Although many people in Alberta try to re-negotiate a mortgage with one lender [a bank], competition has always resulted in the best deal.
With your application, we will survey all of the leading Canadian lenders to find the best rate mortgages in Canada. This FREE unbiased service guarantees that you will receive the lowest mortgage rates and the most 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.
Be prepared to pay some closing costs when purchasing a new home. These costs are not part of the property purchase, but additional items that you should consider. However, it is important to remember that these items may not be applicable in all cases, so check with your lawyer for a complete list of all closing costs specific to your situation. Possible closings costs can include:
Note: Some of these costs may be included in your legal fees as your lawyer will arrange for the service to be completed.
Purchasing a new home can be a major decision for many and it can also be extremely stressful. Don't let stress ruin this exciting time.
By pre-qualifying and taking all of your mortgage needs into consideration prior to house hunting, you can then focus on the small details when you are ready to start looking.
The perfect home within your price range is waiting for you, but if you need more help taking the guess work out of mortgage shopping and home buying, our brokers at Alberta Equity Mortgages will work for you.
Most mortgage payments are made on a monthly basis. However, arranging to make accelerated biweekly mortgage payments can have a dramatic effect on the amount of money you have to pay and the time frame before it is all paid off.
Under a biweekly mortgage, instead of making the payments once a month, you make half the payment every two weeks. If your mortgage is $1,000 per month, under a biweekly system it would be $500 every two weeks.
You make 26 payments per year, which is the equivalent of 13 monthly payments rather than 12. The extra payment is than taken directly off the principal, reducing the payment schedule accordingly.
The effect of accelerated biweekly mortgage payments can be dramatic. For example, if you currently have a $150,000 mortgage loan at 7.5 percent fixed interest, you will have paid approximately $330,000 at the end of 25 years. That's a $180,000 in interest!
However, if you use a biweekly payment system, you will pay $290,000 and have it completely paid off in just over 20 years. You save a staggering $40,000 and you pay the loan off nearly 5 years earlier!
An increasing number of mortgage companies are now offering a biweekly payment option. It is even possible to convert your current monthly payments into a biweekly schedule.
Be wary of independent companies offering to do this for you for a fee -- you can do it for yourself by simply phoning your lender or contacting Alberta Equity Mortgages