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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THE MORTGAGE PROCESS

Mortgage Application

An application is step number one as it provides the information your mortgage broker and/or lender need to determine which products are available to you based on such things as credit, down payment, and income. In addition, it is the information that helps your broker provide you with options that make the most sense for your situation. Some of this information is personal; however, it is very necessary in order to proceed. It is important to note that all this information is kept private and confidential according to the brokerages privacy policy. The Real Estate Council of Alberta requires Mortgage Brokerages to keep information on file for 3 years and then be destroyed.

The information you provide on your mortgage application will be used to determine your debt service ratios, your credit score, and ultimately which mortgage products will be available to you. Providing accurate information will only save you time in your quest for a mortgage.

Submitting to a Lender

After a completed application and an understanding of your needs, it will be determined which mortgage solutions are available to best meet your needs. This will be based on everything from credit rating, income, job tenure, debts, and more. This information will be provided to the lender of choice along with a request for the mortgage product that makes the most sense for you.

If you are seeking a Pre-Approval, then you will receive what is commonly referred to as a rate hold which will guarantee you an interest rate while you are shopping for a home. On the other hand if you are seeking an approval because you already have an accepted offer on a home then you will receive a mortgage approval specific to the property you have an interest in.

Lender Response

The lenders have people called underwriters that receive your application and determine whether or not your application and information will be accepted by the lender. If it is accepted, they will send an approval with a list of documentation that you will need to provide to your broker who will in turn provide it to the lender. This usually consists of confirmation of the information that has been provided; proof of income, down payment funds, and the value of the subject property. These documents are considered conditions. This means if they are not provided to the lender in a timely manner they will not proceed with giving you a mortgage. So remember, there are still more details that need to be wrapped up subsequent to receiving an approval.

Documentation Fulfillment

This is probably the least exciting of all the things involved in a mortgage as it involves gathering information and documents that the lender has requested. Many mortgage brokers have a document fulfillment specialist who helps them gather this information from you and get it to the lender. This is precisely how we work. This information should be gathered in a time sensitive manner, as it is absolutely crucial the lender receives all of it before they will advance your mortgage funds.

Some of the common documents requested are as follows:

  • Letter of Employment
  • 2 recent pay stubs
  • Proof of down payment
  • Void Cheque
  • Notice of Assessment (NOA)
  • Current Mortgage Statement

This is very basic, and depending on the file the lender may ask for more specific documentation.

Final Approval

Once all documentation has been received, the lender will then issue mortgage instructions to your lawyer. The next step usually consists of a phone call from your lawyer to coordinate an appointment so you can sign all legal documents such as: The transfer, the registered mortgage terms etc. and arrange such things as cash-to-close.  (Remainder of your down payment)

Closing/Possession

On or about your possession day all funds will transfer to the seller and you will receive the key to your new home. Shortly after, you will receive a document from your lawyer showing that the property has been registered in your name along with the mortgage you have received. If you have done a refinance, you will receive a phone call from your lawyer arranging the pick-up or transfer of the funds you have requested on your deal.

Mortgage Management

Many lenders now have a welcome package that will allow you to log into a website to view and manage your mortgage details. This becomes especially handy when you have arranged your mortgage with a trust company that may not have on site servicing locations. These sites will sometimes allow you to make changes to things like payment frequency, amortization, lump sum payments etc.