Rafael Costa Calgary, AB
See the numbers before you sign anything.
Refinances, renewals and self-employed files across Calgary. I show you every figure, side by side, and explain what each one costs you.
What would the payment be?
An example rate. Enter the one you’ve been quoted.
Estimated monthly payment
$2,946
Mortgage amount $512,000
Your first year of payments
- Interest
- $24,548
- Principal repaid
- $10,802
Explain this number
Where the payment goes, at this rate for the whole amortization. Rates change at renewal, so treat it as a guide.
- Interest over the amortization
- $371,751
Canadian fixed rates compound twice a year, not monthly, so the monthly rate is a little lower than the annual rate divided by 12.
Indicative, not a lender decision or a pre-approval. Fixed rate, compounded semi-annually; mortgage insurance and taxes not included.
The numbers behind the practice
-
12
Years arranging mortgages in Alberta
Source: Broker’s own record, sample
-
30+
Lenders compared on every file
Source: Brokerage lender panel, sample
-
24 h
To reply to every message, weekdays
Source: Broker’s own commitment
-
$0
Fee to you on most residential files
Source: Lender-paid compensation
I used to audit small businesses. Now I read their mortgage files.
Self-employed clients often hear no because their income looks uneven on paper. I start with your statements, not a form, and find the lenders whose rules fit how you actually earn.
- Brokerage
- Chinook Ledger Mortgages Inc.
- Licence
- X000733
- Based in
- Calgary, AB
A refinance, line by line
An example of how I lay out a refinance before you decide. Your figures will be different; the method is the same.
Today
- Mortgage balance
- $412,000
- Car loan and card balances
- $38,500
- Monthly payments, all debts
- $3,640
- One-time costs
- $0
After the refinance
- Mortgage balance
- $452,500
- Car loan and card balances
- $0
- Monthly payments, all debts
- $2,610
- One-time costs (legal, appraisal)
- $1,450
Example figures for illustration only, not an offer. Rolling short-term debt into a mortgage can cost more interest over time; I show you that figure too.
Who lends, and who suits your file?
A broker works with several kinds of lenders. Choose one to see the trade-offs.
National banks with branches and a full range of accounts.
- Strengths
- Branches, bundled banking, a wide product range.
- Watch for
- Penalties to break a fixed term can be higher where they are calculated from posted rates.
- Often suits
- Clients who want everything in one place and fit standard rules.
Member-owned, provincially regulated lenders.
- Strengths
- Local decisions and more room on some files, such as self-employed income.
- Watch for
- Some products can’t move with you to another province.
- Often suits
- Clients staying in the province who value a local relationship.
Lenders that only do mortgages, available through brokers.
- Strengths
- Competitive pricing and, often, simpler penalty calculations.
- Watch for
- No branches, and fewer other banking products.
- Often suits
- Clients focused on the mortgage itself, through a broker.
Short-term lending for files outside bank rules.
- Strengths
- Decisions based on the property and the plan, quickly.
- Watch for
- Higher rates and fees, and terms of one or two years.
- Often suits
- A bridge back to a mainstream lender, with a clear exit plan.
General information, not advice. Lender names are shown only with each lender’s permission.
From first call to keys
-
A twenty-minute call
Your goal, your timeline, and what you already have. No forms first.
-
Documents, once
You upload what’s needed through my secure page. I tell you exactly what and why.
-
The comparison
Lenders, rates, terms and penalties side by side, with the total cost of each.
-
Approval and closing
I manage conditions with the lender and your lawyer until the funds move.
Rafael put our renewal offer next to four others in a single table. We switched and the decision took ten minutes.
Questions clients ask
I’m self-employed. Will lenders count my income?
Many will, usually with two years of tax returns and notices of assessment. Some lenders also look at business statements. I’ll tell you which route fits before you apply.
Is breaking my mortgage to refinance worth the penalty?
Sometimes. I calculate the penalty with your lender’s method and compare it with what you’d save, so you can see the break-even point in months.
What do you charge?
On most residential mortgages the lender pays the brokerage, so there’s no fee to you. If a file ever needs a fee, you’ll see it in writing first.
Why does your calculator differ from my bank’s?
Canadian fixed rates compound twice a year. Some online calculators compound monthly, which shows a slightly higher payment. Mine uses the Canadian method.
Your documents, sent securely in minutes
Upload everything from your phone or computer. It goes straight to Rafael’s secure document storage in Canada, with a checklist made for your situation.
- Tell us a little about you and your plans
- See exactly which documents your situation needs
- Upload them, and you’re done
- No account to create
- Works on your phone
- Stored in Canada
Sample site: on a live site, the secure upload form opens right here.
Bring your numbers. I’ll bring mine.
A twenty-minute call to look at your situation. You leave with the figures, whether or not we work together.
- Phone
- 403-555-0172