Fixed Rate Mortgage Rates on the rise....

After fixed rate mortgage interest rates dropped this spring down to as low as 2.79% for a 5 year fixed rate, and 3.69% for 10 years, rates began moving up this summer. While it is not expected that the uptick in rates (0.7% in 3 months)is expected to continue at its current pace, it does appear that the cost of owning a mortgage is about to start going up. While the increase in rates is likely to cool the housing market slightly(as those who were on the fringes of affordability are squeezed out of the market), fixed rate mortgage interest rates remain well below their historical averages. If you're possibly in the market for purchasing a home, or if you have a mortgage renewal or refinance coming up this might be the time to speak with a mortgage broker and get yourself a Rate Hold. What is a Rate Hold you ask? A Mortgage Rate Hold is a product offered by many financial institutions across the country, that locks in a rate for pre-qualified customers for a period of time -regardless of what happens to rates. Many of the Rate Holds offered by the mortgage brokers are Alberta Mortgage provide prospective mortgagors with between 60-120 days of interest rate security. Rate holds provide stability to those in the market for home financing. For more information regarding Rate Holds, or to get pre-qualified, call one of the qualified mortgage associates at Alberta Mortgage at 780-479-2222 or Visit: Alberta Mortgage Centre today

5 Year Fixed Rates Drop --Again

After speculation that interest rates would finally begin going up earlier this year from many experts and economists(http://business.financialpost.com/2012/03/27/mortgage-rates-have-nowhere-to-go-but-up/), it appears --at least for the time being, that lower rates are still to come. As of today, 5 year fixed rate mortgage rates have fallen as low as 2.99%*, and with increasing pressure on financial institutions across Canada to meet targets in our tepid market, many people now expect to see even further rate drops on the horizon. For more information about mortgage interest rates, contact one of the Edmonton Mortgage Brokers at Alberta Mortgage at 780-479-2222, or visit http://www.albertamortgagecentre.com. *subject to qualification criteria

5 Year Fixed Rates Drop

5 Year Fixed Rate mortgage rates have fallen again, now down to 3.09%. Many experts are predicting the trend of lower than normal rates to continue through the summer, however, for those looking to purchase a home or refinance at some time within the next 90 to 120 days, this most recent rate drop provides an excellent opportunity for getting pre-approved. For more information regarding mortgage interest rates, visit www.albertamortgagecentre.com.

10 Year Fixed Rate Mortgage Offering Canadians Stability, at a Very Low Cost

10 year fixed rates haven't been an attractive option for most Canadian Homeowners at any point in the last decade. However, due to today's economic climate, many Canadian Homeowners are maximizing their savings with today's historically low interest rates, by selecting longer than normal fixed rate mortgage terms. Today's 10 year fixed rate mortgage at 3.89% provides a tremendous opportunity for Home owners to save thousands of dollars over the next 10 years in two ways: 1. As compared to renewing in 5 years with an interest rate of 5.00%, homeowners would save approximately $1,800 for every $100,000 left owing on their mortgage. 2. By selecting a 10 year term, homeowners can enjoy stability for a full 10 years, without experiencing a 'payment shock' at the time of renewal. When rates go up(as they are forecasted to at some point within the next 5 years), homeowners with outstanding mortgages and secured lines of credit will see their mortgage payments go up. If you have a 10 year term, you will not see that increase for 10 years --but if you've selected a 5 year term, you would likely see this increase sooner. For more information about interest rates, and mortgages, call one of the qualified Edmonton mortgage brokers at Alberta mortgage at 870-479-2222 or visit http://www.albertamortgagecentre.com.

Low Mortgage Rates Good For First Time Buyers

On all the negative market news accumulated over the past month, Fixed Rate Mortgage interest rates have fallen by nearly one half of a percent. Considering that rates were already sitting nearing historic lows, this month's drop is creating an attractive opportunity for first time home buyers. With both interest rates and property values having dropped, buyers now have an opportunity to secure a mortgage with interest payments substantially lower than monthly rent for an equivalent --or even less than equivalent property.

