Competition = Low Mortgage Rates

Alberta Equity Mortgage Consultants

Our qualified and professional mortgage consultants offer personalized service to all of our clients. They are extremely knowledgeable and will offer:

• The most competitive rates while dealing with all the major lending institutions
• The maximum amount of flexibility in financing choices
• The widest choice of mortgage options including variable rate mortgages, fixed rate mortgages, capped variable rates, rental properties, mortgages for the self-employed, etc.

The advice and counseling needed to sort out credit and assess mortgage qualifications.

Why get Pre-Qualified?

It is a good idea to get pre-qualified when you decide to purchase a new home because being pre-qualified will help you to:

• Save time by only looking at homes within your price range
• Save money by locking you into an interest rate for up to 120 days. By locking your interest rate you are protecting yourself from rate increases that can occur after you write up an offer, but before you close on the purchase.
• Deal with the seller more effectively because they know you are a qualified buyer. The seller is often more willing to negotiate or accept a lower purchase offer if he or she knows you are pre-qualified and able to purchase.

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.

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.

What is a Mortgage Broker?

Simply stated, a mortgage broker is an agent for lenders in much the same way an insurance broker is an agent for insurance companies.

Mortgage brokers act as agents for banks, trust companies, credit unions, mortgage corporations, investment corporations, finance companies and individual private investors.

Mortgage brokers are trained professionals that have to meet a satisfactory educational requirement before they may become registered. As such, this requirement ensures you are being provided with a duty of care, a working knowledge of mortgage products and a standard of service to meet individual needs.