Mandy Thanawala - Mortgage Broker

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Mandy Thanawala - Mortgage Broker Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Mandy Thanawala - Mortgage Broker, Mortgage brokers, 223 14 Street NW, Calgary, AB.

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Your down payment isn't the finish line.Closing costs show up right before possession.CREB's benchmark price for a Calga...
10/08/2026

Your down payment isn't the finish line.
Closing costs show up right before possession.

CREB's benchmark price for a Calgary home was $566,700 in September. Here's what closing looks like on a home at that price, as an example.

The minimum down payment is $31,670. That's 5% on the first $500,000 and 10% on the remaining $66,700.

Then the costs that come due at closing:

- Land titles registration fees. Alberta has no land transfer tax, so these are much smaller than what buyers in Ontario or BC pay.
- Legal fees and disbursements for your real estate lawyer.
- Title insurance, which many lenders ask for.
- Property tax and utility adjustments, if the seller has prepaid.
- A home inspection. I'd always do one.

If you're putting less than 20% down, the lender also wants to see money set aside for closing costs, usually 1.5% of the price. On $566,700, that's about $8,500. It has to be in your account, with a paper trail, before the lender signs off.

So on a benchmark Calgary home, the cash you need is closer to $40,000 than $31,670.

That gap catches a lot of first-time buyers off guard. It's why I'd build a closing-day number before you start looking, not after you've found the place.

If you're buying your first home in Calgary, send me a message. I'll give you your real cash-to-close number.

Rates went up in September.Your penalty to break may have gone down.On most fixed rate mortgages, breaking early costs t...
10/07/2026

Rates went up in September.
Your penalty to break may have gone down.

On most fixed rate mortgages, breaking early costs the greater of three months' interest or the interest rate differential, the IRD.

The IRD is based on the gap between your rate and the rate your lender could lend at today for the time you have left. When rates fall, that gap widens and the penalty grows. When rates rise, the gap narrows.

Fixed rates rose through September and again in early October. Here's a simplified example of what that can do.

Say you owe $400,000 at 4.5%, with three years left on your term. Three months' interest is about $4,500.

If your lender's comparable rate is 3.9%, the IRD is about $7,200, so that's your penalty.
If that rate rises to 4.2%, the IRD drops to about $3,600, so your penalty falls back to the $4,500.

Real lender formulas vary. Some use posted rates in the calculation, which can make the number much bigger than this. The direction still holds.

If you've been putting off a move, a refinance or a separation because the penalty looked too high, I'd ask your lender for a fresh payout statement now. It may not be the number you saw in the summer.

And if you're buying or renewing, ask how the penalty would be calculated on the mortgage in front of you before you sign. A slightly lower rate isn't always worth a penalty you can't live with.

If you're in Calgary and want a second set of eyes on a payout statement, send me a message.

A lot of newcomers think they have to wait years before they can buy a home in Canada.Many don't.Several lenders and mor...
10/06/2026

A lot of newcomers think they have to wait years before they can buy a home in Canada.
Many don't.

Several lenders and mortgage insurers have programs built for people who are new to the country and don't have much Canadian credit history yet.

What they look at instead:

- Your job here. Usually a job letter and recent pay stubs.
- Your down payment and where it came from. Savings from back home can count, with the right documents.
- Your history. Rent paid on time, a phone bill, and in some cases a credit report from your home country.

Permanent residents usually have the most options. People on work permits can qualify with some lenders too, depending on the program.

The down payment required can be higher than for someone with an established Canadian credit file, and every lender draws the lines a little differently. That's the part worth getting right before you start looking at listings.

If you've moved to Calgary in the last few years and someone told you to wait, send me a message. I'll tell you what you would need to qualify now.

The worst time to find a financing problem is after the offer is accepted.The best time is before your buyer writes it.M...
10/01/2026

The worst time to find a financing problem is after the offer is accepted.
The best time is before your buyer writes it.

Most files that go sideways do it for reasons nobody checked early.

