Calgary Mortgage Rates

MortgagesToGo.ca is a leading mortgage broker in Calgary, providing quality residential mortgage services to customers looking to purchase a home or investment property. We strive to secure the best mortgage rates and terms for our clients, so they can have peace of mind they are getting the best deal.

In this article, we will discuss the current Calgary mortgage rates and what options are available to customers.

Overview of Mortgagestogo.ca

MortgagesToGo.ca is an online resource dedicated to helping Canadians find the best mortgage rate in Calgary, Alberta and throughout Canada. We understand that purchasing a home can be a complex and sometimes intimidating process; our goal is to make it as simple as possible.

On our website, you’ll find comprehensive information about various types of mortgages, the process for obtaining a mortgage approval, tips for how to reduce your mortgage payments, articles about real estate trends, and more. We also provide free access to some of the most competitive rates on mortgages in Calgary from top-tier Canadian lenders including big banks like Royal Bank of Canada (RBC), Bank of Nova Scotia (Scotiabank), TD Canada Trust and others.

Take the time to explore all the information and tools provided by MortgagesToGo.ca to learn more about your financing options when shopping for a home in Calgary or elsewhere in Canada. We hope you find our online resource helpful in finding the best mortgage deal available!

Benefits of using Mortgagestogo.ca

When it comes time to purchase your next home or refinance your current mortgage, it can be overwhelming sorting through the fine details of what you need. MortgagesToGo.ca simplifies the process by providing consumers with the most current Calgary mortgage rates available. Our experienced professionals make sure that you’re getting the best deal possible when it comes to buying or refinancing a home in Calgary.

The benefits of using MortgagesToGo.ca for your Calgary mortgage needs are clear:

• We provide accurate, up-to-date information on all available Calgary mortgage interest rates and offers from all major lenders in the industry
• We take the hassle out of finding and comparing numerous Calgary mortgage rate terms and conditions, so you can make a quick, informed decision
• Our experienced professionals can evaluate and analyze numerous financial products side-by-side – at no extra cost – to ensure you get the best deal possible
• Our team will assist with all paperwork involved in applying for a new loan or refinancing an existing one
• Plus more!

At MortgagesToGo.ca we strive to provide our valued customers with everything they need to make their home financing experience as stress-free and simple as possible! If you have any questions about what’s involved in applying for a new loan or refinancing an existing one, don’t hesitate to get in touch today – we’re here to help every step of the way!

Mortgage Rates

MortgagesToGo.ca is an online resource for those seeking the best mortgage rates in Calgary. It offers a wide variety of mortgage programs and products, from fixed-rate mortgages to adjustable-rate mortgages and more.

In this article, we will discuss the mortgage rates in Calgary, how to find the best rates and the overall process for getting a mortgage.

Fixed Rate Mortgages

Fixed-rate mortgages are the most common form of mortgage used in Canada. They provide a borrower with a fixed interest rate throughout the entire loan term, typically throughout 5, 10, 15 or 20 years. This predictability allows the borrower to plan their budget with certainty, as they know exactly how much their total payments will be each month.

The advantages of fixed-rate mortgages include predictable payments and low initial rates; however, payments will increase if market rates go up in future. In addition, prepayment and refinancing privileges also may be limited on fixed-rate mortgages because of their lower interest rates so it is important to consider these factors when deciding which type of loan contract best meets your needs.

It is important to remember that different lenders have different terms and conditions for fixed-rate mortgages so it is essential to do research ahead of time before choosing which mortgage lender you would like to work with. MortgagesToGo.ca offers convenient tools for comparing Calgary mortgage rates from multiple lenders so you can make sure that you are getting the best deal before making your decision.

Variable Rate Mortgages

Variable-rate mortgages are based on the mortgage prime rate, so they can go up or down as rates change. Because of this, they are considered to be riskier than fixed-rate mortgages and can be more difficult to manage. However, if interest rates go down during the term of their mortgage, then a variable mortgage can be advantageous.

