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 | 4.24 | 3.89 | $2,539.95 |
5 years | 3.99 | 4.99 | $11,970.78 |
7 years | 5.35 | 5.80 | $7,528.28 |
The BEACON® Mortgage Score is a brand of FICO credit score rating issued by Equifax, the largest credit-reporting agency in Canada, designed specifically to help mortgage lenders make the best possible risk decisions when addressing both current homeowners and those aspiring to own. The score identifies up to 25 percent more of the high-risk mortgages and home equity lines-of-credit that later became seriously delinquent then that of the general risk BEACON score.
BEACON Scores are the first thing mortgage brokers look at when determining what mortgage rates and products are available to the consumer. These credit scores can range from 300 (worst) to 850 (best). The average Canadian adult over 30 has a beacon score of around 680. Banks lend based on this score. The better the score the better the term and rate you will receive. A mortgage agent can assist you in determining where you fit with the lenders as well as guide you in improving your beacon score.
When applying for your mortgage it is beneficial to have the following information readily available:
CanEquity.com has recently launched its Canadian Mortgage Statistics website providing a unique source for mortgage brokers and mortgage seekers to learn about Internet mortgage trends.
These statistics were compiled using over 20,000 surveys, plus data collected over a span of five years.
Over one thousand pages of cities and towns have been developed with data ranging from average loans to peak hours for mortgage inquires through a 24-hour day.
Some of the highlights you will find are:
These statistics are anonymous and contain no personal information, and cannot be used to gather such information; therefore this information may be used freely for educational or non-commercial use.
It is always a good idea to get pre-approved (or pre-qualified) for a mortgage before you decide to look at a new home.
A pre-approval will not only let you know if and for how much you are approved for, but also gives you better negotiating power and will to keep you within your budget.
Knowing that you are a serious buyer because you have already made that first important step, many home sellers will consider reducing a listed price to match your approved budget.
And by knowing how much your monthly payments are, you can then easily factor in additional cost like property taxes, utilities and insurance.
Another major advantage to pre-qualification is the rate hold. A rate hold means that you can secure an interest rate at today's current rates and keep these rates for up to 120 days or a full year on new construction. Even if interest rates drop during that time, you will still automatically qualify at the new lower rates. And, if the rates should ever go up, you would then get the secured rate.