Best Mortgage Rates in Alberta
Mortgage rates in Alberta vary from time to time depending on some factors affecting the economy. In order to get the best mortgage rates in Alberta, you need to compare those rates from various banks and lending institutions. There are also conditions stipulated on the contract that may be beneficial or aggravating to your situation.
Best 3-Year Fixed Rate
3 Year Fixed
Hold until Sep 15
Best 3-Year Variable Rate
3 Year Variable
Hold until Sep 15
Best 5-Year Fixed Rate
5 Year Fixed
Hold until Sep 15
Best 5-Year Variable Rate
5 Year Variable
Hold until Sep 15
Filter Mortgage Rates
Compare the Best Mortgage Rates in Alberta and find the lowest Fixed and Variable Mortgage Rates currently offered by banks, brokers & credit unions. Getting the right mortgage can help you save thousands over the course of your mortgage. A right mortgage in Alberta can help you save thousands of dollars over the term of your mortgage. With our mortgage rate comparison tool, you get the best mortgage rates in Alberta from leading Canadian banks, mortgage brokers Alberta & credit unions at a click of a button.
About Mortgage Rates in Alberta
You work hard for your money and there is no reason you should throw it away just so you can buy a house. This is why getting the best mortgage rate possible is so important. A 0.5% or 1% lower interest rate over the length of your mortgage will translate directly into huge savings for you down the road.
CompareMyRates.ca goes through the work of shopping the most competitive brokers, banks, and lenders in Alberta so you don’t have to. Our comparison tools make it easy for you to see all the options available in one place and help you make the most informed decision. And they are updated daily so you know you’re getting the most up-to-date information possible; all free of charge!
To give you an idea of the possible savings: this year, our 5-year fixed-rate mortgage rates in Alberta have been averaging less than 0.5% lesser than the competition and more than 1.5% less than the same bank-posted averages in Alberta! If you’re wondering how that translates into numbers. Imagine your $400,000 dollar mortgage, and with our rates, you would save more than $100,000 over the life of the mortgage.
Should I choose a Variable Rate or a Fixed Rate Mortgage Rate in Alberta?
Deciding whether or not to go with a variable mortgage rate or a fixed-rate mortgage is one of the biggest factors on how much interest you will pay. Just ask any of happy Albertans who have used CompareMyRates.ca to shop for a mortgage and chosen a variable-rate mortgage; they will tell you all about the savings they are enjoying.
Due to our variable rates being consistently lower than fixed rates, half of the Albertans who use CompareMyRates.ca opt for the variable-rate mortgage. The average savings between a 5-year variable-rate mortgage in Alberta compared to the same fixed-rate mortgage has been at least 0.5%. That may not seem like much, but it sure adds up over time!
How to find the Lowest Mortgage Rates in Alberta?
With comparemyrates.ca, you can sort and filter through the lowest mortgage rates Alberta to find not only the cheapest but also the most suited mortgage plan for your needs. You can look for specific mortgage amounts, pin codes, type of rate and even term to find the ideal plan for your needs!
Mortgage Rate Comparison Alberta
With CompareMyRates.ca, you can filter out the middleman and do the entire process on your own in just a few clicks. With this, you can find the mortgage plan that YOU want without paying anything extra to anyone. Get all the information about mortgage rates within seconds using CompareMyRates.ca!
Why should you Compare Mortgage Rates in Alberta?
Looking for the best mortgage rates in Alberta? CompareMyRates.ca provides the most up to date, current rates, simply choose your Province, select applicable choices and compare the best rates in the industry. CompareMyRates.ca helps you connect with a mortgage broker who can identify the best deal for your home purchase or mortgage refinancing. Compare mortgage rates in Alberta and get a detailed, accurate comparison of the best mortgage rates Alberta.
Finding the Lowest Mortgage Rates in Alberta
No matter which province or territory you reside in, finding the best mortgage rate can save you thousands of dollars. Obviously, there are not many people who can purchase property without taking out a home loan. Taking our a home loan lets you buy, live in and/or use a home without needing to come up with the full dollar amount at the time of purchase.
Usually, the amount of the loan is equal to the majority of the home’s worth, but the downfall of this is that you will be required to pay interest on the loan. Most lenders insist on a down payment, i.e., a payment equal to a portion of the property’s worth. For instance, if a home is worth $200,000 and the buyer would need to make a down payment of 10%. This would equal a $20,000 down payment ($200,000 x 10%).
To make up the balance, the lender would loan you $180,000 ($200,000 minus the $20,000 down payment).
What are the different rate options available for my mortgage in Alberta
There are a wide variety of rate options available for rate type and terms. Most popular rates in Canada are 5 Year Fixed, 5 Year Variable & 3 Year Fixed, You should consult your mortgage broker who can help you assist in making the right decision on choosing the rate that would suit your financial situation and needs.
Alberta Mortgage & Housing Market Outlook
Alberta’s housing starts are forecast to increase by 15.3 percent to 29,200 units in 2012, following a 6.5 percent decrease in 2011 to 25,325 units. These robust gains are a result of
a number of factors. Firstly, the economy is projected to show relatively strong growth over the forecast period. In 2011,
These robust gains are a result of a number of factors. Firstly, the economy is projected to show relatively strong growth over the forecast period. In 2011, the real gross domestic product is expected to rise by 3.1 percent, followed by 3.5 percent in 2012.Note, however, a pullback in oil prices during the summer, along with various wildfires, briefly slowed economic conditions, but these effects have dissipated. Secondly, employment growth is projected at 3.4 percent in 2011, lowering the unemployment rate from 6.5 percent to 5.6 percent. By 2012, the unemployment rate is expected to be lowered to 5.1 percent.
Secondly, employment growth is projected at 3.4 percent in 2011, lowering the unemployment rate from 6.5 percent to 5.6 percent. By 2012, the unemployment rate is expected to be lowered to 5.1 percent.
As a result, this will put upward pressure on Alberta’s housing sector. Finally, the demographic outlook for Alberta is positive. With an improving economy generating jobs, it is expected more migrants will choose Alberta as their home. Last year was a 15-year low for migration to Alberta. Moving forward, expect significant growth in migration this year with further gains in 2012.These gains are also expected to put upward pressure on the demand for housing within the province.
What Are Private Mortgage Loans? Private mortgage loans are granted by private lenders unlike banks or conventional financial institutions. These short term loans do not require homeowners to pay the mortgage principal. Simply put, you only have to make the interest...read more
How much do I qualify for? If you’re ready to purchase a new home, one of the first things you want to find out is how much you’re qualified to borrow. Lenders have restrictions on the amount of money that a lender can borrow that is based on the borrower’s...read more
There are many reasons to consider mortgage refinancing to replacement your existing mortgage loan with another lender under different terms. A borrower in Canada may consider refinancing his or her loan for diverse reasons. If you’re not sure whether you should go...read more
At mortgage renewal time, it is important to keep in mind that all financial institutions are about making a profit. Unfortunately, according to the Canada Mortgage and Housing Corporation (CMHC), between 60-70% of Canadians...read more