Mortgage Calculator Calgary Real Estate
As the Calgary banks get picky about who they'll lend money to in the Calgary housing market, -Industry experts suggest the big banks are currently rejecting as much as 20 per cent of mortgage applications because they don’t qualify for CMHC insurance. Self-employed people, recent immigrants and those with poor or no credit history are benefiting from Canada's once-small but now booming subprime mortgage industry. Alternative lenders like Home Capital Group, Equitable Group and Counsel Corp. have stepped in to fill the market niche of funding borrowers who don’t meet traditional lending requirements — known in the industry as “subprime” borrowers. This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate.