What is a BEACON Mortgage Score?

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.

Things to Consider When Purchasing a Re-Sale

If you decide not to build brand new and have opted for purchasing a re-sale, it is extremely important to carefully assess the following pros and cons before purchasing:

• You usually get a lower price due to wear and tear
• You get the benefit of upgrades (finished basement, pool, etc.) at a depreciated price
• Your neighborhood is generally established and amenities are in place

• Others have lived in the home
• There is no warranty for repairs required by law (unless it is a condition of purchase)
• The décor might require changes and can be costly or time consuming

What is a Mortgage Broker?

A Mortgage Broker is a registered agent who works on behalf of a borrower to obtain the best possible mortgage option for that borrower's financial situation. The Mortgage broker is a skilled negotiator and deals directly with the lenders in both standard and non standard borrowing situations. They have access to lenders who may not advertise nationally or be readily available to the consumer so finding the best possible mortgage option holds true.

Should I Purchase a New Home or a Re-Sale?

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.

Have a Web Site? Need to Display Rates?

Are you a realtor, broker or financial planner with a website?

Do you need up-to-date Canadian mortgage rates displayed on your web page?

You can choose from over 200 free mortgage rate boxes to suit your web site. We also have many tailor-made rate boxes for existing real-estate companies and related websites.