Competition = Low Mortgage Rates

Alberta Equity's Specialties Include:

• Pre-Approvals / Qualifications
• Interest Rate Guarantees
• Home Purchases including Private Sales
• Conventional or High Ratio Mortgages
• Variable Rate Mortgages
• First Time Homebuyers
• Mortgages for Self-Employed Applicants
• New Home Construction
• Mortgage Renewals and Transfers
• Refinances
  • Debt Consolidations
  • Increase or Top Up Investments
  • Home Renovation
• Rental Properties
• Second Mortgages
• Commercial Mortgages
• Interim / Bridge Financing on Confirmed Sell / Purchases
• Free Mortgage Consultations / Mortgage Planning

Check out the Market before House Shopping

Before you begin house shopping, check out the market and familiarize yourself with what is available.

Being pre-approved will tell you how much you can afford, so take a look at the real estate listings in the paper or through other real estate publications. By doing this, you will have a good idea of what is available in your price range and what you can expect to view when you start home shopping.

Also, taking a drive in a desirable neighborhood is a good idea as you could stumble upon an open house giving you a better idea of what you want in your new home.

Interest Rate Guarantees

Many lending institutions will guarantee you an interest rate as soon as they receive your application. The guarantee means that if mortgage rates go up, you will get the old, lower rate. If you are buying a house, or switching your mortgage (also called transferring), the guarantee can last from 60 to 120 days (2 to 4 months).

Find out your Credit Rating

Before looking at a mortgage, it may be a good idea to find out if you have a good credit score rating before approaching a lender, especially if you have any doubts.

Credit bureaus should provide a credit rating report to you at no charge. You can obtain a free copy through the mail by calling Equifax at 1-800-465-7166. You must fax two pieces of government issued identification, social insurance number, date of birth, current address as well as any address you have had in the last five years, and the name and number of your current employer.

Expect to wait at least ten days to receive your report by mail. Once you have your report you will know if there are any roadblocks in the way of your mortgage. Any mortgage broker can assist you with your credit report, but will also need to verify it by a credit check once you are ready to proceed with your mortgage.

Watch out, although any credit information you request personally has no effect on your rating, the number of credit checks you have banks or credit institutions perform will show up on your report and may lower your credit score.

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:

• 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

• 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