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During his fifteen years as a Calgary real estate agent, Len has established himself as a market leader selling hundreds of homes each year. Len's extensive experience has helped him consistently rank in the top One Percent of Canadian RE/MAX realtors. His team are currently #1 in Calgary, with 96 million dollars in real estate sold in 2006. Len and his team work hard to ensure that their clients benefit from the latest innovations in real estate technology. So if you have a Calgary home for sale, they will create a marketing strategy that will sell your home for the amount you deserve, in a professional and timely manner. Contact Len:
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Mortgages |
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The Basics
A mortgage is simply a loan using a property as security against default. A bank or another investment group gives you the money for the property with the promise that the funds will be repaid with interest. If you (the borrower) cannot make the repayments, you default and the bank gets possession of your property.
Some very useful terms that you will need to know when talking about mortgages are:
 Borrower: Person taking the loan.Lender: Institute or person giving the loan. Usually a bank.Rate: The interest rate the lender charges.Open vs. closed rate: click here for detailsVariable vs. fixed rate: click here for detailsLoan-to-value: How much of the property is mortgaged versus the property value.Amortization period: The total lifetime of the mortgage. The amount of years until the loan is paid off and the property is fully owned by the borrower.Term: How long you are locked in with the same plan with your lenderInsured/High-ratio Mortgage: Currently new mortgages in Canada that are over 80% loan-to-value must be insured by the borrower to protect the lender should the borrower default and the market go down. This means the borrow must pay a premium.Prime: This is a government set rate that is used as an index for lenders to set their rates.Credit: The single most important determinant in getting a mortgage is your credit; how much debt do you have, and how able are you to pay those debts. |
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After finishing his Finance degree at McGill University Chris obtained his mortgage brokering license here in Calgary. He has since worked with several of Canada's top brokers, and has quickly gained a reputation as the "go-to" agent for many of Calgary's realtors. Chris attributes his ability to take complicated scenarios and turn them around in record time to the talented team he works with, and his relationships with over 40 different lenders. "If you have any questions on the current Calgary housing market, your ability to finance your next home, or just need a mortgage put together quickly at a great rate, give me a call!" Contact Chris:
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