The basics for how mortgages work are: you apply for and obtain a mortgage through a financial institute (typically a bank or credit union) that has a set term length for a specific period of time, known as the “mortgage term.” This term can range from a few months to several years. Then at the end of each term, you must renew your mortgage unless you pay off the balance in full during that set term. Renewing your mortgage can be a stress free task with the right knowledge and support. Here are a few things you might need to know about renewing your mortgage. Your Renewal Statement If your mortgage is with a federally regulated financial institution, (the fancy way to say “a bank” or “credit union”) the lender must provide you with a renewal statement at least 21 days before the end of the existing term that was chosen when you originally applied and were approved for your mortgage. This statement will include the following information: The remaining principal balance (This does not include what you will pay for interest over the length of your mortgage term) The interest rate The payment frequency The term (A.K.A the

Buying or selling a home is a significant financial decision for most people, and it's essential to have a knowledgeable and trustworthy realtor by your side to guide you through the process. Whether you are a buyer or a seller, asking the right questions can help you understand your options on a deeper level. So that you can make the best decisions for your unique buying or selling situation. Here are some essential questions you should ask your realtor when buying or selling a home: Questions to Ask Your Realtor When Buying a Home: What is the current market condition in the area where I am looking to buy? How long has the property been on the market, and have there been any price reductions? What is the seller's motivation for selling the property? Are there any upcoming developments or changes in the neighborhood that I should be aware of? (Whether that is housing developments, school’s being built or business space, etc.) Can you provide me with a list of comparable properties that have recently sold in the area? (This way you get an idea if what the seller is asking is reasonable for their property.) What are the

Recently I have seen many posts on social media and sch asking for advice about consumer debts and some of the responses are shocking!!  Ensure you are well versed in all the pros and cons to make the right decision for you.  Many people do not think that a consumer proposal will have the same effects as a bankruptcy on their credit and that alone is very alarming!  I have also found out that not all the companies that process these share this information with their clients.  That leaves you very vulnerable for future mortgage needs you may have. Consumer Proposal (CP): Picture this: You're drowning in debt, and CP comes in as your lifeguard. You work with an insolvency trustee to negotiate a repayment plan with your creditors. The trustee bundles up your debts into one manageable monthly payment, with no more pesky interest charges or creditor calls. But beware: CPs aren't a walk in the park for your credit score. They hit it hard, like a punch from a heavyweight boxer. And they stick around on your credit report for what feels like an eternity – up to 8 years! If you're dreaming of a new mortgage,

In 2023 I was given the gift of being able to support the community every single month. That’s 12 opportunities to support the community! Giving back and supporting the community is something that has always been close to my heart and it is something that I intend to keep doing going forward - Helping where there is a need. That being said, I wanted to take this opportunity to highlight a few of the ways that I was able to give my helping hands in 2023. The Airdrie Food Bank The Airdrie Food Bank is committed to collecting and distributing food to those in need. Their mission revolves around finding sustainable solutions to hunger-related issues while treating individuals with dignity and respect. Everyone is human! They have set their core values as being non-judgmental, supportive, and make a huge effort to keep community engagement. The role of community engagement is what the Airdrie Food Bank needs to successfully give to those in need. Volunteers also play a pivotal role in the operation of the food bank, contributing their time, skills, and passion to ensuring that those in need can get the help they deserve. 2023 became a testament to

Family Day is just around the corner, and there is no better way to celebrate than by creating unforgettable memories with your loved ones, while enjoying a fun experience. I thought it would be great to get together a few awesome ideas for you and your family to celebrate this day! Here are three activities around Calgary, Alberta for the whole family to enjoy for Family Day 2024. Family Day Brunch at Heritage Park Treat your family to a delightful brunch at Heritage Park! This event is hosted in the unique setting of what Heritage Park calls: Gasoline Alley. Gasoline Alley is home to the park's impressive antique car collection. They plan to serve up pancakes, Belgian waffles, eggs benedict, an assortment of desserts and more! They also have featured some options from the Alberta Bakery, making it one of Calgary's best brunch experiences. They also have options for those who may have dietary restrictions, such as being gluten free, dairy free or vegetarian. But, the Family Day Brunch doesn't just stop at food; it extends to a day filled with exploration. After your meal, dive into the Gasoline Alley Museum. They offer you a closer look at their

Understanding Your Finances: How To Build Your Budget to Buy Your Home My name is Patricia McKean, and I have spent the last 20 years as a mortgage broker in Alberta, Canada. Throughout my career, I've witnessed the dreams of many aspiring homeowners come true, and I've also seen the challenges that can arise when financial planning is not given the attention it truly deserves. With that in mind, I created a course to help you make sense of the whole journey. It is my pleasure to introduce: Understanding Your Finances. Designed to assist you with  the knowledge and education you will need to have a successful financial future. The journey to homeownership is undoubtedly an exciting one, but it requires some planning and financial discipline on your part. The first step in this process is understanding and taking control of your finances. Your budget is the foundation upon which your dream home will stand. Building a solid budget involves understanding your income, expenses, and financial goals. To begin, map out to following: Income: Start by creating a detailed list of all your monthly income, including your salary, bonuses, and any additional sources of income you might have. Expenses:

How Can The Government Help You Buy a Home: Canada's First-Time Homebuyer Incentive Are you dreaming of owning your first home but find the financial aspect a bit overwhelming or confusing? I have some good news for you! The Government of Canada has a program in place to help ease some of that money overwhelm: The First-Time Homebuyer Incentive. It is designed to soften the burden and make homeownership more achievable for Canadians. (That could be you!) This initiative is a game-changer for those who qualify, offering various options to help first-time buyers step into the home owning space with confidence. The primary goal of the First-Time Homebuyer Incentive is to reduce the strain on your monthly mortgage payments, making the prospect of purchasing your first home a more realistic and less financially daunting task. Which means that you can own your home a little more stress free. Let's dive into some of the details of this incentive: One of the key features of the incentive is the flexibility it provides to first-time home buyers. Depending on your specific circumstances, you can choose between different options. If you have your heart set on a newly built home - the