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Mortgages Lethbridge

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Written by Lisa Rennie

Best Mortgages Lethbridge 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
Score-Up
$49.99 - $99.99 0% 12
$49.99 - $99.99
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
GoPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Flexiti Financial
- Up to 35% -
-
FinanceIT
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Diamond Financial Services
- - -
-
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Pylo Finance
$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 19.44% and 31.90% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
My Canada Payday
Up to $1,500 15% - 19% 14 days
Up to $1,500
Mr. Payday
$100 - $1,500 15% - 17% 14 -31 days
$100 - $1,500
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Loan Away
Up to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
LendDirect
Up to $15,000 19.99% APR Open-end
Up to $15,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
GoDay
$100 - $1,500 - 14 days
$100 - $1,500
iCash
Up to $1,500 15% - 23% -
Up to $1,500
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
FlexFi
$2,500 + - -
$2,500 +
Eastern Loans
$500 - $1,000 28% - 32%  3 -5
$500 - $1,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
ATB Financial
Up to $5,000 - 12 - 60
Up to $5,000
Amber Financial
$1,000 - $50,000 4.6% – 49.96% 3 - 60 
$1,000 - $50,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Ferratum
$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fast Access Finance
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
Cashco Financial
Up to $7,000 - 6 – 60
Up to $7,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
BC Loans
$500 – $750 23% - 34.4% 3 – 12
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
Mogo Finance
$300 – $35,000 5.9% - 45.9% 24 - 60
$300 – $35,000
Cash Money
$50 – $10,000 - Up to 62 days
$50 – $10,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Magical Credit
Up to $20,000 19.99% - 46.8% 6 - 60
Up to $20,000
Speedy Cash
Up to $1,500 15% - 23% 14 days
Up to $1,500
Provider Loan Amount Rate Term (Months) Rating
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Guardian Leasing
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 5.49% - 22.79% 12 - 60
$5,000 - $150,000
First West Credit Union
$500,000 - $10,000,000 - -
$500,000 - $10,000,000
ATB Financial
Up to $5,000 Prime +7% or 8% 36 - 60
Up to $5,000
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Dynamic Capital
- - -
-
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Go Auto
- - 12 - 96
-
Eden Park
- - -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Canada Car Loans
- - -
-
Calmont Leasing
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
$500 - $35,000 $29.99% – 46.96% 9 - 60
$500 - $35,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Fast Access Finance
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Think Financial
- - 36 - 60
-
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
Fisgard Asset Management
- -- -
-
First National
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Alpine Credits
- - -
-
Provider Services Rating
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
MNP
Personal Bankruptcy, Consumer Proposal
Personal Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Looking to buy a home in Lethbridge in the near future? If so, now would be a great time to start looking into securing a mortgage to help you finance this large purchase. Unless you’re planning to buy the home in an all-cash deal, a mortgage will be a required part of the purchasing process.

Read on to find out everything you need to know about mortgages in Lethbridge.

Get a Mortgage Pre-Approval in Lethbridge

Before you even start the search for a new home in Lethbridge, it’s extremely helpful to start with a pre-approval first. A mortgage pre-approval letter is basically a promise from your lender that you can get approved for a certain mortgage amount based on your current financial and credit situation.

Your lender will require certain information from you in order to get the pre-approval process started and determine whether or not you can secure a home loan, and if so, for how much. Typical documents required may include:

  • Letter of employment
  • Banks statements
  • Pay stubs
  • List of assets and debts

Your lender will also check your credit score, which is a crucial component of the lending process and provides information about the type of borrower you would be.

Even though a pre-approval is not mandatory, there are a couple of important reasons why you may want to get pre-approved for a mortgage in Lethbridge.

Know how much you can afford. It would be extremely helpful to focus on homes that meet your budget rather than arbitrarily looking at properties that are far more expensive than you can afford. Not only is this a time-saver, but it can also help you avoid disappointment.

