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Stories Tagged - Mortgage

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June 01, 2020 | Tyler Difley

Mortgage matters: options and advice for anyone falling behind on payments due to COVID-19

As the COVID-19 pandemic continues, many Calgarians have lost their jobs, been furloughed (i.e., temporarily laid off) or seen their working hours reduced. If this has happened to you and you own a home, the loss of income could, understandably, make it difficult to keep up with mortgage payments.

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April 09, 2020 | Jim Zang

Maxing out: why mortgage pre-approvals can be a double-edged sword

Everyone's heard the term "house poor," referring to anyone who spends a large portion of their income on homeownership, leaving little money left for other expenses or small luxuries. It's a classic case of one's eyes being bigger than their stomach.

That's why getting a mortgage pre-approval can be a double-edged sword – it's nice to know what you can afford, but it's awful tempting to go ahead and spend to the maximum you're approved for. However, this decision can leave buyers vulnerable to fluctuations in the housing market or the overall economy.

Courtesy Bank of Canada

March 20, 2020 | Tyler Difley

Bank of Canada makes emergency rate cut amid COVID-19 pandemic

In an unscheduled move, the Bank of Canada (BoC) recently announced it was cutting its overnight lending rate to 0.75 per cent, effective March 16. The move was made to counter the negative economic repercussions of the COVID-19 pandemic and plummeting oil prices.

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March 13, 2020 | Mario Toneguzzi

Head to head: Calgary housing affordability remains strong compared to other major centres

When it comes to homeownership these days, one of the biggest and most talked about issues is affordability. This issue is particularly relevant when it comes to a generation of young Canadians that many people say is struggling to enter the marketplace due to the high costs of owning a home.

However, like anything else in this country, affordability is relative and truly dependent on context. If you're a millennial or a potential first-time homebuyer of any stripe, you're much better off entering the market in Calgary than other major centres like Vancouver or Toronto.

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Aug. 21, 2019 | Gerald Vander Pyl

Borrowing outside the box: tips for homebuyers with specialized mortgage needs

Getting a mortgage is a straightforward process for many people. However, there are certain buyers whose specific circumstances require a specialized mortgage product.

Kristi Hyson, mortgage associate with Axiom Mortgage Solutions, says some brokers primarily do basic mortgages, so if your needs "don't fit in that box" they might not have a ready solution.

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Aug. 21, 2019 | Natalie Noble

Shop around before protecting your mortgage with bank-offered creditor insurance

The mortgage-approval process can be a time of uncertainty, one that often ends with many bankers suggesting mortgage protection through their creditor insurance. Buyer beware – the product has come under scrutiny by the Financial Consumer Agency of Canada (FCAC) for incentivized sales and consumer risk.

Courtesy Gord Ross

Aug. 21, 2019 | Mario Toneguzzi

Q&A: Gord Ross, Alberta Mortgage Brokers Association president

Gord Ross, president of the Alberta Mortgage Brokers Association (AMBA), breaks down the Alberta mortgage market, industry trends and the ongoing impacts of the stress test.

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July 31, 2019 | Kirby Cox

SPONSORED: Your complete guide to downsizing

If you're wondering whether it's the right time to say goodbye to your family home and downsize to a home more suitable for your lifestyle and needs, consider these scenarios:
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June 26, 2019 | Mario Toneguzzi

Federal government shares new details about First-Time Buyer Incentive

The federal government is hailing its First-Time Buyer Incentive program as a golden opportunity for thousands of potential homebuyers across the country who are hoping to purchase their first property.

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May 08, 2019 | Barb Livingstone

Calgary housing industry hopes new provincial government will improve its fortunes

From mortgage stress test relief and red tape reduction to general economic good news and jobs to boost consumer confidence, Calgary's housing industry is cautiously optimistic the recent change in provincial government could help cross a few items off its wish list.

However, that all hinges on the new United Conservative Party (UCP) government following through on its campaign promises.

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