Mortgages Red Deer

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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1709683200		Up to $1,250	Up to 32%	90 – 150 days	Up to $1,250
23	1700524800		Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
18	1695254400		$500 – $5,000	Up to 32%	3 – 4	$500 – $5,000
7	1692748800		Up to $350	0%	Up to 65 days	Up to $350
100	1688083200		$150 – $1,600	10 – 35%	3 – 6	$150 – $1,600
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
22	1683676800		$15,000	6.7%	Up to 60	$15,000
2	1670889600		$1,000 – $15,000	19.9% – 34.9%	–	$1,000 – $15,000
8	1666051200		$250	0%	–	$250
100	1643932800		$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1623369600		Varies	0%	6 or 8 weeks	Varies
1	1620777600		Up to $35,000	9.99% – 35%	6 – 60	Up to $35,000
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400		Up to $15,000	–	–	Up to $15,000
100	1598832000		$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
19	1582243200		–	–	Up to 60	–
100	1580860800		$1,500 – $10,000	–	12 – 60	$1,500 – $10,000
17	1580774400		$1,000 – $25,000	8.99% – 34.99%	36 or 60	$1,000 – $25,000
100	1579478400		$100 – $1,500	–	–	$100 – $1,500
14	1579478400		$850 – $1,600	29.78% – 34.95%	36 months	$850 – $1,600
100	1576713600		$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
100	1562198400		$500 – $15,000	15.99 – 35%	6 – 60	$500 – $15,000
10	1552262400		$500 – $18,000	29.9% or 34.28%	6 – 60	$500 – $18,000
100	1551830400		$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1551398400		$100 – $1,500	$14 per $100 borrowed	14 – 31 days	$100 – $1,500
100	1551398400		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1546128000		Up to $5,000	19.9% – 35%	6 – 36	Up to $5,000
23	1551139200		Up to $15,000	34.99%	Open-end	Up to $15,000
100	1550534400		$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
11	1569974400		Up to $1,500	$14 per $100 borrowed	Up to 62 days	Up to $1,500
100	1550534400		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1550534400		$500 – $1,000	23%	3 – 6	$500 – $1,000
100	1550534400		$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1567555200		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1549238400		$250 – $1,500	23.99% – 29.99%	3 – 4	$250 – $1,500
20	1548720000		$500 – $1,000,000	7.9%	12	$500 – $1,000,000
100	1548720000		Up to $5,000	–	12 - 60	Up to $5,000
100	1548720000		$500 – $50,000	Starting at 8.99%	3 – 120	$500 – $50,000
6	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
100	1545264000		$500 – $10,000	Starting at 9.90%	12 – 36	$500 – $10,000
4	1543622400		Up to $60,000	19.99% – 34.99%	6 – 120 months	Up to $60,000
100	1545350400		$300 – $1500	Starting at 18%	3 – 7	$300 – $1500
12	1545350400		Up to $7,000	35%	6 – 60	Up to $7,000
15	1545350400		$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400		$500 – $750	23%	3 – 4	$500 – $750
100	1545350400		$500 – $750	22%	90 – 120 days	$500 – $750
100	1545350400		$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
5	1545264000		$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000
3	1545264000		Up to $5,000	34.37%	–	Up to $5,000
21	1545177600		Up to $35,000	Starting at 12.99%	Up to 60	Up to $35,000
13	1545177600		$100 – $20,000	Up to 35%	Up to 60	$100 – $20,000
100	1569974400		$200 – $1,500	$14 per $100 borrowed	Next payday	$200 – $1,500