Be more competitive in a seller’s market. If you’re competing with other buyers looking at homes in Lethbridge, you want to be able to stand out to sellers and show them that you are a serious buyer who’s also financially qualified to close on a deal. Even if you’re not in direct competition with other buyers, a pre-approval letter will help sellers nudge in your favour and help sweeten the deal.

Keep in mind, however, that pre-approval letters are only good for a certain amount of time – usually from 90 to 120 days. After that, the pre-approval will expire and will no longer apply.

Cost of Buying a House in CanadaInterested in the cost of buying a house in the rest of  Canada? Click here.  

Saving For a Down Payment in Lethbridge

While mortgages help you finance a home purchase, you still need to come up with a down payment to get the process started. Depending on the type of mortgage you decide to go with, you’ll have to come up with a minimum amount.

For instance, conventional mortgages require a minimum down payment of 20% of the purchase price of the home you intend to buy, and a high-ratio mortgage requires a down payment minimum of only 5% of the purchase price.

Can you borrow your down payment? Click here to find out.

Of course, depending on the price of the home, the down payment amount will fluctuate from one deal to the next.

That said, you can expect the down payment amount to be a hefty number, especially given the rising prices of homes these days. For instance, a 5% down payment on a $400,000 home purchase would equate to $20,000.

That’s a big number to have to come up with. As such, it’s important to start saving early enough in order to be able to come up with these funds when the time comes to buy a home.

Here are some tips to saving for a down payment in Lethbridge:

  • Open a dedicated savings account for your down payment
  • Have your savings automatically deducted from your paycheck and deposited directly into your dedicated savings account
  • Cut back on spending
  • Pay down your high-interest debt (such as credit card debt) to free up that money to be used for a down payment
  • Borrow from family and friends
  • Borrow from your RRSPs in the form of a First-Time Home Buyer’s Plan

Mortgage Insurance Rules in Lethbridge

Certain rules apply in terms of mortgage insurance depending on how much of a down payment you put toward your home purchase. Conventional mortgages, which require a 20% down payment, do not require additional payments in the form of mortgage default insurance premiums.

On the other hand, high-ratio mortgages require additional mortgage default insurance premium payments. That’s because a lower down payment amount means a higher loan amount required. Any loans that are made for more than 80% of the purchase price of a home place lenders in a riskier position.

In order to compensate lenders in the event that mortgage default occurs – which is more likely with a higher loan amount – mortgage insurance can provide coverage. This unique type of insurance may cover lenders, but it is actually paid for by the borrower.

Types of Mortgages Lethbridge

When it comes time for you to apply for a mortgage in Lethbridge, you have a few options:

  • Conventional mortgages – as already mentioned, conventional mortgages are those that require a 20% down payment. In exchange for such a high down payment amount, borrowers can avoid having to pay into mortgage default insurance.
  • High-ratio mortgages – Also explained earlier, these types of mortgages require a minimum down payment of 5% of the purchase price of a home. Because down payment amounts are less than 20% of the purchase price of a home, mortgage default insurance payments are required.
  • Fixed-rate mortgages – Mortgages come with interest rates. The loan amount taken out will have to be paid back in full at some point in the future, along with interest that the lender charges. These rates can vary depending on the lender, the market, and the borrower’s financial health. A fixed-rate mortgage simply means that the rate remains fixed throughout the mortgage term and won’t change during that time, despite what may happen in the outside market.
  • Variable-rate mortgages – Unlike fixed-rate mortgages, a variable-rate mortgage comes with an interest rate that may fluctuate at different intervals. They usually come with an “introductory period” in which the rate is typically lower than that of a fixed-rate mortgage. Once that period ends, the rate can change in either direction.
  • Open mortgages – These mortgages allow borrowers to increase their outstanding principal amount sometime in the future. Borrowers can then borrow more money from their lender, though there is usually a cap on any additional loan amounts borrowed.
  • Closed mortgages – These mortgages feature a prepayment limit, which means borrowers are only permitted to pay up to 15% of the mortgage original principal amount every calendar year.
  • Second mortgages – Homeowners who have built up at least 20% equity in their homes (which is the market value of their home minus any principal balance outstanding) may be eligible to secure a second mortgage, or a home equity loan. These types of loans use the equity in a home to be used as cash to cover any type of large expense.

