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 What is required to obtain a first Mortgage?
 In most cases:
What can I use for a down payment?
In most cases:
- Registered Retirement Savings Plan
- RRSP's may be used as a down payment up to a maximum amount of 20,000 and is not subject to income tax if repaid within a specific time period.
Repayment Schedule Link
- Gift from immediate family
- Accumulated savings
- Sale of existing home
- Sweat equity
What costs are involved in obtaining a mortgage?
Costs incurred are:
- Legal costs (Usually between $600 - $1000)
- Insurance on the property and mortgage applicant
- In some cases an appraisal is requested
How long does it take to complete a mortgage transaction?
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If all information requested by the lender (i.e. Income verification, down payment verification and property details) are given to the broker in a timely matter than the transaction can be completed in as little as 2 weeks |
Can I get pre-approved before I find the home I want to purchase?
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Yes. Our lenders offer preapprovals from 60 days to 120 days. When it comes to new construction many lenders will extend that preapproval time to fit the construction schedule. This will allow you to hold a great interest rate while you shop for or build a new home. |
How much can I qualify for?
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Qualifying guidelines vary depending on the lenders criteria and products available. To find out exactly what you can qualify for, please submit your application for a quick approval. |
What is CMHC?
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Canada Mortgage and Housing Corporation is a federally owned and operated institution that evaluates the client and property to allow the borrower to purchase a home with a lower down payment requirement. This corporation insures the mortgage on behalf of the bank, through a premium added to your mortgage. This way the banks are obligated to provide a mortgage for those with less than a 25% down payment. |
Who does Alberta Equity work for?
We only work for you, the client.
What is the purpose of a mortgage broker?
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Our only job is to find our clients the absolute best mortgage product to fit their needs.
We specialize in mortgage lending and only deal with lenders who can compete against the local branches for better rates, terms and service. |
How can a mortgage broker get a better rate than my own bank?
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The mortgage lenders that we use do not have local branches in each city or town, they have no large overhead and are in the business of lending money for mortgages only. This, combined with their large volumes, allows them to discount the rates far better than your own bank can provide. |
What if I have had poor credit or been discharged from bankruptcy within the last 3 years? Can I apply for a mortgage?
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Yes you can! Most conventional banking institutions put restrictions on who they lend money to for a mortgage, but Alberta Equity has the resources to shop for financing regardless of any credit situation. |
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Buying your first home is a very exciting time. To avoid adding unwanted stress to this process read the following question and answer page. This valuable information will make your first home purchase a pleasurable experience. Do you already own a home or have owned one in the past? The information on this page will benefit you as well.