How Concourse Mortgage Group in Calgary, Alberta Can Help

Purchasing a new home is an exciting milestone in life, whether you’re a first-time homebuyer or a seasoned pro in the real estate market. However, the process can be quite complex, involving various financial considerations and decisions. Depending on when the last time you bought was, the process and requirements may have changed considerably as well.

One of the crucial steps in buying a home is securing the right mortgage to finance your purchase. This is where a Concourse Mortgage Broker in Calgary, Alberta, can be a valuable ally, helping you navigate the complex world of real estate financing. In this article, we’ll explore the advantages of working with a mortgage broker and the various aspects of new home purchases, including interest rates, closing costs, down payments, and more.

The Role of a Mortgage Broker

A mortgage broker is a financial professional who acts as an intermediary between you and multiple lenders. Their role is to help you find the best mortgage product to suit your specific needs, financial situation, and long-term goals. Here are some key advantages of working with a mortgage broker:

1. Determining your budget: You may have an idea of what your ideal purchase price range is, but a Concourse Mortgage professional can determine exactly what you can qualify for, and what the payments might look like.

2. Access to Multiple Lenders: A mortgage broker has access to a wide network of financial institutions, including big banks and alternative lenders. This means they can provide you with a variety of mortgage options to choose from, increasing your chances of finding the best deal.

3. Expertise and Guidance: Mortgage brokers are mortgage professionals who understand the real estate market and the intricacies of mortgage products. They can provide you with expert advice to help you make informed decisions.

4. Saves You Time and Effort: Instead of applying to multiple lenders individually, a mortgage broker streamlines the process by submitting your application to multiple lenders on your behalf. This can save you a significant amount of time and effort.

5. Negotiating Power: Mortgage brokers can negotiate with lenders to secure better terms, including lower interest rates, more favorable payment frequency, and flexible amortization periods.

6. Tailored Solutions: They work with you to understand your financial situation and goals, tailoring the mortgage solution to your specific needs. This personalized approach ensures you get a mortgage that aligns with your long-term plans.

Understanding Interest Rates

Interest rates play a significant role in your mortgage. They determine the cost of borrowing money to purchase your new home. When you work with a mortgage broker, they can help you find the most competitive interest rates available in the market. This can lead to substantial savings over the life of your mortgage. Beyond interest rates, we will cater a strategy to align with your overall financial plan.

It’s important to keep in mind that interest rates can vary depending on the financial institution and the type of mortgage product you choose. For first-time homebuyers, it’s essential to understand how interest rates can impact your monthly mortgage payments and the overall cost of homeownership. A mortgage broker can break down these complexities, allowing you to make well-informed decisions.

Closing Costs

In addition to the purchase price of your new home, you’ll also need to consider closing costs. Closing costs are the fees and expenses associated with finalizing the sale of a property. They can include legal fees, appraisal fees, land transfer taxes, and more. These costs can add up, and it’s essential to budget for them when planning your new home purchase.

A mortgage broker can help you navigate the often-overlooked aspect of closing costs by providing you with a clear breakdown of what to expect. They can also help you explore options to minimize these costs or incorporate them into your mortgage.

Down Payment and Shared Equity Mortgages

One of the most significant financial considerations when buying a home is the down payment. The down payment is the upfront amount you pay towards the purchase price. In Canada, the minimum down payment for a primary residence is 5% for purchases below $500,000. For purchases above $500,000, the amount that’s above $500,000 needs to be at 10%. For purchases above $1,000,000, the minimum down payment is 20%.

For first-time homebuyers, a shared equity mortgage, supported by the Government of Canada, can be an attractive option. This program allows you to share the equity in your home with the government, reducing the amount of your down payment. This can make homeownership more attainable, especially in competitive real estate markets like Calgary. For more information on this, please refer to our First Time Homey Buyers section.

A mortgage broker can help you understand the advantages and disadvantages of different down payment options and guide you in choosing the most suitable one for your unique situation.

Payment Frequency and Amortization

Another critical aspect of your mortgage is the payment frequency and amortization period. Payment frequency determines how often you make your mortgage payments, whether it’s monthly, bi-weekly, or weekly. The amortization period is the length of time it takes to pay off your mortgage fully.

The payment frequency and amortization period can have a substantial impact on the overall cost of your mortgage. A mortgage broker can help you choose the right combination of payment frequency and amortization period that aligns with your financial goals, helping you pay off your mortgage faster and save on interest should you choose. On the flip side, amortization can be lengthened to increase cash flow.

Condition of Financing

When you make an offer to purchase a new home, it’s typically subject to the condition of financing. This means that you need to secure a mortgage to complete the purchase. Failing to obtain financing can allow you to back out of the deal without any financial penalty.

Working with a mortgage broker ensures that you have a pre-approval in place before making an offer. This makes your offer more attractive to sellers and increases your chances of successfully purchasing your dream home. In a heated (sellers’) market, a strong offer is of utmost importance.

Tax Benefits

In Canada, there are several tax benefits associated with homeownership. The interest you pay on your mortgage is tax-deductible on rental properties, which can result in significant savings. Additionally, if you sell your primary residence, any profit you make is tax-free. These benefits can make homeownership a financially sound decision, and a mortgage broker can help you maximize these advantages. There are additional tax advantages for first time home buyers as well.


Buying a new home is a significant life event, and choosing the right mortgage is a crucial part of the process. A Concourse Mortgage Broker can be your trusted partner, helping you navigate the complexities of real estate financing, secure competitive interest rates, and make well-informed decisions about down payments, payment frequency, and more. Whether you’re a first-time homebuyer or an experienced real estate investor, a mortgage broker can save you time and money, ensuring that you make the most of your new home purchase.

If you’re ready to take the next step in your homeownership journey, don’t hesitate to reach out to the dedicated mortgage professionals at Concourse Mortgage Group. We’re here to guide you through the process, providing personalized solutions and expert advice to make your new home purchase a seamless and rewarding experience. Contact us today to learn more about how we can assist you in achieving your homeownership goals.


Walk-in – come see us at 138 Mahogany Plaza SE. We’re in office from 8:30-4:30 Monday-Friday, unless out meeting clients.