CURRENT RATES

5 Year Mortgage Rates
Term TypeRatePromo & Info
5 YearFixed (standard)2.49%
5 YearFixed (promo)2.29%-*call for restrictions
-High Ratio Only
-Meet property guidelines
5 YearFixed (promo)2.49% & -Condo Doc Review, Reimbursement $500 *call
5 YearVariable (promo)2.10%
* Subject to change without notice *OAC *Some Underwriting Restrictions Apply
Our Mortgage Rates
TermTypeRate
2 YearFixed2.19%
3 YearFixed2.29%
4 YearFixed2.39%**High Ratio Only
5 YearFixed2.29%**restricted, call for details
6 YearFixed2.99%
7 YearFixed2.99%
10 YearFixed3.54%

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FREQUENTLY ASKED QUESTIONS

What is a Mortgage Broker?

In Alberta the licensing designation for someone who trades in mortgages is: Mortgage Associate. A mortgage associate is often referred to as a mortgage broker, however, each mortgage brokerage by law can only have one Mortgage Broker which is the designation held with the Real Estate Council of Alberta for the supervising associate. The Mortgage Broker will oversee trust accounts, operations of the brokerage, and supervision of the Mortgage Associates as well as handle complaints or inquiries from the public.

What is a Mortgage Associate?

A Mortgage Associate is an individual that is licensed by the Real Estate Council of Alberta to trade in mortgages, and who is registered with a Mortgage Brokerage. Mortgage Brokerages and their Mortgage Associates act independently of banks and lenders, providing their services to individuals who seek not only professional expertise, but also the benefit of multiple product offerings. Because a mortgage associate is not employed by one bank or lender, they have the ability to find mortgage products from a variety of different lending sources. In addition to arranging your mortgage a mortgage associate can facilitate your experience by providing guidance on all aspects of the mortgage process.

Many Brokerages and their Associates have relationships with Banks, Trust Companies, Treasury Branches, Credit Unions, and Mortgage Investment Corporations, and even private lenders.

How is a Mortgage Brokerage or Mortgage Associate compensated?

In most circumstances the lender will pay an Associate a finder’s fee for bringing the mortgage to them and for handling the application and paper work etc. In some situations where a client needs extra care and attention due to credit, a past bankruptcy, or the property or title creates difficulty the Mortgage Associate may charge an additional fee. This by law would need to be disclosed as a cost of borrowing to the mortgagor – the Borrower-.

What is a Pre-Approval?

Being pre-approved means that your information has been reviewed and submitted to a lender who pre-approves you based on that information, or in many circumstances because they do not review documentation up front (before you have a purchase contract on a specific property), based on the information the Brokerage provides. The nice thing about pre-approvals is that many of the lenders will hold your interest rate from 90-120 days which means if rates go up; you still receive the rate that has been held for you as long as the purchase closed within the rate hold period. Most Realtors require that you have a pre-approval in place prior to entering into a service agreement or representing you on writing an offer.

What is a Down Payment?

A down payment is the difference between you purchase price and mortgage amount. It is the amount of money that you put into the home; the rest of the purchase price comes via a mortgage. In most situations your deposits on you purchase will go towards your down payment on the home. After possession your down payment becomes equity in your home.

Down payments may be saved or borrowed. When a down payment is borrowed, it is referred to as Secondary Financing. When there is the intention to use secondary financing, it is important to inform your brokerage as any money you owe must be considered with the application and accounted for.

How much down payment do I need?

Depending on your situation, sometimes the property, and/or your credit this will differ. Such things as income, property type or use will help determine down payment requirement; however, it is important to know that some lenders will offer up to 95% financing, which means buyers do not have to come up large amounts of money for their down payment. In many cases 5% of the purchase price will suffice as a down payment.

Proof of down Payment?

Canadian anti-money laundering laws make it necessary for lenders to verify the source of your down payment, as well as a history of your down payment. The easiest way to verify your down payment is to provide 3 months history via bank or investment statements, and a current balance. Online statements can work, but in order to prove ownership of the accounts they should contain your name, account number, and address.

For Gifted Down Payments a gift letter is necessary to verify a written statement with respect to the gifted monies. It should say who the gift giver is, what their relationship is to the borrower, the amount of the gift, what property it is for, the name of the receiver, and that the money does not have to be paid back. Gift giver, and gift receiver should sign the letter. **Some lenders require this on their own letterhead.

In the event you are using borrowed funds, a statement of the line of credit, the rate, and the repayment requirements would be needed for underwriting.

What documentation will be needed during my application?

Each situation is different, but you can be sure that some of the following will be required: employment letter, pay stub, proof of down payment (where is it coming from), appraisal, purchase agreement, MLS Listing details, and a void cheque etc. When it gets to this point we will help you out with the rest.

Why do I have to provide the lender a void cheque?

By providing a void cheque along with a PAD – Pre-Authorized debit form you are relaying the information the lender needs to arrange the repayment of your mortgage. By providing both the information can be cross-referenced for accuracy to ensure your payments are withdrawn from your account.

What if I have poor credit?

The important thing to note is that there are still options for people with tarnished credit. If it’s really bad it may mean you need a larger down payment, possibly a co-signer, or maybe it just means utilizing one of the many products out there that allow people with less than perfect credit a mortgage at slightly higher interest rates. Call it what you want: Bruised credit, bad credit, tarnished credit, credit issues, credit poor…We do work with people in these situations so call us for more information if this applies to you.

What does loan to value mean?

Loan to value is reference to the equation that compares the value of a loan secured by real estate, versus the value of the real estate itself. For example: If you own a home worth $500,000 and you have a mortgage secured against it with a principal value of $400,000 then the ratio of your Debt to Equity – loan to value – would be $400,000/$500,000 or 80%.

