With the wide variety of options and terms available, we can determine the ideal mortgage solution for you based on your unique situation.
For example, some 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
questions or give us a call at 403-571-8142
and we 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 |
| Monthly |
$1,534.67 |
40 years |
$436,645.97
|
N/A |
| Bi-Weekly * |
$767.34 |
31 years |
$319,838.17
|
$116,807.80
|
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 |
| Monthly |
$1,831.17 |
25 years |
$249,352.33
|
N/A |
| Bi-Weekly * |
$915.59 |
21.3 years |
$207,270.40
|
$42,081.93
|
*Paying bi-weekly equates to 26 payments per year.
back to top >>
|
| 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 |
| $800 |
$156,384.48 |
$164,615.24 |
$8,230.76 |
| $900 |
$175,932.54 |
$185,192.15 |
$9,259.61 |
| $1,000 |
$195,480.60 |
$205,769.05 |
$10,288.45 |
| $1,100 |
$215,028.66 |
$226,345.96 |
$11,317.30 |
| $1,200 |
$234,576.72 |
$246,922.86 |
$12,346.14 |
| $1,300 |
$254,124.79 |
$267,499.78 |
$13,374.99 |
| $1,400 |
$273,672.85 |
$288,076.68 |
$14,403.83 |
| $1,500 |
$293,220.91 |
$308,653.59 |
$15,432.68 |
| $1,600 |
$312,768.97 |
$329,230.49 |
$16,461.52 |
| $1,700 |
$332,317.03 |
$349,807.40 |
$17,490.37 |
| $1,800 |
$351,865.09 |
$370,384.31 |
$18,519.22 |
Examples are based on a 40 year amortization,
with a 5.5% interest rate.
back to top >>
|
|
|
