Edmonton Real Estate Blog

Sterling Homes Real Estate Blog brings you the latest market news and property listings, as well as tips for buying or selling a home in Edmonton.

April 21, 2022

While it’s true closed fixed-rate mortgages are most commonly chosen for their predictability, it could be worth your while to check out a convertible mortgage, as it offers some great benefits for many home owners.

A fixed-rate mortgage comes with hefty penalties should you find interest rates have dropped and you wish to refinance your mortgage early, or if you wish to put down a lump sum payment against the principal. But choosing a convertible mortgage for your home can give you flexibility in terms of interest rates, payment frequency, and lump sum payments leading to significant savings over time.  Read More

April 7, 2022

Choosing the right mortgage for your needs, budget, and financial goals can be the difference between saving money or incurring unexpected costs. Lenders offer a vast array of products with varying options, one of which is the choice between open and closed mortgages.

An open mortgage offers more flexibility, allowing the borrower to increase payment amounts either incrementally or as a lump sum, or pay off the mortgage early with no penalties. There are no repayment restrictions in an open mortgage. Read More

March 10, 2022

Finding the right mortgage for your new home purchase can save you thousands of dollars in interest. There are many types of mortgages available, including fixed and variable interest rates, that give you the flexibility to choose the right solution for your needs. But did you know there’s an option to mix the two, giving you what’s called a hybrid mortgage? Read More

March 3, 2022

Buying a new home when you have an existing home to sell can create some financial challenges if you don’t have bridge financing in place.

Perhaps your down payment is locked in equity on your current home—how do you unlock that equity to apply the funds to your new home purchase? A bridge loan literally “bridges the gap” between the sale of your existing home and the purchase of your new one. Read More

February 10, 2022

When it comes to buying a home, you actually have a variety of choices in your mortgage – it’s not one-size-fits-all. We recently talked about a cash back mortgage, and today we’d like to take a look at a blended rate mortgage.

When you purchase your home, signing up for that five-year fixed-rate mortgage may seem like the right decision, especially if the interest rate is low. However, you may encounter opportunities to take advantage of even lower rates or wish to access your home equity during the term of your current mortgage. 

This is what blended rate mortgages are for. Read More

February 3, 2022

Qualifying for a mortgage in Canada can feel like a daunting process, but it doesn’t have to be. When you create a mortgage document checklist, it’s much easier to gather all the required information before you start the application process. The end result gives you a smoother home buying experience.  Read More

January 13, 2022

Moving into a new home is an exciting time, but sometimes there can be some additional expenses you want to prepare for. For these circumstances, lenders can offer a specific type of mortgage – a cash back mortgage – to provide you… Read More

October 14, 2021

In order to get a mortgage for your home, you need to have a good credit score. Even if they have excellent credit in their home country, new Canadians are often at a disadvantage here because they haven’t had the time to build up their Canadian credit score. 

Credit scores are determined by a combination of credit history, on-time payments, credit mix, and credit usage. Lenders want to see whether you use the credit you have wisely and pay them back on time. Your credit score is a number that reflects how creditworthy you are.

It seems like a daunting task, but the good news is that a few things can make a big difference, and there are steps you can take to quickly increase your credit score so that you can qualify for a mortgage. Read More

October 7, 2021

When you buy a home in Canada, the first thing you’ll need to do is take out a mortgage. The process of getting a mortgage is broadly similar no matter which country you’re in, but some of the details of applying for one in Canada might be a little different. This is especially true when it comes to what you need in order to qualify for a home loan.

As a new Canadian, you might find you’ll have some extra steps and hurdles to overcome, but once you know what to expect the process should become a lot easier. Let’s take a look at some tips that’ll get you off on the right foot when you begin your mortgage search. Read More

April 9, 2021

From pre-approval to closing day, the entire mortgage process can be a stressful experience, even when everything goes to plan. But while everyone will always do their best to make sure the process goes smoothly, there’s always room for error. Read More