Mortgage Products & Interest Rates

Mortgage Products and Interest RateAt Alberta Mortgage, we are committed to ensuring that you receive the best in service, product quality and interest rates. Our team of Mortgage Professionals and support staff is committed to making your home financing experience as simple and satisfying as possible. Beyond simplicity, the team of mortgage professionals at Alberta Mortgage go through the entire product offering of over 40 lenders to find a home financing solution that feels tailor made for our clients –meaning products are selected that meet your needs and lifestyle. Below, we describe the process of arranging home financing and detail some of the products offered by the Mortgage Professionals at Alberta Mortgage.

The “Conventional” Mortgage

The Conventional allows for generous prepayment priviliges, has excellent rates and terms, and is available to most borrowers. This is the product that most home buyers find themselves taking, because it satisfies all of their demands: flexibility, rate and options. The Conventional mortgage is the most common form of home financing in Alberta because it is simple, has many great options, is comfortable in length (5 year term), and is cost effective.

The “Interest Saver” Mortgage

Making extra payments of even hundreds of dollars on a mortgage can save borrowers thousands in interest costs over the life of their mortgage. The Interest Saver allows for borrowers to maximize their prepayment priviliges –meaning borrowers have the ability to pay off their entire mortgage within five years without paying any additional penalties. This mortgage is great for everyone, because it is flexible enough to allow for you to make very small or very large extra payments throughout the course of your mortgage –saving you thousands in interest costs. For those who know they do not want to make additional payments on their mortgage, the True Fixed may be a better alternative, as it offers a lower interest rate.

The “True Fixed” Mortgage

The True Fixed Mortgage is a product that is great for home owners who love to know exactly what they are going to be paying each and every month for their entire term, and are not looking to make any extra payments or take out any more money before the end of their selected mortgage term. This mortgage has a lower rate than other available mortgages, however allows for no extra payments to be made over the course of the selected mortgage term (generally 5 years), and does not allow for refinancing.

This mortgage product is excellent if you know that you will not be making additional payments towards your mortgage and want to take advantage of a better fixed mortgage rate.

The “Best of Both Worlds” Mortgage

This is the product that allows for borrowers to enjoy the stability of a fixed mortgage, while at the same time take advantage of the cost benefits of a variable rate mortgage. The Best of Both Worlds mortgage allows for borrowers to lock in a portion of their mortgage, while allowing for the remainder to “float” against the Prime interest rate.

This product is perfect for those of us who aren’t risk takers, but still want to enjoy the interest cost related benefits of a variable rate mortgage.

The “Self Made” Mortgage

The entrepreneurial spirit defines Albertan living. Tax incentives and flexible hours are some of the many benefits of being self employed. However, while benefits have always existed for entrepreneurs in many facets, arranging for home financing with less than a 15% down payment was costly in the past. Today, with the Self Made mortgage, business owners can purchase a home with as little as 5% down and still enjoy the best in interest rates and mortgage payment/prepayment options.

The “Black & Blue” Mortgage

Not everyone has the best credit, and the Black & Blue is built for those people with bruised credit and some money to use for down payment. The Black & Blue is a short term home financing alternative that allows for individuals with credit issues (collections, late payments, or discharged bankruptcies) to become home owners. The system is designed to allow for purchasers with challenged credit to take the neccessary time required to re-establish their credit whie living in their own home. This product is designed for people who are looking for a second chance after having made some poor decisions with their credit in the past.

While interest rates for the Black & Blue program are not the best, term lengths are shorter than most other programs, allowing time for the borrower to develop his/her credit and hopefully be able to qualify for one of the other available home financing alternatives.

The “Give & Take” HELOC

This product is designed for those who are constantly looking to use the equity they have built in their homes for other purposes. The Give & Take is a specialized product that allows for home owners to use the equity that exists within their homes immediately without taking a second mortgage out or refinancing.

For more information about any of the above mentioned products, or other financing information please contact one of our mortgage brokers or fill out an Online Application today.