A popular choice is usually a 50/50 split between a fixed and variable mortgage for the term — this averages out when looking at the whole picture. Here are some examples of popular variable-rate mortgages:

-Prime -It’s one percentage point (1%) higher than the current mortgage prime rate set by your lender.

-3 Year Variable -This rate changes with your lender’s current prime rate every three years. It’s typically 3% to 4% higher than your lender’s prime rate with no cap on how high it can go.

-5 Year Variable -This is similar to a 3-year variable except that it’s re-assessed every 5 years instead of 3 years and it may have a higher discount playing if your contract allows it (check with your lender). The rate may also vary in terms of its percentage point above the current mortgage prime.

-Variable Open Mortgage -This type allows you to pay off any portion or all of your loan, without penalty fees, before its scheduled maturity date. The interest is variable but typically lower than other variable loan options due to its nature as an open loan option.

Short-term Mortgages

Short-term mortgages are secured loans that typically have a repayment period of six months to five years (but can be as short as three months). Unlike long-term mortgages, these shorter-duration loans are repaid more quickly and can provide borrowers with more flexible and often lower rates. This type of loan is often used when interest rates are rising when the borrower plans to release equity from the property or when a lower costs option is preferred.

When using this type of loan, it is usually beneficial for the borrower to provide a substantial down payment at closing to reduce the total mortgage cost. Short-term mortgages may also benefit those planning to refinance in the future as they will not be obligated for a large amount of time, providing more flexibility when shopping around for new terms.

The common term lengths available with this type of mortgage include:

• 6 months
• 9 months
• 1 year
• 2 years
• 3 years
• 4 years
• 5 years

Specialty Mortgages

Specialty mortgages allow prospective home buyers to take advantage of a potential mortgage solution not related to the conventional mortgage types – fixed rate or variable rate. Specialty mortgages can be beneficial for selecting the right product for your unique situation.

The types of specialty mortgage products offered by Mortgages To Go include:

• In-Between Rate: A hybrid mortgage product that partially fixes your rate and gives you some flexibility to keep a portion of your mortgage in a variable rate format.
• Annual Renewable Mortgage: A solution that allows you to annually renew your loan at current market rates. This solution can protect you from fluctuations in rates while allowing the discretion to stay with current interest rates should they fall more than expected after loan approval.
• Convertible Mortgage: A fixed-rate term allowing access to reduced prime borrowings, as well as giving you the option each year to switch from a Fixed Rate To a Variable Rate, or vice versa at no cost! This can also provide flexibility for when refinancing becomes necessary during your term.
• Bridge Finance Lines Of Credit: Access financial support when purchasing one property before selling another property simultaneously with only one application required! Bridging finance is an alternative solution if needed between buying and selling properties that may provide flexibility.

Mortgage Calculators

Making a big financial decision like a mortgage can be difficult, but with the help of mortgage calculators, you can make an informed decision.

Mortgage calculators are an easy way to quickly calculate your mortgage payments or to see how long it would realistically take to pay off your mortgage.

Let’s take a look at some of the benefits of using a mortgage calculator.

Mortgage Payment Calculator

A home is likely the biggest and most expensive purchase you will ever make. To help make the process easier, our Mortgage Payment Calculator can show you an estimate of what your monthly payments may be—giving you an idea of what to expect when budgeting for a home.

When calculating mortgage payments, there are several factors to consider such as purchase price, down payment, amortization period, and interest rate.

The Mortgage Payment Calculator can help provide a rough approximation for mortgage payments and is based on assumptions that may differ from your situation. We recommend working with a professional trusted mortgage advisor should you need more exact calculations.

For greater accuracy in determining your monthly home payments, contact us at MortgagesToGo or chat with one of our friendly advisors online today!

Mortgage Affordability Calculator

Mortgage affordability calculators can help you determine the home loan amounts that you could qualify for, as well as how the economic factors that might affect your mortgage rate come into play. Knowing your budget and possible monthly payments will help shape your real estate decisions.

The Mortgage Affordability Calculator considers many factors when determining an estimated monthly payment. This includes salary and debt information, including credit cards and other loans. It also looks at current Canadian mortgage rates and other associated costs, such as property taxes. All of this is used to calculate a total expected monthly payment for potential borrowers.

