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.
The answer is yes. Through the Home Buyers' Plan (HBP), Revenue Canada permits you to use up to $25,000 of your RRSP funds as a source of down payment towards buying or building a new qualifying home. Revenue Canada will not view your eligible withdrawal amount as income therefore, that amount will not be taxed. However, there is a catch. The amount withdrawn from your RRSP must be repaid into your RRSP within a 15 year period. If you fail to make the repayment by the specified deadline, the amount that was withdrawn will then be counted as income for that year and you will be taxed.
If you use your RRSPs within the specified guidelines of the Home Buyers' Plan, you will see both immediate and long term benefits. For example, you are immediately able to increase your down payment amount which in turn decreases your principal amount owing. By owing less on the principal, you will gain substantial savings on interest alone over your mortgage term.
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.
Refinancing your current mortgage not only gives you a better rate, it allows you consolidate all your high interest loans into one easy payment.
FACT: Making the minimum monthly payment of 2% ($200 to start) on $10,000 of credit at 18% interest will cost you about $38,930 and take 57 years to pay off! YES – its your credit card
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.
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?