GREAT RATES TO GET YOU MORTGAGE FREE, FASTER.
There’s a lot to consider when purchasing a home. At Chinook Financial, we’ll help you find the mortgage that meets your needs. We get to know your unique financial goals, with southern Alberta’s landscape in mind to find the right mortgage plan for you. Whether you're purchasing your first or second home, renewing or restructuring your mortgage, renovating, looking to tap into your home equity, or on the hunt for an investment property, we’ve got mortgage financing for you.
Just a half percentage point less on your rate could save you a few thousand dollars per year! Check out Chinook Financial’s rates, then give us a call. You won’t need to haggle. We’ll always offer you the very best rate you qualify for.
Let’s get you on the right mortgage plan, with fast approvals and competitive rates. The best mortgage plans will always fit your needs today and your financial goals for tomorrow, without leaving you house poor.
This handy Mortgage Calculator can help you navigate the home-buying budgeting process! Use it to help to determine what you can afford, while still achieving your savings goals for the future.
Home Equity Line of Credit
Don’t pay more interest than you need to! Tapping into the equity you’ve built up in your home is an affordable way to borrow funds to help finance big purchases, pay for renovations or get you to whatever your next big dream is.
Mortgage Terminology Worth Knowing
Principal & Interest
Each mortgage payment that you make reduces the amount you’ve borrowed (the principal). It also pays for the cost of your mortgage (the interest), reducing the outstanding principal balance of the loan over time.
Open vs Closed Mortgage
- A closed mortgage typically has lower interest rates and in turn lower cost of borrowing. This is a good long term option resulting in a larger principal payment.
- An open mortgage allows you to pre-pay, pay out or renegotiate your mortgage, without penalty. This is a great option for homebuyers who may be planning on making a change in the near future.
Fixed vs Variable Interest Rate
- A fixed interest rate protects you from sudden increases in your monthly mortgage payments if interest rates increase. You’ll know what your repayments will be and they are unaffected by interest rate changes during the term of your mortgage.
- A variable interest rate fluctuates up or down with Prime. This can affect your repayments. If the interest rate goes up, your repayments will also increase, if the interest rate falls, your repayments will also go down.
Conventional versus Collateral Mortgage
- A Conventional mortgage includes the loan amount, term and interest rate on the title of your home. A Collateral mortgage has a credit agreement separate from the title, and may secure other debt besides the mortgage loan.
If you’re a first time homebuyer, you have the option of making a 5% down payment. If so, the Canadian Mortgage and Housing Corporation or Genworth will need to provide insurance on your mortgage.
Add this premium to your down payment, or onto your mortgage amount. If added to your mortgage amount, you’ll pay interest on the premium at the same rate as your mortgage. Remember to factor that into your monthly payment calculation.
Worried about Prime increasing?
Some of our mortgage plans allow you to convert to a fixed rate and term, provided the new term maturity date extends beyond the original term maturity date. Talk to us to find out more!
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