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.
A "fixed rate" mortgage simply means that the interest rate on the money you borrow stays at a locked or "fixed" rate. This means that your interest rate is not subject to change and the rate at which you pay back your loan is always the same. There are some advantages to having a fixed rate when you consider the nature of the inflation rate. The value of your home should continue to increase year to year while the principle amount will continue to decrease.
A "variable rate" mortgage or below prime rate mortgage is a mortgage where the interest rate is subject to change depending on the prime rate. Most of these mortgage products are based on a formula using the prime interest rate less a discount. For example, if you choose a below prime rate mortgage with a rate of Prime minus 0.5% then your rate would be calculated at any given time using this formula. So if prime were 4% then the interest rate on your mortgage would be 3.5%.
When applying for your mortgage it is beneficial to have the following information readily available:
If saving for a down payment seems impossible, think again. The following tips will help you achieve this realistic goal:
When dealing with your bank, you only deal with one lender. At Alberta Equity Mortgages, we shop the market from coast to coast comparing rates from hundreds of Canadian banks, mortgage lenders, trust companies and credit unions. This allows us to find you the lowest mortgage rates and best possible terms in Canada. And, if that's not enough, we will do all the paperwork necessary to get your mortgage application pre-approved, saving you the time, money and trouble of going to the bank.