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:
A mortgage calculator is a quick and easy way to calculate your mortgage payments.
Learn exactly how much you can afford to spend before you buy.
When applying for your mortgage it is beneficial to have the following information readily available:
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.
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 The amount withdrawn from your RRSP must be repaid into your RRSP within a 15 year period. If you fail to make the repayment by the specified deadline, the amount that was withdrawn will then be counted as income for that year and you will be taxed.
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.
It is a good idea to get pre-qualified when you decide to purchase a new home because being pre-qualified will help you to: