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:
A mortgage calculator is a quick and easy way to calculate your mortgage payments.
Learn exactly how much you can afford to spend before you buy.
First-time home buyers have many decisions to make after deciding to purchase a new home. These decisions can be overwhelming and even frustrating if they do not have all the facts.
A common question for many first-time home buyers is whether or not to build brand new or to purchase a re-sale. Let our professional mortgage brokers at Alberta Equity Mortgages ease your frustration by offering solid advice while providing both the pros and cons of building brand new or purchasing re-sale.
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:
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:Pros
Many people have asked us what the difference is between a mortgage broker and a mortgage lender. A mortgage broker is a trained professional that has access to loan products of different lenders and is licensed to provide you with the best advice for your mortgage needs. Mortgage brokers do not lend money. Most brokerages are small firms providing expertise services and counseling rather than loans. The lender is the one who provides the money to the borrower at the closing table. The lender also makes the final decision regarding loan approval.
So why can't you skip the middle man and go straight to the lender? Many lenders will not deal with the public for a number of reasons. For one, the cost in promoting would be too great. For example, there are many mortgage lenders based in Calgary, Alberta alone. Resmor Trust, Bridgewater, MRS Trust, Gibraltar Mortgage just to name a few. But how many of those have you actually heard of? Another reason is administration. There is a lot of paperwork involved when you close a mortgage agreement, and it just makes sense dividing up the work amongst the brokers.
First time home buyers are generally required to have mortgage insurance if their down payment is less than 25% of the purchase price for the property. The home buyer can either get private or public mortgage insurance through the Canada Housing and Mortgage Corporation known as CMHC or through GE Capital.