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
3	1725321600		Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
8	1714089600		$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
7	1714089600		$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
2	1669852800		$10,000 – $300,000	–	3 – 24	$10,000 – $300,000
100	1648512000		$1000 - $250,000	–	–	$1000 - $250,000
100	1620345600		–	–	12 – 60	–
100	1611878400		–	–	–	–
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400		–	–	–	–
100	1592438400		–	–	–	–
100	1585612800		–	–	6 – 60	–
100	1580947200		$200,000 – $5,000,000	–	–	$200,000 – $5,000,000
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		$5,000 – $1,000,000	–	–	$5,000 – $1,000,000
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580688000		Up to $10,000	Prime + 2.5%	Up to 60	Up to $10,000
100	1580256000		$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
100	1579478400		$10,000 – $30,000,000	–	–	$10,000 – $30,000,000
100	1579478400		$50,000 – $5,000,000	–	3 – 36	$50,000 – $5,000,000
100	1579478400		–	–	24 – 60	–
100	1579478400		–	–	–	–
100	1579478400		Up to $1,200,000	–	12 – 84	Up to $1,200,000
100	1579046400		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		$5,000 – $150,000	Starting 15%	6 – 24	$5,000 – $150,000
100	1575849600		Up to $250,000	–	–	Up to $250,000
100	1575590400		–	–	–	–
100	1575590400		–	–	–	–
1	1545955200		$1,000 – $300,000	5.49% – 22.79%	12 – 60	$1,000 – $300,000
100	1552262400		$500,000 - $10,000,000	–	–	$500,000 - $10,000,000
100	1548720000		Up to $5,000	–	36 – 60	Up to $5,000
100	1552262400		Up to $250,000	–	Up to 10 years	Up to $250,000
100	1552262400		Up to $1,000,000	–	–	Up to $1,000,000
100	1551830400		$10,000+	–	Up to 15 years	$10,000+
100	1551830400		Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1551830400		Up to $500,000	–	Up to 15 years	Up to $500,000
100	1551830400		Starting at $5,000	–	Up to 84	Starting at $5,000
100	1551398400		$3,500+	–	–	$3,500+
100	1551398400		$10,000 – $1,000,000	4% – 14%	12 – 84	$10,000 – $1,000,000
100	1551139200		Up to $250,000	–	Up to 48	Up to $250,000
100	1550534400		$500 – $50,000	2.75% – 8.25%	12 week cycles	$500 – $50,000
100	1550534400		$1,000 – $1,000,000	6% – 20%	–	$1,000 – $1,000,000
100	1550534400		Up to $5,000,000	–	24 – 72	Up to $5,000,000
100	1550534400		–	–	–	–
100	1550534400		$5,000 – $200,000	–	–	$5,000 – $200,000
100	1549411200		$50,000 – $12,000,000	–	24 – 96	$50,000 – $12,000,000
100	1548720000		Up to $100,000	–	–	Up to $100,000
100	1548720000		$10,000 – $300,000	–	–	$10,000 – $300,000
100	1545264000		Up to $250,000	–	3 – 24	Up to $250,000
6	1545350400		$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
5	1545177600		$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
4	1545177600		$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000
6	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
3	1632960000		Min. $10,000	6.93% – 19.99%	18 – 96	Min. $10,000
8	1624233600		$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1582761600		–	–	36 – 96	–
6	1582761600		–	–	–	–
100	1581033600		–	–	–	–
100	1580688000		–	Starting at 12.9%	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1578873600		–	Starting at 10.99%	–	–
100	1578873600		–	–	–	–
100	1551830400		Starting at $5,000	–	–	Starting at $5,000
100	1552262400		Up to $1,000,000	–	up to 96	Up to $1,000,000
100	1551830400		–	–	6 – 96	–
100	1551830400		$10,000+	–	12 – 96	$10,000+
100	1551830400		Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		–	–	–	–
100	1575849600		$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600		–	–	–	–
100	1575590400		–	–	–	–
6	1569974400		–	Up to 29.99%	12 – 96	–
100	1561507200		–	–	–	–
1	1560124800		Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400		–	–	–	–
100	1548633600		–	Starting at 4.2%	–	–
6	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
100	1545177600		–	–	12 – 84	–

