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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 2.29 3.65 $9,821.94
5 years 2.44 4.64 $26,102.82
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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Straight from the horse's mouth. You won't find better advice anywhere—from the province's leading provider in home financing. Alberta Equity has been helping Albertans get the best from their mortgage in terms of rates, features and service since 2001.

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.

How Much Can I Afford to Spend on a New Home?

How Much Down Payment to Spend in a New House

When trying to figure out how much you can afford to spend on a new home, it is important to decide how much of a down payment you are willing or able to put down. For example, many first-time home buyers only put 5% down because coming up with the extra money is sometimes difficult. However, the more money you put down, the less money you have to borrow and pay back. Your personal income will also be a factor in how much you can spend, so why no let our professional mortgage brokers work with you to determine exactly what you can afford to spend?

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.

Instant Credit Report

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.

Lender vs. Broker...

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. 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.