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Competition = Low Mortgage Rates

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:

Term
Our Rate
Bank Rate
Savings
 
3 years 4.44 3.89 $3,992.67
5 years 4.39 4.99 $7,193.90
7 years 5.35 5.80 $7,528.28
 
Above calculation based on a $250,000.00 mortgage loan over a 25-year amortization period using a monthly payment schedule (mortgage loan for an average Calgary inner-city two-story home).
* Mortgages and rates subject to change without notice.

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  • Posted on Wednesday December 31, 1969

  • Posted on Wednesday December 31, 1969

  • Posted on Wednesday December 31, 1969

  • Posted on Wednesday December 31, 1969

  • Posted on Wednesday December 31, 1969

  • Posted on Wednesday December 31, 1969

This Week's Topic And Mortgage News and Events

 
Obtaining a mortgage is one of the most important decisions you may ever make, and with so many choices and ongoing decisions, the right advice can have a huge financial impact. CanEquity Mortgage is an active member of the Better Business Bureau and has helped tens of thousands of Canadian's with their mortgages.

Can I use Funds from my RRSPs as a Down Payment without Tax Penalty?

The answer is yes. Through the Home Buyers' Plan (HBP), Revenue Canada permits you to use up to $25,000 of your RRSP funds as a source of down payment towards buying or building a new qualifying home. Revenue Canada will not view your eligible withdrawal amount as income therefore, that amount will not be taxed. However, there is a catch. The amount withdrawn from your RRSP must be repaid into your RRSP within a 15 year period. If you fail to make the repayment by the specified deadline, the amount that was withdrawn will then be counted as income for that year and you will be taxed.

Home Buyers' Plan from the Government of Canada

Is there a benefit to using the Home Buyers' Plan?

If you use your RRSPs within the specified guidelines of the Home Buyers' Plan, you will see both immediate and long term benefits. For example, you are immediately able to increase your down payment amount which in turn decreases your principal amount owing. By owing less on the principal, you will gain substantial savings on interest alone over your mortgage term.

Have a Web Site? Need to Display Rates?

Canadian Mortgage Rates - Click here to chose a new template!

Are you a realtor, broker or financial planner with a website?

Do you need up-to-date Canadian mortgage rates displayed on your web page?

You can choose from over 200 free mortgage rate boxes to suit your web site. We also have many tailor-made rate boxes for existing real-estate companies and related websites.


Things to Consider When Building a Brand New Home

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:

Pros
  • You are the first occupant meaning no one else has lived in the home
  • You get to decorate as you wish by selecting your colors, design features, and other various upgrades
  • You are protected from construction deficiencies by Provincial Law
Cons
  • The area is not established and is often still under construction causing excess traffic, noise, dust, etc.
  • Landscaping, driveway paving, and other finishing touches might take extended periods of time to have completed due to other construction in the area
  • The timely completion and occupancy of your new home can be delayed for any number of builder related reasons
  • There are some closing costs that apply to new homes

Deciding what you Want in a New Home

It is important to clearly define what is important to you and your family to have in a new home. Most people focus on how much they can afford to spend, but there are other things to also consider.

Before shopping for that new home, write down a list of things you would like to have in your new home and divide them by essential items and nice-to-have items.

Ask yourself questions such as:

  • What area of the city is desirable?
  • What style of home is preferred?
  • How many bedrooms are required?
  • What amenities are in the area?
  • Is a garage important?

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It's the middle of the month, and we're looking for your input. Our next major update is now only two weeks away and we would like to hear your comments or suggestions.

If you would like to see a new mortgage calculator, new statistics, articles or areas within our website, please enter your suggestions here.