o k

A mortgage isn't something you sgn once very few years and then forget about it. As we all know, life can change substantially in a year, and a regular review can help ensure that your mortgage is still the right fit for your financial situation.

5 common reasons to revisit your mortgage:

- Lowering monthly payments: Renegotiating for a lower interest rate.

- Paying down your mortgage faster: If you receive extra cash like tax refund, work bonus, think about putting it toward your mortgage.

- Debt consolidation: transferring high-interest credit cards, car loans into your mortgage at lower interest rate.

- Securing a Home Equity Line of Credit:It can help you access lower cost funds for investing.

- Improving credit: A mortgage professional can coach you on how to improve your credit score, which can help you work toward future goals.

I just came across of an article and according to it, the recent study shows that Calgary, Vancouver and Ottawa were among the largest cities that are attractive to migrants. The cities were assessed in the following categories: education, health, society, economy, environment, innovation and housing.Of course Vancouver was voted for its warm climate and cultural diversity. Calgary was placed on the top of the list for its economy and strength in the housing category. Ottawa received high ranking for education and innovation. Interestingly nothing was mentioned about health care or environment. I guess it is always an issue in a bigger cities. What do you think?

There have been a lot of changes over the past few years in a condominium market in Calgary. Fueled by a sadden demand about 3 years ago builders reacted by starting a number of a new large projects, especially high rise condominiums in downtown. Lots of condos were bought by investors and that created oversupply. Because of the economic downturn some of the projects were put on hold or cancelled which somewhat leveled supply and demand. According to statistics Calgary market is absorbing about 180 newly-built condos per month and about 400 unit on resale market. This means that buyers who are considering condo living should be out shopping.

Condominiums are the perfect choice for all generations, offering an affordable entrance to home ownership as well as a lifestyle for empty-nesters. Before buying, it's important to know that condo living comes with paying monthly fees and the amount of those fees determines how much home you can afford. When looking for a condo, finding the best value is all in the combination of the price, the location and the monthly fees. Speak to your mortgage expert and real state agent before moving forward with a purchase to learn more about condo fees and rules of ownership and avoid paying for perks that may not suit your lifestyle. When mortgage lender calculates how much they will loan to you, they count half of your monthly fees. So by choosing a property where the monthly fees are lower, you can boost your purchasing power.

Some other tips:

- Check the reserve fund.

Is there enough to cover the cost of repairs to common elements? Check Estoppel certificate and condo corporation's annual meeting minutes.

- Find out what your condo fees cover.

- Think twice about upscale amenities.

Such buildings require higher condo fees. Will you use these features enough?

- Check with the management company if building is occupied mainly by owners or renters.

- Check bylaws governing your condo development such as household pets, gas bbqs, renting the unit, working from home, etc.