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First Encounter with a Calgary Mortgage Broker January 20, 2008

Posted by DustinRJay in mortgages.
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Buying a house is the biggest purchase that most people make in a life, and how you choose to finance it is a part of how you meet your personal and financial goals in life.

So, this weekend, I gave a local mortgage broker a call here in Calgary.  I wanted to know what index variable rate mortgages were based on and how often it changed.  Instead, he asked how much money I made and proceeded to give me a quote for the maximum mortgage I could afford with a 40 year mortgage.  Not exactly what I asked for…

If anyone knows of reputable mortgage brokers in Calgary  that have a focus on their client’s interests, or credible sources for  mortgage information with a focus on financial planning,  please feel free to post your recommendations below.

I have found the Canadian Mortgage Trends blog written by Melanie & Robert McLister to be extremely useful in keeping up to date on mortgage related news.  Bearclaw also has a good blog about 40 year mortgages the other day. 

My personal thoughts are that unless you have an income producing investment that has a greater rate of return than your mortgage rate, paying off your mortgage as quickly as possible is very good advice. By increasing the amortization period from 25 year to 40 years, the interest paid is about 75% more.

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Comments»

1. Robert - January 20, 2008

Thanks for the kind feedback Radley!

Cheers,
Robert (McLister)

2. liverless - January 27, 2008

good blog. i think that the thing the banks like about the 40 year is that it allows the homeowner to afford a higher priced property but doesn’t expose the bank to more risk. My sense is that what the bank really cares about right now is a decent loan to value. There has to be enough equity put up by the buyer so that the bank is not exposed to losses of the asset.

3. Calgary Realtor - February 18, 2008

Radley – Contact me directly for the name(s) of several excellent Calgary area mortgage brokers.

4. Mortgage Hunter - February 20, 2008

I found that Dave Cooke from Mortgage Alliance in Calgary has the best rates and gives more information about mortgages than most brokers.
Mortgage Alliance has their own mortgage which is a lot lower than any of the banks or mortgage companies. See link below

5. Anonymous - March 6, 2008

Radley, did you ever find a decent mortgage broker? My mortgage comes up for renewal in June and I am looking for a broker too. If you could share anything you have learned please do. 🙂

6. Gman - March 11, 2008

check out http://www.oneyellowdoor.com

Really good Blog as well, and cool how they can save HUGE dollars on buying real estate

7. Paul - March 23, 2008

This guy has been really helpful in getting answers to my questions so far.
http://www.therateguy.com

8. Aaron - March 30, 2008

You can use a HELOC and a computer program to save mortgage interest.

http://www.freefrommortgagedebtnow.tv/

9. Trish Cardell-Robertson, AMP - April 23, 2008

I am an Accredited Mortgage Professional, who has 25 plus years experience in the mortgage lending industry and would be pleased to work with you to obtain a mortgage approval. I work for a company called Dominion Lending Centres House and please feel free to contact me with your details!
Trish Cardell-Robertson, AMP
403-680-6271 Phone

10. Michael - November 8, 2009

Have you checked out the Purcell Mortgage Team? They did a good job hooking a friend of mine up, he was really happy with them. I think he worked with Todd, but I can’t be sure.

Their website is http://www.purcellmortgageteam.com. Hope it helps?

11. rich - June 7, 2011

I bought my house 4 years ago, and I wish I had spent more time selecting my mortgage broker, as I think I could have got a better deal. I’m trying to help my friend find a mortgage broker as well, he may contact one of the ones mentioned about.

I found these 2 articles very useful when providing him with some advice. Maybe they can help someone else out as well.

6 Tips to help you find the Right Calgary Mortgage Broker
and
Choosing a Mortgage Broker

12. hybrid bikes - May 18, 2014

New sportbike riders like to customize their bikes with grips featuring their bike’s manufacturer name.

Yea, there are the chrome grips and the spiked grips
too. They have higher gears instead of lower ones found in mountain bikes.


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