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Competition = Lowest Mortgage Rates in Alberta

Although many people in Alberta try to re-negotiate a mortgage with one lender [a bank], competition has always resulted in the best deal.

With your application, we will survey all of the leading Canadian lenders to find the best rate mortgages in Canada. This FREE unbiased service guarantees that you will receive the lowest mortgage rates and the most savings over the term of your mortgage:

Term
Our Rate
Bank Rate
Savings
 
3 years 2.79 3.75 $6,943.75
5 years 3.04 4.94 $22,643.11
7 years 3.99 5.75 $29,211.05
 
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.

Stop! Don't Renew Your Mortgage...

Have you received your mortgage renewal in the mail? Don't just sign the form and send it back to the lender.

Over 70% of mortgage holders in Calgary and Edmonton do just that, and what is the usual result — a higher mortgage rate and a product that might not be best suited to their needs.

Make sure you are getting the best mortgage renewal rate in Alberta. Learn More

Low Interest Mortgage Renewals

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).

Tips on Saving for a Down Payment

If saving for a down payment seems impossible, think again. The following tips will help you achieve this realistic goal:

  • Set a goal by determining what you can afford to spend on a home
  • Calculate how much you need to save (generally 5% of the purchase price, although more is better)
  • Remember to include closing costs and other expenses related to the purchase into how much you need to save
  • Be realistic and pace your savings according to your desired purchase date (e.g. If you want to purchase your home within a year, take the calculated down payment amount, add the amount for closing costs and other expenses, then divide by the number of months until the purchase date).

Money Saving Tips

When Applying for your Mortgage

When applying for your mortgage it is beneficial to have the following information readily available:

  • A current salary statement or letter from your employer
  • A confirmation such as a letter or bank statement showing the source of your down payment
  • Financial statements for the last three years and personal income tax returns if you are self employed
  • A copy of the accepted purchase offer
  • Details on the property being purchased such a land survey or an MLS print out
  • Building plans, specifications, and the builder agreement if you are buying a home that is to be constructed
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