Competition = Low Mortgage Rates

Obtaining a mortgage is one of the most important decisions you may ever make, and with so many choices and ongoing decisions, the right advice can have a huge financial impact. CanEquity Mortgage is an active member of the Better Business Bureau and has helped tens of thousands of Canadian's with their mortgages.

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.

Learn to Save $40,000 - Biweekly!

Most mortgage payments are made on a monthly basis. However, arranging to make accelerated biweekly mortgage payments can have a dramatic effect on the amount of money you have to pay and the time frame before it is all paid off.

Under a biweekly mortgage, instead of making the payments once a month, you make half the payment every two weeks. If your mortgage is $1,000 per month, under a biweekly system it would be $500 every two weeks.

You make 26 payments per year, which is the equivalent of 13 monthly payments rather than 12. The extra payment is than taken directly off the principal, reducing the payment schedule accordingly.

The effect of accelerated biweekly mortgage payments can be dramatic. For example, if you currently have a $150,000 mortgage loan at 7.5 percent fixed interest, you will have paid approximately $330,000 at the end of 25 years. That's a $180,000 in interest!

However, if you use a biweekly payment system, you will pay $290,000 and have it completely paid off in just over 20 years. You save a staggering $40,000 and you pay the loan off nearly 5 years earlier!

An increasing number of mortgage companies are now offering a biweekly payment option. It is even possible to convert your current monthly payments into a biweekly schedule.

Be wary of independent companies offering to do this for you for a fee -- you can do it for yourself by simply phoning your lender or contacting Alberta Equity Mortgages

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