As the capital of Alberta, Edmonton has a healthy real estate market, supported by a competitive and vibrant mortgage industry. This is great for the Edmonton homebuyer, as it offers more choice than many smaller cities.
While Edmonton may be smaller in size than its close city-neighbour Calgary, Edmonton is still a wonderful place to call home. For those who are in the market for a mortgage in Edmonton, AB, securing the best mortgage rate can be a top concern. Deciding on the right provider and understanding what factors can impact a mortgage rate is a complex decision. This article will guide you through understanding mortgage rates in Edmonton, and tips on how to get the most favorable rate.
The best thing you can do to get access to the best mortgage rates in Edmonton is to compare the offers from multiple banks and brokerages. The comparison tables above are a great source of information, as they contain the most up to date rates from Edmonton’s leading lenders.
It’s important to remember that the rate you end up with could be different from the rates in the tables above. This could be because you don’t qualify for the best available rate, or because you might need a more specialized product. Factors like your down payment, mortgage type, home type, and credit score can all impact your final mortgage rate.
To learn more about the rates you’re likely to be offered, it’s a good idea to get quotes from us. You can do this in one quick and easy step, by clicking “Start Application” button on this page.
While the purchase price will be most of the money you’ll pay when buying a home in Edmonton, you’ll also need to factor in the other closing costs that you’ll be charged. Some of these will be included in the price of your mortgage, but others will need to be paid up front, in cash.
These are just some of the closing costs you’ll have to pay in Edmonton. To learn more, contact us!
Many Canadian provinces give first-time home buyers a rebate on land transfer taxes. Of course, Alberta doesn’t have a land transfer tax, but it does have a land transfer fee. Despite that, Alberta does not offer first-time home buyers a rebate on the land transfer fee. Fortunately, the land transfer and mortgage fees in Alberta still end up being cheaper than the land transfer taxes in many other provinces.
Edmonton’s first-time home buyers can still access federal first-time home buyer programs. It’s worth taking the time to learn about all of these by getting in touch with us today!
At Bansal Mortgages we have an extensive network of lenders who are willing to take chances even under unfavorable circumstances, such as if you have bad credit score. Depending on your needs, we can offer best mortgage options that include loans and lines of credit.
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