FREQUENTLY ASKED QUESTIONS
FROM ALBERTA'S [BEST] MORTGAGE

What is a mortgage broker?
Your mortgage broker is an independent Real Estate financing professional who specializes in the origination of residential and commercial mortgages.

Why use a mortgage broker?
Brokers provide consumers with choice, convenience and expertise.  Because each applicant's needs and qualifications differ greatly, a Mortgage Broker who is familiar with the different programs available and knows which questions to ask, can approach lenders that best meet your needs. Mortgage Brokers are service orientated and save you time and money while shopping for the best mortgage for you.

Alberta's Best Mortgage offers the consumer extensive choices and access to flexible and affordable mortgage loans while balancing the consumer's financial interests and goals.

What if I have bad credit or have been turned down before?
No problem, deal with a professional broker who knows the lending criteria of Canada's mortgage lenders. We place mortgages for slow credit, no credit, former bankrupts and those currently in consumer proposal.

What about Home Equity Loans for fast cash?
Equity loans are an excellent source of cash to pay off high interest credit card debt, university costs, home improvements. If you have built up equity in your home beyond your original down payment, you may be able to tap into it and obtain affordable and flexible financing.

Lenders can use up to 100 per cent of the appraised value of your home. If the current amount of your mortgage is less than that, you could use the extra equity to obtain a homeowner's line of credit. This is one of the least expensive sources of financing available.

Should I get a Pre-Approval?
It is important to obtain a pre-approval if you plan on buying in the near future so you may secure an interest rate guarantee from the lender which ranges anywhere from 60-180 days depending on the lender. The pre-approval will be made into a live deal once you are ready to proceed and is subject to financing conditions being removed.

How much of a down payment is required?
The minimum down payment required is 5% to purchase a home. OAC you may be able to qualify for a Zero Down Payment Mortgage. You are also required to provide proof that you can cover all of the costs associated with the closing of your mortgage such as legal fees, appraisal fees, survey certificates and title insurance.  If you have 20% down OAC there is longer any CMHC Fees.