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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 2.34 3.65 $9,462.12
5 years 2.54 4.64 $24,929.84
7 years 3.39 5.30 $31,489.66
 
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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This Week's Topic And Mortgage News and Events

 
If high interest rate credit cards and loan debt are keeping you from getting ahead, as a home owner you can refinance your existing mortgage and use the equity in your home to pay off that debt. With the low mortgage rates and rising property values it is a great time to consolidate your debt and even decrease your monthly payments.

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.

Beacon Score

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.

When Applying for your Mortgage

When applying for your mortgage it is beneficial to have the following information readily available:

  • A current salary statement or letter from your employer
  • A confirmation such as a letter or bank statement showing the source of your down payment
  • Financial statements for the last three years and personal income tax returns if you are self employed
  • A copy of the accepted purchase offer
  • Details on the property being purchased such a land survey or an MLS print out
  • Building plans, specifications, and the builder agreement if you are buying a home that is to be constructed