edmonton mortgageA Mortgage in Edmonton

For most people who want to own a home, a mortgage is a necessity. The best mortgage is no mortgage at all; unfortunately this is just not in most peoples grasp. The mortgage needs to be tailored to your financial circumstance, as it is going to be the biggest financial obligation of your life. If your home loan leaves you feeling hamstrung, or makes you scramble every month to get the payment together, than your mortgage is not working for you.

We have many mortgage options and a number of mortgage products for each option. Lumping everyone into the lowest 5 year fixed is not tailoring a mortgage for their situation. Our mortgage specialists dig deeper to find out what you need to make your mortgage work for you today, and take into account life events that will require your loan to work for you tomorrow as well. This is the difference between dealing with a  mortgage broker and working with your bank.

Which Mortgage Option do You Need?

We get clients coming to us all the time who have just been to their bank and did not qualify. Sometimes it has to do with bad credit, but often it has to do with that banker not knowing the needs of the client and not qualifying them under the right program for their situation. The most common examples of that are the self employed mortgage, where clients show very little income so they need a stated income mortgage. Trying to qualify them on provable income would be fruitless yet we see banks try to do it all the time.

Of course there are times when clients do not fit into the prime lending space due to their unique circumstances. In these cases we often have mortgage services that are not available through the banks, non prime home loan options. These loans are seen as higher risk, and the rates are higher than those in the prime space. For those clients in need of one however, they are more often than not happy to pay the small rate premium.

We assist clients with purchases, refinances, renewals, and private mortgages. We are able to offer clients more mortgage options than the banks, and better rates on the products we offer. We have more than 50 different lenders competing for our clients business, how could you not get a product and rate than you can get with your bank?

Types of Mortgages We Offer

mortgage edmontonHome loans generally come in 3 different forms, fixed rate, variable rate or line of credit. There are pros and cons to each mortgage type, and you must understand your own risk tolerance to tailor the right mortgage for you. If you lose sleep at night worried rates are going to go up and you won’t be able to afford your home, a variable rate product is likely not the best product. Talking to a home loan expert from RateDeals.ca will ensure you get a great mortgage that will allow you to sleep well.

Of course just offering a product is not enough; you need to know these products inside out. We research the products we sell to know the prepayment privileges, penalties, portability, how they calculate their interest, their penalties and so on. There is a lot more to a home loan than just an interest rate. We have your back, looking after your financing well being. Do you honestly think your bank is going to tell you if the mortgage they sell has exorbitant penalties should you pay your mortgage off early? We don’t think so either.

 Our Mortgage Rate Deals

The mortgage rates you find on our site are already fully discounted, wholesale rates. There is no need to negotiate these further. How do these rates compare with the banks? They are better, that simple. Bring us a deal from your bank and we can beat it! We are that confident in the options and products we offer that we know you will get your mortgage with RateDeals.ca.

One rate you may see on some other mortgage sites is the no frills mortgage. This is a mortgage with a lot of the options stripped out, bringing down the front end rate of the mortgage. It sounds great in theory however they can cost you far more in the long run. This is why we generally do not advertise these rates, as in most cases we would not recommend the client take them due to these back end costs. An example of this would be the portability of the mortgage. If you take this option out, you can’t move the mortgage if you sell your home, meaning you will be stuck paying a big penalty if you should want or need to move during the term of the mortgage.

The mortgage brokers at RateDeals.ca work for you, our client. Our job is ensure you get the best mortgage at the best rate based on your personal situation. Talk to us today about getting a new mortgage in Edmonton or anywhere else in Alberta.