1-800-604-1864
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:
 |
 |
 |
 |
|---|---|---|---|
| 3 years | 5.44 | 3.89 | $11,267.80 |
| 5 years | 4.99 | 4.99 | $0.00 |
| 7 years | 6.09 | 5.80 | $4,868.42 |
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.
Why wait? Apply online today with our free mortgage application.
See how safe & simple applying online is by using the Alberta Equity secure mortgage form.
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%.
Simply stated, a mortgage broker is an agent for lenders in much the same way an insurance broker is an agent for insurance companies.
Mortgage brokers act as agents for banks, trust companies, credit unions, mortgage corporations, investment corporations, finance companies and individual private investors.
Mortgage brokers are trained professionals that have to meet a satisfactory educational requirement before they may become registered. As such, this requirement ensures you are being provided with a duty of care, a working knowledge of mortgage products and a standard of service to meet individual needs.
Have you received your mortgage renewal in the mail? Don't just sign the form and send it back to the lender.
Over 70% of mortgage holders in Calgary and Edmonton do just that, and what is the usual result — a higher mortgage rate and a product that might not be best suited to their needs.
Make sure you are getting the best mortgage renewal rate in Alberta. Learn More
OPEN MORTGAGE
An "open mortgage" can be paid back in full at any time prior to maturity, without penalty. You will find most variable rate mortgages with deep discounts are closed for a pre-determined time. After this time frame the mortgage can become an open mortgage. A qualified mortgage agent can clarify the differences for you.
CLOSED MORTGAGE
A "closed mortgage" can not be terminated or paid out before the end of the term without penalty. A "closed mortgage" provides payment stability but penalizes a mortgager who wishes to terminate the mortgage before the end of the term. Terms can be for six months, one to five years, or for seven, ten, fifteen, eighteen and twenty-five years, with the five year term being the most common. Interest rates generally rise with the length of the mortgage term. Most fixed rate mortgages are closed.
AlbertaEquity.com is managed by Super Brokers Incorporated, a division of TMG The Mortgage Group. Our goal is to help you find the best mortgage rates (OAC) and lenders in and around Calgary, Edmonton, Lethbridge, Medicine Hat and Red Deer. Super Brokers is a proud member of the Better Business Bureau of Southern Alberta. Our mortgage application is secured by Equifax SSL from GeoTrust. Although every attempt is made to ensure accuracy, the information contained here should only be used as a guideline. Please speak to one of our mortgage brokers if you would like more information about our services. For questions or comments about our website, security practices or policies, call our web support line at 1-866-530-5541. To speak with a mortgage broker, call toll free 1-800-604-1864
