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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 2.49 3.75 $9,106.75
5 years 2.84 4.94 $25,001.88
7 years 3.99 5.75 $29,211.05
 
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.

Should I Purchase a New Home or a Re-Sale?

First-time home buyers have many decisions to make after deciding to purchase a new home. These decisions can be overwhelming and even frustrating if they do not have all the facts.

Buy a New Home or a Re-Sale

A common question for many first-time home buyers is whether or not to build brand new or to purchase a re-sale. Let our professional mortgage brokers at Alberta Equity Mortgages ease your frustration by offering solid advice while providing both the pros and cons of building brand new or purchasing re-sale.

Why deal with a Mortgage Broker?

Mortgage Broker represent you, the customer, not the lender. Because they are not employees of a lending institution, Brokers are not limited in the product they can offer you. Brokers seek out the best lender package to suit your specific situation, whether it's with a Chartered Bank, Trust or Insurance Company, or Private Funds.

There is a wide assortment of options and features available to homebuyers today. Shopping around takes a lot of time and effort. The mortgage process within today's very competitive marketplace intimidates many Canadian homebuyers. It pays to work with a mortgage professional who will represent you and ensure the mortgage you get is the one best suited to your needs.

Choosing the wrong mortgage can cost you thousands of extra dollars. Mortgage Brokers are trained professionals who can help you save on your mortgage dollar.

Prime Lending Rate vs Fixed Mortgage Rates

Many Canadian's have asked, "When the bank of Canada lowers or increases prime does that mean fixed mortgage rates will move?"

Prime Rate vs Fixed Rate

The question is best answered by describing the differences between the two:

Prime Lending Rate: For most Canadian's this is what our major bank offers us for a line of credit or a variable rate mortgage. When the bank of Canada lowers or increase their over night target rate most lending institutions will follow suit. This is just a target rate that the banks aren't forced to follow. The Major banks and lenders in Canada will almost always follow this rate change and increase their prime lending rate. In most cases the Bank of Canada rate is much lower than the prime rate major banks offer. The prime lending rate in Canada is set by the Finance Minister and his/her staff.

Fixed Mortgage Rates: (3yr, 5yr etc): Funds for these products come from various sources. The majorities come from the Canadian Bond Market, life insurance funds and other investment funds. You can usually gauge an increase or decrease in fixed mortgage rates if you follow the Bond Market. Fluctuation in fixed mortgage rates has little or nothing to do with the Prime Lending Rate.

As you can see the Prime Lending Rate and Fixed Mortgage Rates have very little to do with each other. It is important to remember that changes in the Prime Lending Rate are usually indicative of the general state of the economy. Bonds rates and fixed mortgages usually follow these trends; this is where the general confusion started.

Note: You should receive professional financial advice when considering switching to a biweekly mortgage payment schedule.