Competition = Low Mortgage Rates

Having Difficulty Managing your Monthly Bills?

For many Canadians, it is easy to let the monthly bills get out of control and it becomes difficult to make ends meet. Making multiple payments to credit cards and other credit lenders can be overwhelming. Our mortgage brokers at Alberta Equity are qualified professionals who are trained to find the perfect solution for your unique situation, so why not make things much simpler with one easy payment? Here are some options to consider:

• Refinance your existing mortgage and use the equity in your home to pay off high interest credit cards
• Obtain a short time second mortgage for a if you are unable to refinance your existing mortgage

Beware of Online Applications

When applying for a mortgage online, make sure application form is secure. A secure form encrypts the data you send to the mortgage broker greatly reducing unauthorized access to your personal information. To tell if the web site you are at is secure; look for a little yellow lock on the bottom status bar of your web browser. By double clicking on it, it will bring up additional information about the security of the site.

Also, make sure that the broker you send your information to has privacy policies in place. Some third party companies are just out to collect your information to sell it banks and other brokers.

The website should have visible contact information, such as phone numbers, addresses, and emails. It should be at least affiliated with the BBB and the Canadian Institute of Mortgage Brokers and Lenders (CIMBL). Most importantly, make sure that it is a Canadian website.

Closing Costs Associated with Purchasing a New Home

Be prepared to pay some closing costs when purchasing a new home. These costs are not part of the property purchase, but additional items that you should consider. However, it is important to remember that these items may not be applicable in all cases, so check with your lawyer for a complete list of all closing costs specific to your situation. Possible closings costs can include:

• Legal fees
• Property Transfer Tax
• Interest Adjustment
• Property Tax Adjustment
• Property Appraisal
• Property Inspection
• Survey Certificate
• Insurance Binder

Note: Some of these costs may be included in your legal fees as your lawyer will arrange for the service to be completed.

Why get Pre-Qualified?

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:

• Save time by only looking at homes within your price range
• Save money by locking you into an interest rate for up to 120 days. By locking your interest rate you are protecting yourself from rate increases that can occur after you write up an offer, but before you close on the purchase.
• Deal with the seller more effectively because they know you are a qualified buyer. The seller is often more willing to negotiate or accept a lower purchase offer if he or she knows you are pre-qualified and able to purchase.