Determining it may not be as simple as you think

Some would think a rate sheet would make mortgage-shopping process  easy. All you have to do is scroll through the list and find the company  with the lowest rate, right? After all, pretty much every mortgage is the same? All you need to do is find the best rate?

It's not quite that easy. Not all mortgages are created equal. Behind each of those rates is a set of terms and conditions that affect the price of the mortgage, quite often more than the interest rate itself.

Five reasons to buy rentals in the city

It appears as though Calgary real estate will continue to be a great  investment for investors looking to become landlords.

This week the Alberta government quelled fears of impending rent controls, signaling the market will continue to support investment real estate as a method of wealth accumulation.

Tips on how to get back in the black

According to Statistics Canada, household debt levels in the country have  risen to a record high of 163 per cent of Canadians' disposable income.

Yet that doesn't mean debt has to be a burden. In fact, it is far easier to get out of debt than most people think. You just need the right strategy.

While there are many ways to get out of debt, there is one that seems to work more
effectively than the rest: the modified snowball technique.

The exception to the maximum refinance rule

 On July 9, 2012, then Finance minister Jim Flaherty introduced a rule preventing  homeowners from borrowing more than 80 per cent of their property value.

The logic behind this decision was clear – to prevent Canadians from using their home equity as a bank account like many Americans did leading up to the credit crisis in 2008.

The implications were immediate. Canadians could no longer refinance higher interest debts into low-interest rate mortgages. Not-so coincidently, consumer debt levels correspondingly jumped.

Genesis launches neighbour-friendly development in Airdrie

Genesis has a vision every time it puts a shovel into the ground: construct a home that reflects your dreams, but that is entirely within reach.

Now, that reach extends to Airdrie, where the award-winning land developer and residential homebuilder has recently opened three new show homes in its Bayside Pier 11 neighbourhood.

Why interest rates are not the only consideration

The common misconception is all mortgages are created equal –  the only piece you have to pay attention to is the interest rate.

 That couldn't be further than the truth.

In fact, if you consider the mortgages of the five big bank – RBC, BMO, TD Canada Trust, Scotiabank and CIBC – the only commonality is the interest rate. The 20 or so pages that make up the rest of the mortgage document are completely different.  

Dream home might be cheaper now

Even though the real estate market is hotter than anyone expected it would be back in January, many buyers are missing out by believing they  can "lowball" sellers and try to steal a property.

Unfortunately, most under-handed offers are still being laughed at as sellers are aware the sky is not falling. As a result, some buyers are deciding to wait for the market to dip before they purchase.

The downside for would-be buyers, though, is they are missing out on the opportunity to borrow money for cheaper and for a longer period of time.

Time to tidy up your portfolio

With spring in full swing, Calgarians are noticeably starting their annual spring-cleaning.

Yards are being tidied and garage sale signs litter street corners.

Yet, many don't realize now is an opportune time to reassess winter's finances and do a financial spring cleanup.

Keys are low vacancy rates, positive net migration

The perfect storm for long-term real estate investing in Calgary continues  to build steam despite low oil prices and fear mongering by industry  naysayers.

In fact, the six market rules Mortgage360 talks about in its Cash Flow Club meetings – which cover market vacancy rates, employment, rental rates and net migration – are still being met, even though some would have you believe the proverbial real estate sky is falling.

Devil's in the details*

The myth that all mortgages are created equal is slowly unraveling.

In fact, when it comes to mortgages, one of the only things Canada's big  banks can seemingly agree on is the interest rate. Everything else varies significantly between them.

Consumers, in turn, are slowly starting to figure out every bank has its own idiosyncrasies that may not be immediately apparent.