Calgary Mortgage Corp. is in the business of arranging mortgages.  We will design your mortgage with you in mind.  We will arrange for the best mortgage or Line of Credit available in the market.

Our highly trained, service oriented professionals can pre-qualify you and prepare your application over the telephone, in person, via email, fax, or the Internet.  You will be kept informed of the progress of your application and your associate will assist you with all the details required throughout the mortgage process.

Our mortgage associates are available 24 hours a day, seven days a week by pager or telephone (403) 212-2607 Dave Burns, Owner/Broker.

There are many mortgage options when purchasing a new home.  Choosing the right one can seem overwhelming.  Let CMC’s Mortgage Associates help you choose.

High-Ratio Mortgages
Generally described as mortgages with less than 20% of the purchase price as a down payment, these high ratio mortgages will usually need to be insured by a company such as Canada Mortgage and Housing Corporation (CMHC), Genworth Financial, or AIG Insurance.  In recent years, the minimum down payment has been reduced to as little as ZERO Down for qualified borrowers.

By insuring these mortgages, Canadians are able to reduce the amount of the down payment they need to save up prior to purchasing a new home.  In recent years, the minimum down payment has been reduced to as little as ZERO Down Payment for qualified borrowers.

Longer Amortizations
The amortization of a loan is the total amount of time it will take to pay off both the principal and interest of the mortgage.  Generally, in Canada this was restricted to a maximum of 25 years.  Recent changes in the mortgage industry have resulted in 30, 35 and even 40 year amortizations being made available.

These longer amortizations mean lower monthly payments – which in turn means that more people are able to get into home ownership.  However, as the amortization gets longer, the percentage used to calculate the amount of the insurance premium rises, and the longer you take to pay off the mortgage, the more interest you will wind up paying.  However, if a longer amortization allows you to obtain home ownership, you can stop paying rent and start building equity!

We will provide you with a pre-approval quickly and can refer you to a Real Estate Professional to inform you of the current real estate market.

With a Pre-approval, you can comfortably start shopping for a new home, knowing exactly what mortgage amount you can obtain.  This lets you focus on the right properties from the very beginning.

A Pre-approval will also provide you with a “Rate-Hold” (usually 90 to 120 days) – a guarantee that your interest rate will not go above the current rate.  If interest rates decline, most lenders will give you the lower rate.  A Pre-approval will also generally give you a list of the information and documentation that the lender will need to see before the mortgage can fund.  This helps to ensure that there are no unpleasant surprises at the last minute.

Equity is YOUR MONEY.  Equity is the difference between what your home is worth, and what you owe against your home.

CMC has access to lenders that offer several types of funding that access the equity in your home.  Home Equity Lines of Credit  (HELOCs) are one of the methods.  These sources of funding allow you to access the equity in your home like a credit card – you can use the funds and repay them.  You pay only for the funds that you are using.  Many of these programs have interest-only options for minimum payments.

Another option is a Second Mortgage.  Like a typical mortgage, a Second mortgage must be repaid with a Principal and Interest repayment.  Second mortgages are generally at a higher interest rate than a First Mortgage because of the higher risk to the investor.  However, it is possible to get a Second Mortgage even with bruised or damaged credit, as long as you have sufficient equity in your home.  You can then use the funds to deal with your credit issues and improve your monthly cash flow.  Second Mortgages are generally short-term interim solutions.