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    Mortgage Reference Centre

    With the wide variety of mortgage options and terms available, it is helpful to deal with a mortgage broker who can determine the ideal mortgage solution for you based on your unique situation.For example, some mortgage lenders offer a Family Plan that allows people to buy a home for immediate family members who have good credit but may lack the income to meet normal lender requirements.

    There are also programs that allow you to borrow up to 97% or even 100% of the property value based on certain borrower qualifications.

    For people who have recently immigrated or relocated to Canada, it may be possible to obtain a mortgage with as little as a 3% down payment.

    Please click on the links below to help answer some of your mortgage questions or give Triston a call at 403-571-8142 ext 237 and she would be happy to assist you.

    Monthly versus Bi-Weekly Payment Plans

    Instead of paying your mortgage monthly, why not pay it bi-weekly on an accelerated basis? Most people receive their salary every two weeks or twice a month so it may be convenient to pay your mortgage as you get paid. This would assist you in family budgeting and allow you to pay off your mortgage in a timely manner.

    1. With an original mortgage of $300,000 and an interest rate of 5.5% amortized over 40 years, a mortgager can save $116,807.80 by paying bi-weekly accelerated payments, compared to monthly payments.

    AMOUNT………………….$300,000.00

    INTEREST RATE………5.5%

      Payment Amortized Life Of Loan Total Interest Cost For Loan Interest Saved

    2. With an original mortgage of $300,000 and an interest rate of 5.5% amortized over 25 years, a mortgager can save $42,081.93 by paying bi-weekly accelerated payments, compared to monthly payments.

    AMOUNT………………….$300,000.00

    INTEREST RATE………5.5%

      Payment Amortized Life Of Loan Total Interest Cost For Loan Interest Saved

    *Paying bi-weekly equates to 26 payments per year.

    Buying Versus Renting a Home

    The chart below shows the mortgage amount that your current rent would support as well as the potential purchase price with a minimum down payment of 5% .

    Monthly Rent Mortgage Amount Potential Purchase 5% Down Payment
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