Mortgage FAQ
Frequently asked mortgage Alberta questions:
Why should I use a mortgage broker instead of a bank?
Mortgage brokers shop your loan and let lenders compete for your business. We work for you – not the banks – to get you the best deal. We have access to lending products all across Canada, from banks, credit unions, finance companies, trust companies and even private lenders.
Does your service cost money?
No! Our services are generally free to the borrower. On occasion, there is a fee for some commercial or very complicated mortgages, but those will be discussed in advance with the borrower. Once you choose your lender, we get a fee from them.
How do I know I am dealing with a reputable lender?
We deal with big banks, credit unions, trust and finance companies. You fill out one application and we let lenders compete for your business. You decide which offer you want.
What is better – a fixed or variable rate?
Usually a fixed rate is best in times of rising interest rates and a variable for falling interest rates. There are also hybrid mortgages which offer a cross between the 2. We can sit down with you and discuss which options would be best for your personal needs.
How do I know how much I can afford to spend on a home?
Use our handy online calculator to estimate your payments. However, for a complete analysis, make an appointment for a free and confidential consultation. We can look at your income, debts and expenses, down payment options, closing costs, and more to help you determine how much you can afford to spend on a home.
We are looking to use the equity in our home to pay for college. What are our options?
We are the refinancing experts! We can look at all your options – refinancing your mortgage for a larger amount, as well as getting a secured line of credit or secured home loan using the equity in your house. Then we can access low rates through our many lenders.
My bank sent me a mortgage renewal card. Do I have to renew with them.
No – you do not have to renew with the same bank once the mortgage term is up. In fact, signing that card could cost you a lot of money! You should treat a mortgage renewal like any mortgage and let us shop for the best home loan for your next term.
Equity Financing
Save Money and Reduce Monthly Payments
If you have high interest debts including credit cards, store cards or unsecured loans, you could save money on interest by getting a secured home loan using your home’s equity.
By consolidating debts, you also simplify your monthly payments – often making for a much lower monthly payment.
We can help you find the best refinancing for your needs.
Financing
Hard to Place Mortgages
- Why use a mortgage broker?
- We have access to many lenders and lending products not available to the general public. You fill out one application and we shop your loan over many lenders across Canada at no cost to you.
- Poor Credit Mortgage
- If your credit is less than stellar, you may have trouble getting a traditional mortgage through the banks. Call us to help you find financing at a competitive rate.