Alberta Mortgage Rates

Alberta Mortgage Rates seem to be all over the place right now.  2 months ago they were at a 3.5% on a five year fixed.  After seeing the bond market trending upwards for a month consecutively I was advising all my clients to take advantage of the historically low mortgage rates.  And just like I expected the rates sky rocketed to 4.49% with the major banks with in a few weeks.  And for those who needed to refinance or were purchasing a property they got into a great Mortgage Rate.

Now there seems to be another dip in the Alberta Mortgage Rates!  The current mortgage rate I am offering is a 3.69% on a 5 year fixed.  The great thing about this rate, other than how low this discounted mortgage rate is, is the fact it is still with a major Bank.  This comes with all the prepayment privileges like 20% lump sum each year and 25% increase of payment every year.  That means if you wanted you could pay your mortgage off with in 5 years.  The other benefit is if you want you can have your 5 year fixed mortgage at 3.69% and then have a secured line of credit behind the 1^st mortgage.  This can be a great tool for investing, debt consolidation, or save it for a rainy day. 

One of the reasons I mention that one of the perks of the 3.69% is with a major bank is because getting the lowest mortgage rate isn’t the only important thing when getting a mortgage.   Of course you want to get the lowest current mortgage rate when looking at financing but if your goal is to pay it off quickly or you want to have the option to refinance with a different company in the next 5 years you better read the fine print.  Some Alberta Mortgage Brokers may give you a discounted rate but you can’t prepay and sometimes they hold the right to not let you brake the term at all.  Getting the lowest Alberta Mortgage rate can sometimes be tricky and that is why you need to deal with someone you trust.  That is why if you can get an amazing rate like 3.69% and have all the flexibility and options with it, then why not!!

Please call me if you have any questions.