For today's best rates, contact one of the qualified mortgage brokers at Alberta Mortgage at 780-479-2222 or Apply Online today.

Canadian Mortgage Bond Yeilds Jump --Possibly Resulting in Higher Fixed Mortgage Interest Rates

Mortgage Bond Yields have moved upwards by 0.30% since Monday, June 27th, 2011. With that increase in mind, it is possible that we will see financial institutions across the Country raise Fixed Mortgage Interest rates in conjunction to offset the increased cost of the mortgage money they are lending out.
As of this morning(July 4th, 2011), we've already seen the Royal Bank increase its 5 year posted rate by 0.15%(15 basis points) from 5.39% to 5.54%(source: money.canoe.ca). While RBC's increase does not necessarily mean all lenders will follow suit, the possibility of an across the board increase does exist --it may be a good time to get a rate hold in place through a mortgage broker near you.

To get a mortgage rate hold, call one of the qualified mortgage brokers at Alberta Mortgage at 780-479-2222, or visit www.albertamortgagecentre.com today.

Fixed Mortgage Interest Rates Dropping

Fixed Mortgage Interest rates have now fallen below where they were to start the year, and it appears that there may be further room to drop. With a slower than anticipated housing market, strong Canadian Dollar, low inflation, and dropping mortgage bond rates, mortgage lenders across the Country are competing for business --to the benefit of consumers.

Here are today's rates:

MortgageTerm Rate(%)
variable rate Prime - 0.80%
1 year closed 2.64
2 year closed 3.40
3 year closed 3.49
4 year closed 3.79
5 year closed 3.69
10 year closed 5.24

All rates are subject to qualification criteria and can change without notice. For up to date rates and product information, visit www.albertamortgagecentre.com, or call 780-479-2222 today.

Mortgage Update

After a late surge in mortgage rates over the past few weeks, it appears that rates are again returning to early March levels. An increase in the Bond Market and strong expectations for the Spring Real Estate Market caused an increase of nearly 0.4% overnight 2 weeks ago from 3.89% to 4.29% for a five year fixed rate mortgage at many lenders. However, due to increased competition for a less than expected number of transactions rates began falling within days of the increase.

Today's Best Rates:

1 Year 2.64%
2 Year 3.40%
3 Year 3.50%
4 Year 3.79%
5 Year 4.04%
7 Year 5.04%
10 Year 5.24%
Variable 2.20% (Prime – 0.80%)

All rates are subject to qualification criteria and can change without notice. For up to date rates, or for more information visit www.albertamortgagecentre.com.

Fixed Rates Trending Downwards

After an increase of over 0.4% earlier this year in five year fixed mortgage interest rates, fixed rates for nearly all term lengths are falling this week. At it's height, the five year fixed rate being offered by many lenders had gone all the way up to 4.19% just a few weeks ago. Now, with the surge in real estate, and mortgage activity easing as we close in on the March 19th, 2011 deadline for mortgages to offer 35 year amortizations and refinancing up to 90% --the market has again eased and rates have correspondingly dropped. As of today, here are the best rates available through Alberta Mortgage:

Term Rate %
variable rate Prime - 0.80%
1 year closed 2.64
2 year closed 3.20
3 year closed 3.35
4 year closed 3.79
5 year closed 3.84
10 year closed 4.99

As always, all these rates are subject to qualification criteria and can change without notice. To get the most up to date rates, call one of the qualified mortgage professionals at Alberta Mortgage, or visit www.albertamortgagecentre.com.

To find out more about how the changes to mortgages can/could affect you, call one of the qualified mortgage professionals at 780-479-2222.

