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Mortgage Broker in Calgary for Best Rates

Only an experienced mortgage broker in Calgary can help you get best rates. Even before you opt for mortgage, learn the various components of mortgage here!

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Mortgage Broker in Calgary for Best Rates

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  1. Components of a MORTGAGEAn Insight

  2. “The universe of mortgage lending has gotten to the point where there is a place in it for everybody.” - Joe Mays

  3. All about Mortgage Rates

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

  5. Principal and Interest • Principal amount is your house’s 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.

  6. 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.

  7. 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.

  8. 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.

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

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