The calculator assumes no down payment is made on the purchase of a home; however, these can be added manually if desired. Other financial assumptions include a one-time borrower registration fee of $160, an approximate rate of 2% for property taxes annually, a 5-year fixed term mortgage with 25 year amortization period—both being common terms offered in Canada—and homeowner insurance set at $50 per month*. It’s important to realize that actual costs may vary depending on individual needs or lender requirements.

When using the Mortgage Affordability Calculator, it’s crucial to consider more than just the potential mortgage rate being offered by lenders in Calgary or Canada-wide. Taking into account an estimated total monthly payment along with current Canadian mortgage rates will ensure a borrower has realistic expectations when buying their next home.

*Estimated medical insurance cost may vary from province to province

Mortgage Refinancing Calculator

Mortgage refinancing is the process of replacing one existing loan with a new one to take advantage of better terms and conditions. Mortgage refinance calculators can help you determine if it is financially beneficial for you to refinance your mortgage when rates change or if it would be best to stay with your current loan and monthly payments.

A mortgage refinances calculator lets you input several factors to calculate whether it is in your best interest to opt for a refinanced loan. You can compare both fixed-rate mortgages as well as variable-rate options so that you can decide on the one that best fits your financial situation. Some calculators also show break-even points, which are important numbers that indicate how long you need to stay in the new loan before it becomes cost-effective compared to your original mortgage agreement.

When considering accessing current Calgary mortgage rates for refinancing, use tools such as the Mortgage Refinancing Calculator from MortgagesToGo.ca – enter data such as loan amounts and interest rates – then press “Calculate” and instantly see potential savings or costs related to refinancing. 

This calculator will assist homeowners in comparing various Calgary mortgages quickly while taking into account additional expenses like origination fees, points and closing costs that should all be taken into consideration when making a final decision about refinancing. Whether you’d like more information about a specific property or guidance on finding the right lender, MortgagesToGo.ca is available to help through this exciting home-buying journey!

Mortgage Options

When it comes to looking for a mortgage in Calgary, you have plenty of options. From variable and fixed-rate mortgages to open and closed mortgages, you can find the right one to suit your financial goals and budget.

Let’s have a look at the different mortgage options available and the advantages and disadvantages of each.

Pre-Approval

Getting pre-approved for your mortgage is an important step in the home-buying process. It not only helps you understand what type of home you can afford, but it also shows sellers that you have the financial resources to purchase a property and can help you move quickly if you find the perfect home.

In Canada, most lenders use uniform industry standards to determine your mortgage qualification, though some lenders may have their criteria. Generally speaking, mortgage pre-approval requires proof of income and employment history (pay stubs), credit statement (showing recent payment history), current assets & liabilities, and a down payment amount of no less than 5%.

When applying for pre-approval, it’s important to shop around and compare rates from several lenders to find the best rate. An accredited mortgage broker can help you by shopping around on your behalf and providing valuable advice along the way.

At MortgagesToGo.ca we offer competitive rates and flexible options for all kinds of mortgages including pre-approvals for first-time buyers or those looking to upgrade their living space. Regardless of whether you are looking for fixed or variable interest rates or are interested in refinancing an existing loan, our team is here to help guide you so that you can feel comfortable making an informed decision about which rate works best for your situation.

Renewal

Mortgage renewal is the process of renegotiating your mortgage agreement with a new lender to take advantage of lower mortgage rates or to amend the terms and conditions. This can be done with your current lender or you can decide to shop around for a better rate or features and switch lenders at renewal time.

It’s important to review your mortgage options, compare rates and determine which option best suits your needs. Taking advantage of decreasing interest rates through a renewal should always be considered when trying to save on interest costs or alter your amortization period over the life of your loan.

Typically lenders will contact their existing customers after their mortgage is up for renewal and give them the option of renewing their mortgage at current market rates. In certain cases, you may want to switch lenders if you can get a lower rate than what was offered by your original lender. MortgageToGo offers competitive Calgary Mortgage Rates and flexible choices so it’s best to explore all options before renewal time to avoid any potential pitfalls resulting from ending one agreement and signing another!