Did you make any of these common mortgage application mistakes?

Credit Score Needed to Secure a Mortgage in Lethbridge

One of the most important factors involved in assessing a borrower’s ability to get approved for a  mortgage in Lethbridge is their credit score. This number – which is valued from anywhere between 300 to 900 – measures a borrower’s credit health and paints the picture of a borrower’s past financial activity.

Generally speaking, a financial past that includes making bill payments on time and not spending too much in credit card expenditures will translate into a higher score. On the other hand, a history of missed payments and spending up to the limit on credit cards will have a negative effect on a credit score.

Generally speaking, a credit score of at least 680 is required to get approved for a traditional mortgage, though this may depend on other factors, including the lender, the borrower’s income, assets, debt load, and down payment amount.

For more information about minimum credit score requirements, click here.

What if You Have Bad Credit?

If your credit score is less than 680, you may have other options available to you:

Work with an alternative lender – Rather than applying for a mortgage with a conventional lender in Lethbridge, consider working with a private alternative lender who has experience dealing with bad credit borrowers. These lenders will focus less on your credit score and more on your income, assets, down payment amount, and most recent payment activity.

Get a cosigner – If you know anyone close to you who has good credit and is willing to back you up, consider asking them to cosign on the loan with you. If they do, they will be responsible for taking over your mortgage payments in the event that you default on your mortgage.

Make an effort to fix your credit score – If your credit score is lagging, consider holding off on buying a home for now and take some time to improve your score. You can do this by taking any one of the following steps:

  • Make timely bill payments
  • Don’t spend any more than 20% to 30% of your credit card limit to keep your credit utilization ratio low
  • Make more than just your minimum credit card payment amounts
  • Avoid applying for new loans or credit
  • Keep your old credit accounts open (especially those with a remaining balance)

Canadian Credit ScoreCheck out this infographic for more information about credit scores in Canada.

Hidden Costs of Buying a Home in Lethbridge

The purchase price of a home itself is already a huge expense. But there are other expenses related to buying a home that you should be aware of:

  • Mortgage interest
  • Appraisal fees
  • Lender fees
  • Underwriting fees
  • Attorney fees
  • Title fees
  • Home inspections
  • Property taxes
  • Home insurance
  • Utilities
  • Maintenance
  • Repairs

To learn more about the hidden cost of buying a house, check this out.

Comparing Different Mortgage Products in Lethbridge

Just like you would probably shop around to compare prices for different consumer goods, you should also comparison shop for different products with different lenders to find the best (and cheapest) mortgage product available. Some of the things to look at among different mortgages include:

  • Interest rate
  • Term
  • Amortization period
  • Penalty fees
  • Prepayment options

Mortgage Payment Options

A mortgage in Lethbridge is a type of installment loan, which means the entire loan amount is gradually paid off in full by making installment payments. But the frequency with which you make your payments will depend on your needs and what your lender is able and willing to offer. Payment frequency options include:

  • Weekly
  • Accelerated bi-weekly (payments every two years)
  • Semi-monthly (two payments per month)
  • Monthly

Mortgage Amortization Periods

Eventually, the full loan amount will need to be repaid. When you take out a mortgage, the maturity date will be specified in your contract. This is the date that the entire loan amount will need to be paid off in full, which is also known as the amortization period.

There are different amortization period lengths, which range from short-term to long-term. Short-term amortizations require the loan amount to be repaid in a shorter amount of time, which means bigger payments will need to be made. But lots of interest can be saved since the loan amount will be paid off a lot sooner.

Long-term amortization periods are popular because the payment amounts are much smaller, making them more affordable for many borrowers. But they take longer to pay off and require more to be paid in interest overall.

Looking to Apply For a Mortgage in Lethbridge?

If you’re considering buying a home in Lethbridge in the near future and are in need of a mortgage, call Loans Canada. We can connect you with a reputable lender in the mortgage sphere who can offer you the ideal mortgage product for you. Call Loans Canada today!

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