Adela Clement-Allen - Mortgage Broker

Adela Clement-Allen - Mortgage Broker Mortgage Collective - Mortgage Architects

Fixed or Variable? It really depends on you and your families risk tolerance. A mortgage should be part of your financia...
02/26/2024

Fixed or Variable? It really depends on you and your families risk tolerance. A mortgage should be part of your financial plan and you should consider a number of personal factors, such as how long you plan to own the home.

If you take a long-term fixed rate and end up breaking the mortgage, the penalties could be very high. The best thing to do is to reach out, and together we will map out a few scenarios and outcomes. Then you can use that information to make an informed decision.

The housing market has cooled off from the peak in February 2022 and mortgage rates have begun a downward climb with mos...
02/21/2024

The housing market has cooled off from the peak in February 2022 and mortgage rates have begun a downward climb with most experts predicting this trend to continue.

Lower rates combined with a chronic housing shortage all point to the housing market heating up again. Buying now means you pay less for your home and when the market rebounds, the value of your home increases.

This is a moment of opportunity!

Second mortgages are usually taken out to help with short-term cash requirements, pay off higher-interest debts or for i...
02/12/2024

Second mortgages are usually taken out to help with short-term cash requirements, pay off higher-interest debts or for investment opportunities. Depending on your qualifications, a second mortgage will allow you to access 80% - 95% of your home equity.

One of the attractive things about second mortgages is the payment. In most cases, you can pay interest only or interest plus the amount of principal you select.

For more information, reach out for a free consultation.

Are you getting or renewing your mortgage this year? Uncertainty about interest rates continue to be top of mind for bor...
02/05/2024

Are you getting or renewing your mortgage this year? Uncertainty about interest rates continue to be top of mind for borrowers. Three strategies to help you limit your risk of uncertainty are:

1. Use multiple rate holds – Getting a rate hold early protects you from temporary increases before you sign off on your mortgage. If rates decline, you can ask for another hold at the lower rate.

2. Choose a short-term fixed – If you need a new mortgage now but believe rates will fall in the future, you can lock into a one-year fixed. These types of rates are higher than a 5-year fixed but if rates do decline over the course of the year, paying more for a one-year fixed works out better than locking into a 5-year fixed.

3. Choose a hybrid mortgage – This lets you split your loan into two or more portions tied to variable as well as fixed rates.

For more information, reach out for a free consultation.

Refinancing means getting out of your current mortgage and replacing it with a new one. This can be beneficial for many ...
01/30/2024

Refinancing means getting out of your current mortgage and replacing it with a new one. This can be beneficial for many reasons. Take a look at 3 common reasons to refinance your mortgage. 🏠

👉 To consolidate high-interest debt
👉 To fund home renovations
👉 Access lowest-cost funds for a large expense

At renewal, you can renegotiate everything pertaining to your mortgage – with no penalties – which means this is an impo...
01/22/2024

At renewal, you can renegotiate everything pertaining to your mortgage – with no penalties – which means this is an important moment of opportunity. You may also want to discuss refinancing your mortgage to pay off debt, complete renovations, or pay for a major expense ahead.

Reach out to explore your options.

Mortgage rates can be misleading and complex. The lowest rates aren’t available for all situations, like conventional mo...
01/17/2024

Mortgage rates can be misleading and complex. The lowest rates aren’t available for all situations, like conventional mortgages, refinances, 30-year amortizations, and rental properties.

Rates are also used as a lure in online rate ads. But the reality is that once the fine print is read, many will find they don’t qualify for that rate, and often, there are restrictions that could cost homeowners in the long run.

If you see an online rate ad, do all the research you can, but be sure to call me to discuss. It’s my job to understand your situation and look out for your best interests.

Rather than purchasing an existing home, a construction loan allows you to borrow money to have your own home built for ...
12/12/2023

Rather than purchasing an existing home, a construction loan allows you to borrow money to have your own home built for you. This allows you to construct your own home from the ground up.

Homebuilding loans differ from ordinary mortgages in terms of loan length and loan availability.

Here are a few quick tips on construction loans 🛠:

📌Construction loans enable you to fund the construction of unique residences.

📌You do not receive the entire mortgage amount straight front. Instead, four payments are made with each building milestone.

📌Construction loan rates are often higher than regular loan rates.

For more information on construction loans, reach out.

With the higher interest rate environment we are currently in, a solution to lowering your monthly mortgage payment coul...
12/04/2023

With the higher interest rate environment we are currently in, a solution to lowering your monthly mortgage payment could be extending your amortization. Extending your amortization will stretch your mortgage repayment schedule out, which can potentially lower your monthly payment.

Reach out to see if this is a good solution for you.

Finding a co-signer for your mortgage is a great solution, but not everyone is comfortable taking on that responsibility...
11/21/2023

Finding a co-signer for your mortgage is a great solution, but not everyone is comfortable taking on that responsibility. Below are three alternatives to having a co-signer on your mortgage:

1. Receiving a gifted down payment. Depending on the amount, a gifted down payment might be exactly what is needed to help qualify for a mortgage without needing a co-signer.

2. Getting a joint mortgage. Joint mortgages are popular with parents helping their children buy a first home. They give both parties equal responsibility to make payments. In return, all parties get equal ownership of the home.

3. Using buyer assistance programs like the First Time Home Buyers Incentive, the Home Buyers’ Plan, or the First Home Savings Account.

For more information, reach out for a free consultation.

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3617 50 Avenue
Red Deer, AB
T4N3Y5

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