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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 | 3.94 | 3.89 | $362.67 |
| 5 years | 4.19 | 4.99 | $9,584.37 |
| 7 years | 5.1 | 5.80 | $11,695.76 |
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.
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.
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?
A Home Inspection Report can be used by a qualified buyer or a property owner to verify the condition of the property prior to being bought or sold. Those conducting home inspection reports are not required to be licensed and they are not regulated by a governing body other than the general consumer protection legislation.
Qualified home buyers are not required to have a home inspection done, but it is recommended to ensure the property is a sound investment. In order to get an accurate report, ask for the resume of the inspector and check references if possible. The report should contain details specific to issues or problems with the property and include the cost to repair these items.
To learn more about Hiring a Home Inspector search our website or call one of our Alberta agents for a list of inspectors. We will assist you and answer any questions you may have.
There are so many details and steps in the process when buying a new home, but do not forget about protecting your investment once the deal is done. When you go to meet with your insurance broker, take the following information with you to ensure that you get the proper insurance for your new home:
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