Refinancing

Refinancing your mortgage is an option for homeowners who are looking to save money on their monthly payments, restructure existing debt or access existing equity. 

Refinancing may offer lower payments and/or adjustable rates, depending upon the market at the time. When refinancing, you may convert from a fixed-rate mortgage to an adjustable-rate mortgage (ARM), or vice versa. There may also be other benefits, such as eliminating private mortgage insurance (PMI) or converting a 30-year term to a 15-year term to pay off the loan faster and reduce interest expenses over the life of the loan.

In general, you should consider refinancing if you can lower your monthly payment by 1% or more and plan on staying in your home for a significant period (longer than it will take to recoup transaction costs). If a set-rate mortgage is already at market levels, then refinancing generally doesn’t make much sense.

Some common types of mortgages include:

Fixed Rate Mortgages: A fixed-rate mortgage offers stable and predictable monthly payments over a fixed period – usually 10-, 15-, 20-, 25- and 30-year terms are available. Fixed-rate mortgages offer peace of mind that interest rates won’t rise during the term of your loan.

Adjustable Rate Mortgages (ARMs): ARMs offer a lower interest rate for five or seven years followed by an annual review, which can result in either higher or lower payments depending on where interest rates stand at that time. This can be appealing for those expecting income growth in upcoming years who want to take advantage of potentially lower payments now but are willing to assume some risk later on down the road if rates increase substantially after their initial term expires.

Hybrid Mortgages: Also known as blending ARMs and fixed-rate mortgages, hybrid mortgages blend aspects of both ARM and fixed loans—typically offering a low introductory fixed-rate period followed by an ARM with predetermined yearly adjustments thereafter. The idea with hybrids is that if rates skyrocket after the introductory period passes, homeowners still have some element of protection due to their capped yearly adjustment values instead of potentially having unchecked fluctuations occur each year with a traditional ARM structure.

Closing

Closing is the final step in the mortgage process and a critical one. It is when the loan documents are signed by the borrower, the loan funds are disbursed, and the property title is transferred to the borrower.

MortgagesToGo.ca can help guide you through the closing process and make sure you understand all the details of your loan. Let’s look at the steps involved in a mortgage closing.

Summary of Benefits

At Mortgagestogo.ca, we offer our clients a range of mortgage products and services that can be tailored to meet their needs. Our experienced team of mortgage professionals will work with you and answer any questions you may have throughout the process.

Our Calgary mortgage rates are competitive, and we strive to provide excellent service every step of the way. We are always there to provide guidance and discuss various options with our clients. From pre-approvals to setting up amortization schedules and explaining closing costs, our team is dedicated to helping you make the right decision for your financial situation.

We also offer incentives such as cash-back programs on closings and special deals for renewals or switches; these are designed to further benefit our clients and help save them money in their monthly payments or on other associated costs.

At Mortgagestogo.ca, we want you to feel secure and confident in your decisions relating to homeownership, from selecting the perfect property to signing off on all paperwork at closing. We look forward to speaking with you about your home financing needs.

Contact Information

If you’re in the market for a mortgage and looking for the best Calgary mortgage rates, contact us at MortgagesToGo.ca. We offer industry-leading rates with our experienced team of experts ready to answer your questions any day of the week from 9 am to 5 pm.

We are committed to finding you the mortgage that meets all your needs no matter who or where you bank with. We are knowledgeable about all types of mortgages such as Fixed, Variable, and Open mortgages in Calgary so no matter what kind of mortgage you might need we have got you covered.

We have access to lenders from across Canada, including major banks and private lenders, so we can provide customized mortgage solutions to meet whatever your needs may be. Our priority is to find fast solutions and low-interest rates without being locked into rigid terms or paying costly bank fees.

If you want personalized financial advice regarding which type of Calgary mortgage is right for you then give us a call at 1-888-888-5998 now or send an email and one of our seasoned mortgage advisors will be more than happy to assist!