Competition = Low Mortgage Rates

Fixed Rate vs. Variable Rate

FIXED RATE
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.

VARIABLE RATE
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%.

Hiring a Home Inspector

It's often said that one of the most expensive and important purchases you will ever make will be your home. However, unlike the guarantee a buyer receives with most purchases, there's no money-back guarantee or return policy if you're not satisfied with your recently purchased home.

Once you buy a home, you're on your own to maintain it, repair it, anticipate problems and pay the bills. This is why it's best to know as much as you can about potential problems before you make the commitment to buy. Learn More

What is a Mortgage Broker?

A Mortgage Broker is a registered agent who works on behalf of a borrower to obtain the best possible mortgage option for that borrower's financial situation. The Mortgage broker is a skilled negotiator and deals directly with the lenders in both standard and non standard borrowing situations. They have access to lenders who may not advertise nationally or be readily available to the consumer so finding the best possible mortgage option holds true.

Having Difficulty Managing your Monthly Bills?

For many Canadians, it is easy to let the monthly bills get out of control and it becomes difficult to make ends meet. Making multiple payments to credit cards and other credit lenders can be overwhelming. Our mortgage brokers at Alberta Equity are qualified professionals who are trained to find the perfect solution for your unique situation, so why not make things much simpler with one easy payment? Here are some options to consider:

• Refinance your existing mortgage and use the equity in your home to pay off high interest credit cards
• Obtain a short time second mortgage for a if you are unable to refinance your existing mortgage

How Much Can I Afford to Spend on a New Home?

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?