What if I am self employed?

Being self employed isn’t a crime, although it sometimes feels that way. We work with lenders offering programs and products specifically for self employed individuals whether they are proprietors or incorporated. For example, Stated Income, or NIQ (no income qualifier products) have helped many business-for-self applicants obtain mortgages.

What documents do I need if I am self-employed?

To get the best rates and mortgage products self-employed individuals will need to provide some extra paperwork than a salaried individual. These documents may include:
• 2 years T1 Generals and Statement of Business Activities
• 2 years of Notice of Assessments from CRA
• Certificate of Incorporation
• Articles of Incorporation
• GST return
• 1 or 2 years of company financials
• Letter from your accountant (maybe with respect to the down payment)
• 3 months business operating bank account statements
• Registered Trade Name
• Annual return from the registries office

How do I access the equity in my home?

The most common ways of doing this are by adding a HELOC (home equity line of credit) or refinancing your home to access the equity in your home ETO (equity take out). Many lenders are offering products that take advantage of both methods, allowing clients to place a new favorable mortgage on their home for the money they need access to today, along with a line of credit portion to ensure future borrowing potential. When doing what is referred to as an Equity Take Out, the mortgage amount is increased and the difference between the new mortgage amount and the old mortgage amount becomes the money that you take out of your home. Many people use this money to consolidate other debts, invest, or simply to use at their leisure.

The Government of Canada has been very active over the past few years in regulating the mortgage industry. Though it has become more difficult to access money in your home, it is still very much possible and various techniques are available to home owners.

Do you provide mortgages for revenue properties?

Yes we do! There are a number of options for investors seeking revenue properties. Even for self employed individuals seeking Revenue properties there are unique products available. I.E. Stated Income Rental Programs or Interest Only Mortgages. We will even arrange mortgages on multi-unit properties.

Sometimes lenders will offer interest rates that come with a premium when being used for a non-owner occupied property, and some lenders may also reduce the loan to value ratio thereby increasing the down payment requirements.

Again, the Government of Canada has been active in regulating mortgages lately, and as such many rules are different than what borrowers remember.

Can you find me a mortgage on a vacation or secondary home?

Of course! In fact there have been a number of improvements in recent years allowing for financing on second homes. This might include a home that you use in the summer, or even a downtown condo that stay at during the week instead of driving in from your acreage. One other common scenario is a family member purchasing a home for their son or daughter while they attend university. It is possible to purchase a vacation home with as little as a 5% down payment.

Can you arrange a mortgage on acreage properties?

Absolutely! As a general rule the majority of lenders doing this will only lend on the value of the home, plus 5 acres, however, in the right situation they may lend on house plus 10 acres.

I’m not happy with my current mortgage, what are my options?

The starting point is to arrange some time on the phone with a mortgage broker to discuss your concerns and see if there are better options out there for you. It might be beneficial to Refinance your mortgage and go with a new lender. This can make sense if rates are lower today than when you obtained your original mortgage, or if you have improved your credit and can now qualify for a better interest rate!

I just started a new job, will that be a problem?

This could be a problem as new jobs in Alberta have a 3 month probationary period. Even if the employment letter states that there is no probation, Alberta law dictates that there is. As such new jobs are seen as being risk by the lender.

In circumstances where you are starting a new job with the same company, a new job in the same industry with which you have great experience, or you are a professional such as an Engineer, Doctor, or Lawyer, you are less likely to encounter any problems.

General Mortgage Clarification: What is…?

OPEN Mortgage- A true open mortgage allows a borrower to pay out their mortgage in any amount without notice or penalty. Be careful, some lenders say OPEN, but will charge you a fee for paying your mortgage out in full. Ask us about the STEP mortgage which also combines a HELOC to use at your discretion.

CLOSED Mortgage- Mortgages stipulate that you have agreed to make payments for a specified term I.E. 5 years. If you want to pay out your mortgage the lender will penalize you for breaking your commitment by charging you a payout penalty (3-6 month interest, or Interest rate differential…usually the higher of the two). The extreme end of the spectrum some of the closed mortgages will only allow you to pay out the mortgage with a bonified sale. In this situation you will not be able to refinance your mortgage during the agreed to term.

Term- The agreed length of time that you and the lender agree to follow the terms and conditions of your mortgage. You might say that it is the actual length of time for which mortgage money is loaned. When the term is up you must either renew your mortgage at current rates, or find a new one. The term is usually shorter than the amortization.

Amortization- The process of paying off your mortgage in regular payments (interest and principal) over a certain period of time. 25 years is quite normal. This basically means that if you paid the same payment for 25 years you would owe $0 at the end of the 25 years.

How long can I amortize my mortgage? Currently most lenders are maxing out their amortization at 30 years. Mortgages that are High Ratio Insured are governed by law dictating a maximum of 25 years amortization. This means mortgages with Mortgage Default Insurance requirements with Genworth, Canada Mortgage and Housing Corporation or Canada Guarantee will be maxed at 25 years.

Mortgages previously underwritten by these companies at 30, 35, 40 years remain unaffected if they are not refinanced.

High Ratio Mortgage- When the loan to value is 80% or greater. This means the borrower has less than a 20% down payment. A high ratio mortgage requires CMHC, GENWORTH, or CANADA GUARANTEE mortgage default insurance place, or a lender that has the ability to self insure.

Some mortgages that are less than 80% Loan to Value may still require mortgage default insurance by some lenders.

Conventional Mortgage- When the loan to value is 80% or less. This means the purchaser has a down payment equal to 20% or more of the value of the home.