Beavis10

Hi all

Living near Calgary in rented accommodation and need a mortgage broker.

Can anyone kindly recommend one in Calgary if possible (not a bank as they want too much deposit)!

Thanks in advance

el_richo

I don't have any info on mortgage brokers but in the current climate i'd stay renting if i were you.

Juggernaut1064

Agree that buying right now is the worst time ! Sit tight and see how the whole oil patch collapse effects reality, Im thinking it'll collapse too. You get a better place for your money later on.

haggis88

They've been saying that for about 3 years now...its never a good time to buy apparently

OP, I have details for the guy we used, really awesome company that helped us out a lot, will PM you

not2old

try the following, enter your location, pick the term, then, whether you want fixed or variable

Compare Canadian mortgage rates and credit cards - Find the best rates and cards in Canada - RateHub.ca

el_richo

Although those last few years didn't look anything quite like where we're at, or going, now.

Interesting times ahead for sure.

withabix

Its the Federal Government and the Bank Regulator that effectively determine the deposit - its all geared around deposit levels, CMHC and Genworth insurance premiumns.

The only difference between some banks and some brokers is that the Lender will work with Genworth, who's premiums are slightly lower.

Some general info here:

Changes to Canada's Mortgage Market

Beavis10

Thanks for your advice everyone

JonboyE

Many brokers also work within what is called the "less regulated" market. I.e. non-retail lenders who are not required to have CMHC or Genworth Insurance. They can find longer terms or lower deposit requirements or need less credit history. They will likely be more expensive than regulated, insured mortgages.

If a retail bank will not qualify a person for a mortgage it is wise to step back a moment and consider if buying is the best thing to do.