay an annual fee to community associations.

As a short-term interest-only loan taken out with the available equity in your property, a second mortgage is typically only offered by private lenders, and unfortunately, their rates are higher than those you’d see for first mortgages at a bank.

If you choose to work with a qualified mortgage broker in your locality, they will help talk you through your loan estimate, a 3-page document outlining the most important details of your loan, and help you to understand what the lender expects from you if you choose to proceed.

Getting the right property at the right price is crucial if you’re planning to buy a commercial building in Canada, and the first part of the process is to understand the different types of commercial properties available to you.

For anyone wanting to purchase their first property, the process can seem more than a little daunting, and knowing who to turn to for help and advice, not to mention your mortgage, can be confusing.

The real estate market in Calgary has been incredibly busy up until now, and looks set to continue that way. With the ongoing health pandemic, Canadians have been forced to alter everything about their lives, and with lockdowns and curfews in place for many weeks, their priorities have shifted towards their homes, and making them as comfortable and livable as possible.

Buying a home, whether it’s your first, second, third or fourth can be an exciting time, but it’s easy to get carried away in your search for a dream home, without having a sound understanding of your financial constraints.

Predictions made by experts within the housing and mortgage market, suggest that housing activity in Canada will continue to be strong throughout 2021 and even into the following year, and it’s estimated that 701,000 homes will be sold through Canadian MLS systems this year.

We might be heading towards the halfway point of the year, but that doesn’t mean that you can’t reassess your financial goals and begin preparing to get a mortgage loan; not all resolutions have to be made on the 1st January! With this in mind, here are a few tips to help you better manage your finances and begin saving for a mortgage:

When you make a late payment or default on a payment, the lender or creditor reports the information to the credit bureaus. Then, it’s included in your personal credit report, which can then be used to enable other lenders or creditors to make a more informed decision as to whether to extend you credit. If you’re applying for a mortgage and have bad credit, this can affect your ability to secure a loan, but it doesn’t always have to be a complete barrier.