- A self-employed buyer whose tax returns show less income than the lender needs to see.
- A down payment that's partly a gift, with no gift letter and no paper trail.
- A condo where the documents raise questions for the lender.
- A basement suite the buyer is counting on for income that the lender only counts in part.

None of those kill a deal on their own. They take time, and a financing condition doesn't leave much of it.

When I see a buyer early, I can tell you what they can close on, which lenders fit the file, and what paperwork we need before the offer goes in. You go into the offer knowing the financing will hold.

If you're working with a buyer in Calgary who hasn't spoken to a broker yet, send them my way. I'll keep you posted on where things stand.

20 percent down is the number most people aim for.It's also the number that keeps a lot of Calgary buyers renting longer...
09/30/2026

20 percent down is the number most people aim for.
It's also the number that keeps a lot of Calgary buyers renting longer than they need to.

Here is what the 20 percent does. At 20 percent down or more, you don't need mortgage default insurance. Under 20 percent, you do, and it's arranged through CMHC, Sagen or Canada Guaranty.

The premium isn't paid out of pocket. It's added to the mortgage and paid off over time with everything else. It's a percentage of the loan, and it goes down as your down payment goes up.

The minimums are lower than people expect. 5 percent on the first $500,000 of the purchase price, and 10 percent on the portion between $500,000 and $1.5 million.

On a $450,000 home, the minimum down payment is $22,500. At 20 percent, it's $90,000.

That gap is years of saving for a lot of people. Sometimes waiting to reach 20 percent makes sense. Sometimes the premium costs less than another two years of rent. It depends on your numbers.

If you're not sure which side of that you're on, send me a message with what you've saved and the price range you're looking at. I'll run both scenarios for you.

A pre-approval is not an approval.It's a starting point, and a lot of Calgary buyers treat it like the finish line.Here ...
09/29/2026

A pre-approval is not an approval.
It's a starting point, and a lot of Calgary buyers treat it like the finish line.

Here is what a pre-approval gives you.

1. A rate hold. Usually 90 to 120 days, depending on the lender. If rates go up in that window, you keep the held rate.

2. A first read of your income, credit and down payment, based on the documents you've provided so far.

And what it doesn't cover.

3. The home itself. The lender still has to approve the property. The appraisal, the condo documents if it's a condo, sometimes the location.

4. Anything that changes between now and closing. A new car loan, a job change, a missed payment, a big purchase on a credit card. Any of those can change the answer, even with a pre-approval in hand.

So between the pre-approval and possession day, keep your finances boring. No new credit. No job moves without calling me first.

If you're planning to buy in Calgary this fall or next spring, send me a message. We'll do the pre-approval properly, with your documents actually reviewed, so the number means something when you start writing offers.

Payment feeling too high?It may not be your income. It could be how your mortgage is structured.Before you renew or refi...
06/16/2026

Payment feeling too high?

It may not be your income. It could be how your mortgage is structured.

Before you renew or refinance, review your options. A small change could create more breathing room in your monthly budget.

Message me for a mortgage review.

Your mortgage should fit your life, not make it feel tighter.The right strategy can help protect your cash flow today wh...
06/16/2026

Your mortgage should fit your life, not make it feel tighter.

The right strategy can help protect your cash flow today while building a stronger financial future.

Message me if you want to review your mortgage options.

Your mortgage renewal is not just something to sign.It is a chance to review your options, compare what is available, an...
06/16/2026

Your mortgage renewal is not just something to sign.

It is a chance to review your options, compare what is available, and see if your mortgage still fits your financial goals.

Before you renew, make sure you are not leaving savings on the table.

Message me before you sign.

Could your mortgage be quietly costing you more than it should?Small changes in your rate, term, or structure could help...
06/16/2026

Could your mortgage be quietly costing you more than it should?

Small changes in your rate, term, or structure could help lower your payment and keep more money in your pocket.

Message me to review your options.

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223 14 Street NW
Calgary, AB
T2N1Z6

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