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1578873600		Up to $50,000	–	24 – 60	Up to $50,000
100	1545264000		Up to $50,000	–	–	Up to $50,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
3	1726531200		$5,000 +	6% – 16%	12 – 60	$5,000 +
7	1708473600		–	–	–	–
5	1700524800		–	-	-	–
100	1695945600		–	–	–	–
4	1690934400		–	–	–	–
2	1688601600		Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
3	1679616000		$100,000 – $2,000,000	Varies	12 – 60	$100,000 – $2,000,000
100	1627344000		–	4.50% – 5.97%	12 – 60	–
100	1581033600		–	4.19% – 6.04%	12 – 120	–
100	1580860800		–	–	–	–
100	1580860800		–	2.99% – 5.49%	6 – 60	–
100	1580860800		$50,000+	–	12 – 120	$50,000+
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580688000		–	–	6 – 60	–
100	1579478400		–	4.54% – 7.49%	6 – 120	–
100	1578873600		–	–	–	–
100	1577059200		–	Varies	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	4.49% – 6.63%	1 – 10 years	–
100	1574985600		$10,000 – $1,000,000	4.99% – 7.29%	12 – 120	$10,000 – $1,000,000
100	1574899200		–	–	12 – 60	–
100	1574899200		–	4.24% – 6.30%	–	–
100	1560124800		–	4.64% – 5.80%	1 – 10 years	–
100	1548806400		$10,000 – $3,000,000	Varies	12 – 24	$10,000 – $3,000,000
100	1548720000		–	–	12 – 60	–
1	1517097600		$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000

		Provider	Services	Rating
0	0		Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1732233600		Credit Counselling, Orderly Payment of Debts (OPD) Program
100	1576540800		Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800		Credit Counselling, Debt Management Program
100	1576368000		Credit Counselling, Debt Management Program
100	1576454400		Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

For just about any person in Red Deer, a house is the most expensive and biggest investment they’ll make in their lifetime. And given the price of homes these days, being able to complete a real estate transaction without some sort of financial assistance would prove to be an impossible endeavor for most.

That’s why there are mortgages. These loan products are specifically designed to help homebuyers in Red Deer and Canada, in general, realize their dreams of homeownership, and they come in all sorts of varieties to accommodate the various financial profiles of buyers.

Let’s get into greater details about mortgages in Red Deer to help you determine which type of home loan is best suited for you and how to boost your odds of approval.

Everything you need to know about the mortgage stress test in 2019. Click here.

Types of Mortgages in Red Deer

When it comes to mortgages, there’s no one-size-fits-all. Instead, there are several different types of home loans that lenders made available to buyers in Red Deer, and each has its own set of perks and drawbacks for buyers to consider. Here are some of the main types of mortgages in Red Deer.

Conventional mortgages – In order to get approved for a conventional mortgage, you’ll need a hefty down payment and a very good credit score. Conventional mortgages require a minimum 20% down payment, which can make these types of mortgages more difficult to secure. But if you’re able to come up with this amount of money up front, you can avoid having to pay mortgage default insurance.

This insurance premium is designed to help reduce the risk for the lender, even though you’re the one tasked with paying the premium. A higher down payment amount means a lower loan amount, which effectively reduces the risk of default. As such, borrowers can avoid paying an additional insurance payment.

High-ratio mortgages – If you can’t come up with 20% of the purchase price of the home, you may be able to qualify for a high-ratio mortgage, which requires a minimum down payment of 5%. However, you will have to pay mortgage default insurance premiums on top of your mortgage payments in order to compensate for the lender’s added risk of loaning out more money to cover the cost of the home purchase.

Fixed-rate mortgages – As the name suggests, fixed-rate mortgages come with interest rates that do not change throughout the duration of the loan. Once you lock in at a specific rate, you will keep that rate until the end of the loan term. Many buyers in Red Deer like this option because the predictable payments work better for budgeting.

Adjustable-rate mortgages – Many buyers in Red Deer also like adjustable-rate mortgages because they typically offer lower rates compared to fixed-rate mortgages. However, these rates are typically lower during an initial introductory period. Once that period expires, the rate will change, and it will usually increase.

Is the lowest rate mortgage always the best option? Click here to learn more.

At specific intervals, the rate associated with adjustable-rate mortgages will change. Buyers in Red Deer should do their due diligence to find out where rates are expected to go before choosing an adjustable-rate mortgage over a fixed-rate mortgage.

