Mortgage Broker in Calgary for Best Rates

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Components of a MORTGAGE An Insight
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• The universe of mortgage lending has gotten to
  the point where there is a place in it for
  everybody.
• 
  - Joe Mays

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• All about Mortgage Rates

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• Pre-Approval
• Pre-approval process is nothing but more than
  submitting your financial information on which
  the lenders terms are established.
• Pre-approved is just an estimate of how much the
  lender will loan you and does not guarantee a
  loan

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• Principal and Interest
• Principal amount is your houses average purchase
  price minus your down payment. In other words, it
  is the amount loaned out to you initially when
  you sign the contract.
• Interest is the total amount that will be applied
  to the principal. It is usually denoted in
  percentage.

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• Variable-Rate Mortgage
• In this, the monthly payment remains fixed but
  the interest rates keeps fluctuating. Due to
  this, the payback period can increase or
  decrease.

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• Fixed-Rate Mortgage
• Fixed-rate mortgage is best suited for first-time
  home buyers as it is less risky. But, this type
  of mortgage can be more expensive owing to higher
  interest rates.
• If you are not sure which type of mortgage to
  choose, you can opt for hybrid mortgage rates to
  suit your needs.

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• Mortgage Default Insurance
• Mortgage Default Insurance comes into play when
  homebuyers plan to take high-ratio mortgages.
  This insurance aims to safeguard the lenders in
  case the borrower fails to pay.
• In Calgary, common Mortgage Default Insurance
  includes Canadian Mortgage and Housing
  Corporation (CMHC), Genworth Canada, and Canada
  Guaranty.

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• For best mortgage rates, contact a highly
  experienced mortgage broker in Calgary -
  Mortgage360
• Ph. 403 615 6132
• Website www.mortgage360.ca