Buy the Home and Fix It Up Too

It lets you buy a home and add the cost of renovations to the same mortgage. The lender approves the mortgage based on the value of the home after the improvements are done, so you can finance things like new flooring, a kitchen, a bathroom or a basement development without a separate loan or credit card.

Each lender and mortgage insurer sets a limit, usually tied to the purchase price or the value of the home once the work is complete. We check the limits before you write an offer so the renovation budget and the purchase price work together.

Yes. Purchase Plus Improvements is available on insured mortgages, so you can buy with as little as 5% down on eligible homes. Your down payment is calculated on the purchase price plus the improvement amount.

The renovation funds are held in trust by your lawyer after closing. Once the work is finished, the lender confirms it, often with a quick inspection or appraisal, and the money is released to pay the contractor. Some contractors want a deposit up front, so plan for that.

Written quotes from a contractor for the work you want done. The lender uses the quotes to approve the improvement amount. We help you line up the timing so quotes, the offer and the financing condition all fit together.

Mortgage brokers in Alberta are usually paid by the lender when your mortgage closes, not by you. The lender pays the brokerage a finder's fee, so for most standard residential mortgages our service costs you nothing.

In Canada the minimum down payment depends on the purchase price. Up to $500,000 you need 5%. Between $500,000 and $1,500,000 you need 5% on the first $500,000 and 10% on the rest. At $1,500,000 or more you need 20%. Many Calgary first time buyers put down 5% to 10%.

You must qualify at the higher of your contract rate plus 2% or the 5.25% minimum qualifying rate. The rule is set by OSFI (the Office of the Superintendent of Financial Institutions), not the Bank of Canada, and applies to federally regulated lenders. It checks that you could still afford payments if rates rise.

A bank can only offer its own products. A broker compares dozens of lenders, including major banks, credit unions and alternative lenders, and matches you to the best fit. Brokers often find better rates, more flexible terms, or approvals a single bank would not offer, at no cost to you for most mortgages.

Start about 120 days before your term ends. Most lenders will hold a rate for up to 120 days, which gives you time to compare offers without rushing. A broker can review your renewal letter and show you what else is available.

Yes. Self employed borrowers and people with commission, contract or changing income often benefit most from a broker. We work with lenders that specialize in business for self and non traditional income, and matching you to the right lender matters more when documents are not straightforward.

Before you start house hunting. A pre-approval gives you a clear budget, can hold a rate for 90 to 120 days, and shows sellers you are serious. If you are renewing or refinancing, reach out at least four months before your term ends.