Today's Topic:
Improving Your Credit
Can I Clean-up my Credit?
If your credit history is less than perfect, you should definitely take a few small steps to improve your credit standing before applying for a mortgage. The following steps will help you get one step closer to cleaner credit and even closer to owning that new home:
- Pay off high-interest debt before you focus on saving a down payment because there are mortgage options that allow you to buy with little or no money down.
- Pay off credit cards and get rid of any unnecessary ones to avoid over spending and unwanted debt. Try to pay with cash and do not apply for anymore credit accounts.
- Try to pay down installment loans such as vehicle payments.
- Hire a credit counselor or seek advice on managing your debt.
- Wait at least six months before applying for a mortgage if you have made a late payment in the past.
- File a short explanation letter with your lender if your credit suffers from one specific event.
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
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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!
No Money..
No Problem
It is now possible to get a home without the need of a down payment. Many young families in Calgary can afford a mortgage payment, but with the high cost of living it can sometimes be difficult to save for a down payment. With the No Money Down Mortgage from Alberta Equity Mortgages, you can stop renting and starting building equity in a home today.
Should I Purchase a New Home or a Re-Sale?
First-time home buyers have many decisions to make after deciding to purchase a new home. These decisions can be overwhelming and even frustrating if they do not have all the facts. A common question for many first-time home buyers is whether or not to build brand new or to purchase a re-sale. Let our professional mortgage brokers at Alberta Equity Mortgages ease your frustration by offering solid advice while providing both the pros and cons of building brand new or purchasing re-sale.
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!
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Product Popularity
Below is a tally of our most popular mortgage inquiries made using our online pre-approval application for Mortgages in Alberta.
| Mortgage Type | | Inquiries | | First-time Buyer | | 30.18% | | Qualification | | 21.62% | | No Money Down | | 14.86% | | Refinance | | 11.71% | | Renewal | | 6.53% | | Purchase | | 4.73% | | Pre-approval | | 3.15% | | Variable Rate | | 2.03% | | Low Doc | | 1.35% | | Other | | 3.84% | | Last Tally: Jun 11 at 10:55:14 |
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Current News
Housing Starts Remained Strong in September
OTTAWA, Ontario, October 08, 2008 — The seasonally adjusted annual rate1 of housing starts was 217,600 units in September, up slightly from 217,400 units in August, according to Canada Mortgage and Housing Corporation (CMHC).“Housing starts remained at a high level in September, with construction activity again staying above the 200,000 unit threshold.” said Bob Dugan, Chief …
Central Banks Announce Coordinated Interest Rate Reductions
OTTAWA, Ontario, October 08, 2008 — Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets.Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other …
Governor Carney Discusses Impact of Recent International Developments
MONTRÉAL, Quebec, September 25, 2008 — The world is grappling with dramatic events that have seized up markets, sparked a massive flight to quality and caused some great names in the world of finance to succumb, Bank of Canada Governor Mark Carney said today. But, he argues, the turmoil may be cathartic in restructuring markets, prompting decisive policy responses and speeding the …
Bank of Canada issues statement on recent market developments
OTTAWA, Ontario, September 15, 2008 — The Bank of Canada is closely monitoring global market developments. The Bank welcomes the initiatives of the Federal Reserve System to provide support to U.S. financial markets.
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