Today's best rates:

Mortgage Term Rate(%)
variable rate Prime - 0.80%
1 year closed 2.85
2 year closed 3.20
3 year closed 3.35
4 year closed 3.89
5 year closed 3.84
10 year closed 5.15

All rates are subject to qualification criteria and can change without notice. For up to date mortgage rates and information, visit www.albertamortgagecentre.com or call 780-479-2222 today.

Federal Government Announces Changes to Mortgage Qualification

Finance Minister Jim Flaherty announced on Monday January 17, 2011 that the Federal Government will be making the following changes to mortgage lending rules:
• Reduce amortization of mortgages from 35 to 30 yearson insured mortgages;
• Maximum borrowing limit from 90% to 85% on refinances;
• No longer insuring Home Equity Lines of Credit.
The first of these changes are to become effective on March 18, 2011 for amortization and refinancing rules and the Home Equity Line of Credit to take effect on April 18, 2011.

To learn about how these changes will affect Canadian homeowners, call Alberta Mortgage at 780-479-2222 or visit www.albertamortgagecentre.com.

Alberta Mortgage's Weekly Rate Update

For the most part, rates have held steady this week. Look for some movement in the coming weeks as market activity picks up.


Mortgage Term Rate

variable rate Prime - 0.80%
1 year closed 2.54
2 year closed 3.15
3 year closed 3.19
4 year closed 3.69
5 year closed 3.74

All rates are subject to qualification criteria and lender availability. Rates may change without notice.

For more information about mortgage rates, visit www.albertamortgagecentre.com today.

Home Purchasing Qualification

Posted by Anuj Gupta

"Can I buy a home with no money down?"

The mortgage brokers here at Alberta Mortgage are often asked this question, and 100% of the time the answer we provide is: Maybe, let's take a look. While there is currently no such thing as "100% financing," Canadian Homebuyers do have the ability to get financing that allows for them to make no "out of pocket" contribution towards the down payment on their new home. This article will explore some of the items that we at Alberta Mortgage are looking at in determining if it would be possible for an individual to purchase a home without having a full 5% for down payment.

There are 3 primary factors that represent the minimum requirements for purchasing a home without a full 5% down payment:

1. excellent credit
2. verifiable income
3. money for closing costs (lawyer, inspection, etc)

While these 3 basic criteria are generally always evaluated in the process of determining one's ability to qualify for a mortgage, their importance becomes paramount for those looking to purchase a home without putting 5% down from their own resources. Without any one of these 3 criteria met, nearly all mortgage lenders will not be able to help. However, if these 3 factors are met, it is likely that one of the qualified mortgage professionals at Alberta Mortgage would be able assist a potential home buyer with purchasing a home without a down payment. Other factors are involved the qualification process, but these 3 provide a strong foundation for mortgage qualification. If any 1 or more of the 3 above listed criteria are not met, it may still be possible to arrange for home financing.

For more information regarding this program, or for information about mortgage qualification in general, call Alberta Mortgage at 780-479-2222 or visit www.albertamortgagecentre.com.

Prime Rises Again...

Last week, the Bank of Canada(BoC) raised its key overnight lending rate by 0.25%, resulting in a corresponding increase to the Bank's Prime interest rate to 3.00%. For the Central Bank to have taken this action in the midst of continuing uncertainty, and ongoing fears of a double dip recession can be viewed as a sign that the Canadian Government is confident in the Canadian economy's ability to sustain it's momentum; but also can be viewed as a sign of the Central Bank's insistence for keeping to its schedule for the economic stimulus program.

For those with Variable Rate Mortgages, this is an important time to evaluate your situation and discuss the impact of a rising Prime on your mortgage with a licensed mortgage professional. Since most variable rate mortgages offered by Alberta Mortgage carry the option of converting to a fixed rate, now would be a good time to sit down with a broker and evaluate your options.

For more information about mortgage interest rates, or to discuss your situation, contact one of the qualified mortgage professionals at Alberta Mortgage at 780-479-2222 or visit www.albertamortgagecentre.com.

