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FAQ's

Q: With everything that is going on in the United States, is it really a good time to seek financing?
A: Yes, it is a good time to buy or refinance! What has happened in the U.S. has affected the global economy, but mostly because there just isn't as much money out there to loan consumers. Recently our Finance Minister announced that Canada's banking system has been rated #1 in the world for stability and security. Canada has always been more conservative than the U.S., the U.K., and Australia. Canadian lenders have removed products that they viewed higher risk, like 40 year amortizations and zero down products. It is a great time to advantage of the lower real estate prices and the record breaking low interest rates. If you can buy - NOW is the time to buy.

Q: What is a high ratio or insured mortgage?
A: A high ration mortgage is any mortgage that is higher than 80% of the value of the property. The Canada Mortgage and Houseing Corporation (CMHC) or Genworth insures the lender in case of default on the loan.

This insurance premium is added to the amount of your loan and is blended into your payment schedule.

Q: I have a 3 year term with my mortgage, what does that mean?
A: Every mortgage has a start and an end. At the end of your term, it is called the ‘maturity date’. Anyone can choose a term of any amount from 6 months to 25 years. This is different from your "Amortization". The amortization allows you to base the payment on a repayment of 25+ years. Without this, mortgage payments would be too high for anyone to afford. It term and amortization are your choice.

Three months prior to the maturity date of your term, contact me so that we can review your situation and determine if your product needs to be switched or if there are new offers we can put in place

Q: I don't want to take 35 years to pay off my mortgage so why would I want a 35 year amortization?
A: There are many uses for a 35 year amortization, with the main use being making it more affordable to get into a better property right now. If you are purchasing your first or second property, and know that you will not spend the rest of your life there, this is a good time to consider a 35 year amortization. A 35 year amortization may allow you to qualify for a higher purchase price, and keep the payments lower. Once you sell that property, and buy your dream home, you may want to think about a lower amortization.

Q: Should I consider breaking a closed mortgage and pay the penalty?
A: our should consider this option when the cost of the penalty and legal fees are small in relation to the money saved on a lower mortgage rate over the term.

Q: When is it a good time to lock in my variable rate mortgage?
A: If you feel that the market is getting unstable, give me a call and I will let you know what the best scenario is for your personal situation.

Q: I live in Calgary and I would like to get on the TIPPS program for monthly property tax installments. Where do I call to make these arrangements?
A: E-mail: property.tax@calgary.ca, Fax: (403) 268-3550, Phone: (403) 234-7480

Q: What if I have previously filed for bankruptcy?
A: As long as you have been discharged for at least a year, I can work with you. Give me a call so we can discuss your personal situation

Q: I have no money for a down payment but great credit and a good job, can you help me?
A: Currently there are no zero down mortgages offered in Canada that have the best rates and are insured. However, there are other options available. Call me and we can discuss how to get you into a home with either borrowed money or a cash back option.

Q: How do I find out how much we can qualify for?
A: Call me or apply online. I like to review all of your information so that I know I have what I need to give you a reliable pre-approval amount.

Kerri Hospes
Professional Mortgage Planner

phone: 403.813.6397
fax: 403.291.2060
kerri@calmortgage.ca

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