Mortgage Resources

What is CMHC?  Canada Mortgage and Housing Corporation. A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians. CMHC also creates and sells mortgage loan insurance products. Find out more about CMHC by clicking on their logo.

What is an Assumable Mortgage? An assumable mortgage means that if you sell your house, a purchaser can take over your mortgage. If interest rates have gone up since you got your mortgage, the lower interest rate of your assumable mortgage will be a good selling point. If a mortgage can be assumed “with qualification”, it means your lender must approve the purchaser before allowing the purchaser to assume the mortgage. Mortgages in Alberta are no longer assumable without "qualification" although Rent-to-own is another option for those who cannot get approved through a bank or broker.

Recommeded Mortgage Brokers


Jerry Schindel - Mortgage Architects 403-287-0174 I tailor my services to clients that are buying a home, renewing their existing mortgage, refinancing or pre-qualifying. I reserve the BEST rates through major Banks, Trust Companies, Equity Lenders and other Financial Institutions. Our interest rates are up to 2% below the Banks posted rates! Through Mortgage Architects I deal with over 30 lenders

Tips for Safeguarding your Credit

Check Your Credit  You can contact Equifax and request a copy of your Credit Report by calling 1-800-465-7166 or by visiting It is your responsibility to ensure that your Credit Report is accurate. If you find an error, report it to Equifax immediately.

Stay Informed Carefully read all credit contracts that you sign, as they are not all the same. For example, some lenders classify payment as "late" the day after it is due, while others allow a grace period of up to 30 days. The small print can make a significant difference on your Credit Report and your Beacon Score.

Set up Automatic Payments through your bank to ensure you do not lose track. It will be one less thing on your "to do" list 

Pay Down Debt  Your credit balances should not exceed 70-80% of your available limits. If you are using more than that, it is a warning sign to lenders that you are relying too heavily on your credit lines to meet your obligations. Pay down your debts and if possible pay for more items upfront. Alternatively, if you have equity in your home, you may be able to refinance your mortgage and use that money to reduce your other obligations. Make sure that your balance does not exceed the credit limit; this can cause your Beacon Score to lower.

Be Careful of your Credit Inquiries  Most people think that it’s alright to shop around for the best mortgage rate or to fill out a lot of credit card applications. By doing this, your Beacon Score can be lowered due to the number of inquiries into your credit history. Be very careful who you give permission to pull your credit. Make sure it is absolutely necessary to proceed to the next step.