5 Year Fixed Mortgage Interest Rates Continue Slide

Published by Anuj Gupta, AMP, BComm
Mortgage Associate

5 year fixed rate mortgage interest rates have continued their downward fall since late-July, now falling as low as 3.79%. I expect that increased appetite for mortgage loans in the fixed interest rate segment by Canadian Mortgage Lenders will lead to further reductions in rate.

At the same time, the Bank of Canada(BoC) reduced its mortgage qualification rate by another 0.1% this week; now down to 5.49%. With this move, more Canadians are able to qualify for variable rate mortgages, as well as qualify for fixed terms shorter than 5 years.

For more information regarding mortgage rates and qualification, contact one of the qualified mortgage professionals at Alberta Mortgage at 780-479-2222 or visit http://www.albertamortgagecentre.com.

Fixed rates continue slide

5 year fixed rates have dropped again. As of today, potential and existing home owners in Canada can get a mortgage with a 5 year fixed mortgage interest rate as low at 3.89%.*

For more information regarding mortgage interest rates, or to get pre-qualified, contact one of the qualified mortgage professionals at Alberta Mortgage at 780-479-2222 or visit www.albertamortgagecentre.com.

BoC Increases Its Key Overnight Lending Rate by 0.25%

The Bank of Canada has increased its key overnight lending rate by 0.25%, signaling a possible end to a period of record low interest rates in Canada. While no concrete evidence to suggest with certainty that the BoC will continue to raise interest rates each quarter, it appears that the Central Bank is confident in the Canadian economy's ability to absorb these increases --which is great news for everyone. While higher interest rates may not be welcome, the accompanying increase in economic activity and job creation are great signs of things to come. Were the BoC afraid that the economy was still too weak to carry an increase, it is likely that we would not have seen this move.

For more information regarding mortgage interest rates, or to get pre-qualified, please call one of the qualified mortgage professionals at Alberta Mortgage at 780-479-2222 or visit www.albertamortgagecentre.com.

BoC Drops Mortgage Qualifying Rate Once More

Just 2 weeks after its last drop, the Bank of Canada has reduced its mortgage qualification rate once again by 0.10%. The mortgage qualification rate has now been reduced to 5.79% after reaching a high of 6.25% earlier this year.

For more information regarding mortgage rates and qualification, call one of the qualified mortgage professionals at Alberta Mortgage at 780-479-2222 or visit www.albertamortgagecentre.com.

BoC drops mortgage qualifying rate again

This week, the Bank of Canada lowered its Bank of Canada Posted Interest Rate from 5.99% to 5.89%. This move can be interpreted as a signal of the Bank's lowering its forecast for rate hikes in the coming months or even years.

For more information regarding mortgages, mortgage interest rates or to get pre-qualified, call one of the qualified mortgage professionals at Alberta Mortgage at 780-479-2222 or Apply Online.

Mortgage Interest Rates Discussion

It looks like mortgage interest rates are beginning to settle once again; with a drop of nearly 0.30% over the past 2 weeks in five year fixed rate mortgage interest rates --lessening the blow of the nearly 1% increase in early May, 2010. Today, existing and potential Canadian Homeowners can get a 5 year fixed rate mortgage with an interest rate as low as 4.35%, subject to qualification criteria.

Just 3 weeks ago, it appeared that we were finally on a path to returning to historical averages in mortgage interest rates --but the trend was unable to be sustained. With increased pressure from foreign markets, and a drop in real estate activity has resulted in precisely the drop indicated above. Normally, spring means higher fixed mortgage interest rates, however, this year that may not be the case. In the coming weeks and months, if market activity increases and other economic factors allow, Canadian mortgage lenders will likely again test the market's ability to tolerate a return to what would be considered historically "normal" fixed mortgage interest rates.

For more information about mortgage interest rates, call one of the qualified mortgage professionals at Alberta Mortgag e@ 780-479-2222 or visit http://www.albertamortgagecentre.com.