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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 2.34 3.80 $10,549.28
5 years 2.54 4.84 $27,328.75
7 years 3.39 5.30 $31,489.66
 
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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This Week's Topic And Mortgage News and Events

 
If high interest rate credit cards and loan debt are keeping you from getting ahead, as a home owner you can refinance your existing mortgage and use the equity in your home to pay off that debt. With the low mortgage rates and rising property values it is a great time to consolidate your debt and even decrease your monthly payments. Recognizing Debt Problem

Recognizing the Danger Signs

You may have a debt problem if:


  • you are feeling stress and anxiety over money situations and finding it difficult to sleep at nights.
  • your monthly bank statements are in the negative.
  • you're only able to pay the interest and service charges on your credit cards.
  • you are afraid to open your mail or answer unknown phone numbers.
  • your services have been cut off such as hydro or telephone.
  • you're always borrowing money from family and friends and then find yourself avoiding them because you cannot afford to re-pay them.
  • creditors are pressuring you and threatening to sue.
  • you have received notification in the mail from a collection agency.
  • your wages have been garnisheed.

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 The amount withdrawn from your RRSP must be repaid into your RRSP within a 15 year period.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.

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?