Many Albertans apply for a mortgage with just one lender, often their bank, without shopping around without realizing that competition always results in the best deal.
We will survey the market and search dozens of mortgage lenders to find the best rates in Canada. This FREE unbiased service ensures that you will receive low mortgage rates and huge savings over the term of your mortgage:
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3 years | 5.59 | 3.89 | $12,360.37 |
5 years | 5.09 | 4.99 | $1,201.97 |
7 years | 6.09 | 5.80 | $4,868.42 |
First-time home buyers have many decisions to make after deciding to purchase a new home. These decisions can be overwhelming and even frustrating if they do not have all the facts.
A common question for many first-time home buyers is whether or not to build brand new or to purchase a re-sale. Let our professional mortgage brokers at Alberta Equity Mortgages ease your frustration by offering solid advice while providing both the pros and cons of building brand new or purchasing re-sale.
Did you know that every time a lender checks your credit, it lowers your beacon score? So if you go to four or five banks, you just lowered your beacon score because each bank had to check your credit history.
The difference between having a mortgage broker shop for the best mortgage rates rather than you is that the mortgage broker only checks your credit history once.
Consider using a mortgage broker when shopping for the best deal. It costs nothing and it won't damage your credit score.
If you decide to build a brand new home instead of purchasing a re-sale, it is extremely important to carefully assess the following pros and cons before purchasing:
ProsMany first-time home buyers are inexperienced when it comes to investing and even wonder if buying a home is a good investment? Don't take our word for it! You can ask other home owners as they tend to agree that yes buying a home is a solid investment.
Investing in real estate gives a home owner both financial leverage and possible monetary gains upon selling the residence. Because you are not required to have the full purchase price you can borrow the money to finance the purchase and when if you sell, any money made on the residence above the purchase price is tax free and yours to enjoy.
Many lending institutions will guarantee you an interest rate as soon as they receive your application. The guarantee means that if mortgage rates go up, you will get the old, lower rate. If you are buying a house, or switching your mortgage (also called transferring), the guarantee can last from 60 to 120 days (2 to 4 months).