Competition = Low Mortgage Rates

Have a Web Site? Need to Display Rates?

Are you a realtor, broker or financial planner with a website?

Do you need up-to-date Canadian mortgage rates displayed on your web page?

You can choose from over 200 free mortgage rate boxes to suit your web site. We also have many tailor-made rate boxes for existing real-estate companies and related websites.

Open Mortgage vs. Closed Mortgage

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.

Find out your Credit Rating

Before looking at a mortgage, it may be a good idea to find out if you have a good credit score rating before approaching a lender, especially if you have any doubts.

Credit bureaus should provide a credit rating report to you at no charge. You can obtain a free copy through the mail by calling Equifax at 1-800-465-7166. You must fax two pieces of government issued identification, social insurance number, date of birth, current address as well as any address you have had in the last five years, and the name and number of your current employer.

Expect to wait at least ten days to receive your report by mail. Once you have your report you will know if there are any roadblocks in the way of your mortgage. Any mortgage broker can assist you with your credit report, but will also need to verify it by a credit check once you are ready to proceed with your mortgage.

Watch out, although any credit information you request personally has no effect on your rating, the number of credit checks you have banks or credit institutions perform will show up on your report and may lower your credit score.

Did your Bank Refuse to give you a Mortgage?

Don't be embarrassed if your current bank has turned you down for a mortgage because it happens more often than you think. At Alberta Equity Mortgages, we know it can be frustrating for clients when the bank they have been dealing with for many years, denies them a mortgage.

So, why not let our professional brokers go to work for you? We have access to numerous national lenders who are willing and eager to lend money in situations where the bank is not. Do not let your bank stand in your way and deny you the home of your dreams, simply apply online today!