Competition = Low Mortgage Rates

Calculating FICO Credit Scores

It is not just about making payments consistently and on time, there is a little bit more to the calculation of your credit score or beacon score as referred to in the mortgage industry. The payment history you have established only accounts for about one third of your actual beacon score. The pie chart below shows the actual breakdown of the beacon score.

Balances owing are a huge factor in the overall credit report. And, the longer you have had a good credit history will increase your score. But watch out, credit card accounts where the balances are at or above the credit limit will dramatically hurt your Beacon score.

Wipe Out High Interest before it Wipes You Out

Refinancing your current mortgage not only gives you a better rate, it allows you consolidate all your high interest loans into one easy payment.

It's one of the best ways to improve your credit score and get you saving money at the same time. Learn More

FACT: Making the minimum monthly payment of 2% ($200 to start) on $10,000 of credit at 18% interest will cost you about $38,930 and take 57 years to pay off! YES – its your credit card

Lender vs. Broker...

Many people have asked us what the difference is between a mortgage broker and a mortgage lender. A mortgage broker is a trained professional that has access to loan products of different lenders and is licensed to provide you with the best advice for your mortgage needs. Mortgage brokers do not lend money. Most brokerages are small firms providing expertise services and counseling rather than loans. The lender is the one who provides the money to the borrower at the closing table. The lender also makes the final decision regarding loan approval.

So why can't you skip the middle man and go straight to the lender? Many lenders will not deal with the public for a number of reasons. For one, the cost in promoting would be too great. For example, there are many mortgage lenders based in Calgary, Alberta alone. Bridgewater, MRS Trust, Gibraltar Mortgage just to name a few. But how many of those have you actually heard of? Another reason is administration. There is a lot of paperwork involved when you close a mortgage agreement, and it just makes sense dividing up the work amongst the brokers.

Why Should I use a Mortgage Broker?

If you value your time and money then using a mortgage broker could be the service for you. At Alberta Equity, our trained and professional mortgage brokers have a vast resource of lenders at their finger tips. This means we can find the best possible rate and mortgage option to suit your needs without having to shop around. Our brokers are extremely accessible and willing to answer your questions and concerns through every step of the mortgage process.