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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 3.24 3.65 $2,968.05
5 years 3.24 4.64 $16,679.36
7 years 3.44 5.30 $30,676.27
 
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

 
Obtaining a mortgage is one of the most important decisions you may ever make, and with so many choices and ongoing decisions; the right advice can have a huge financial impact.

Can I Clean-up my Credit?

If your credit history is less than perfect, you should definitely take a few small steps to improve your credit standing before applying for a mortgage.

The following steps will help you get one step closer to cleaner credit and even closer to owning that new home:

  • Pay off high-interest debt before you focus on saving a down payment because there are mortgage options that allow you to buy with little or no money down.
  • Pay off credit cards and get rid of any unnecessary ones to avoid over spending and unwanted debt. Try to pay with cash and do not apply for anymore credit accounts.
  • Try to pay down installment loans such as vehicle payments.
  • Hire a credit counselor or seek advice on managing your debt.
  • Wait at least six months before applying for a mortgage if you have made a late payment in the past.
  • File a short explanation letter with your lender if your credit suffers from one specific event.

Fixed Rate vs. Variable Rate

Fixed vs Variable Rate

FIXED RATE
A "fixed rate" mortgage simply means that the interest rate on the money you borrow stays at a locked or "fixed" rate. This means that your interest rate is not subject to change and the rate at which you pay back your loan is always the same. There are some advantages to having a fixed rate when you consider the nature of the inflation rate. The value of your home should continue to increase year to year while the principle amount will continue to decrease.

VARIABLE RATE
A "variable rate" mortgage or below prime rate mortgage is a mortgage where the interest rate is subject to change depending on the prime rate. Most of these mortgage products are based on a formula using the prime interest rate less a discount. For example, if you choose a below prime rate mortgage with a rate of Prime minus 0.5% then your rate would be calculated at any given time using this formula. So if prime were 4% then the interest rate on your mortgage would be 3.5%.

Calculating FICO Credit Scores

It is not just about making payments consistently and on time, there is a little bit more to the calculation of your credit score or beacon score as referred to in the mortgage industry. The payment history you have established only accounts for about one third of your actual beacon score. The pie chart below shows the actual breakdown of the beacon score.

How FICO Scores are calculated

Balances owing are a huge factor in the overall credit report. And, the longer you have had a good credit history will increase your score. But watch out, credit card accounts where the balances are at or above the credit limit will dramatically hurt your Beacon score.

Buying Your First Home

Buying Your First Home

One of the most important investments for anyone is the purchase of a home.

There are many important questions that must be answered when it comes to buying your first home. Many new buyers do not understand the home buying process and may become anxious when it comes to making an offer on a property. Alberta Equity is well versed in the first home purchase process, providing information for approvals and walking through the process of completing your first home purchase. Learn More