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First Encounter with a Calgary Mortgage Broker January 20, 2008

Posted by DustinRJay in mortgages.
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12 comments

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.