Second mortgages – Also known as “home equity loans,” second mortgages are available to homeowners who have at least 80% equity built up in their homes. Equity simply refers to the current value of the home minus the outstanding loan balance on the mortgage. The money obtained through a second loan can then be used for a home improvement project, car repairs, or any other pressing expense.

Bridge loans – A bridge loan is a short-term solution that helps homebuyers “bridge” the gap between their current mortgage and a new mortgage. By tapping into the equity in their current home to be used as a down payment, buyers can be alleviated of carrying two mortgages as they wait for their current home to sell.

Do you know how much it costs to buy a house in your city? Click here to find out.

Importance of Mortgage Pre-Approval

Before you start the house hunting process in Red Deer, you’ll want to visit a mortgage broker and get pre-approved for a mortgage first. Pre-approval is valuable because it gives the lender the chance to check your credit and verify your financial and employment documentation, after which a specific loan amount will be approved. Pre-approvals usually expire after 90 to 120 days.

Getting pre-approved for a mortgage is important for a number of reasons. For starters, it will help you determine how much you can afford to spend. Knowing how much you can get approved for will help you focus only on properties that are priced within your budget.

A mortgage pre-approval will also help you seem more serious to sellers and sharpen your competitive edge. This is especially important if the market is filled with interested buyers but inventory is a bit short. In these cases, you’ll want to be as competitive as possible to win your bid on a home.

Finally, being pre-approved for a mortgage can help to speed up final mortgage approval once you find a house you love and put in an offer that the seller accepts. Your lender will already have much of the documentation needed, so it’s just a matter of submitting your real estate contract and allowing the lender to finalize the details.

It should be noted, however, that a pre-approval doesn’t guarantee you final approval. Anything can happen from the time you get pre-approved to the time you need final approval. Plus, if your pre-approval letter expires, it will no longer be valid or applicable.

Mortgages Payment Options in Red Deer

A mortgage is a type of installment loan, which means the full loan amount is repaid over time in installments. The frequency of these payments can vary and typically include monthly, semi-monthly, bi-weekly, and weekly payments (click here for more information).

The payment option you get will depend on what the lender is able to offer you and what you’re most comfortable with. That said, monthly mortgage payments are the most common among borrowers.

Mortgage Amortization Periods

It’s important to understand the difference between a mortgage “term” and “amortization period.” The term of a mortgage basically refers to the timeframe that you are committed to the terms of your mortgage, including the interest rate. The term is the time within which the mortgage has legal effect. When the term expires, you will have to renew your mortgage, usually at new terms and interest rate.

The term differs from the amortization period, the latter of which is the entire life of the mortgage and the timeframe within which the entire loan amount – plus interest – must be fully repaid to the lender.

How long should you amortize your mortgage for? Read this to find out.

You have options when it comes to your amortization periods. Some buyers in Red Deer like shorter amortization periods because it allows them to get rid of their mortgage sooner rather than later. Shorter amortization periods also allow borrowers to pay much less in interest.

However, since the loan amount must be repaid sooner, the monthly payment amounts are higher, which can make this arrangement financially difficult for some.

Other borrowers in Red Deer prefer longer amortization periods for the simple fact that the monthly mortgage payments are smaller, making these payments fit better into budgets. That said, longer amortization periods obviously take longer to pay off, and the amount of interest paid over the long haul is much higher compared to shorter periods.

Credit Score Requirements in Red Deer

One of the qualifying factors for a mortgage in Red Deer is your credit score. In Canada, credit scores range from 300 to 900, and to get approved for a traditional mortgage, at least a 650 to 680 credit score is required. A higher credit score means that your financial history is healthy, meaning you likely made timely payments on loans and credit accounts in the past.

Check out this infographic to learn even more about your credit score.

Qualifying For a Mortgage With Bad Credit in Red Deer

What if your credit score falls under the 650 mark? Does that mean your ability to secure a mortgage is quashed?

While conventional lenders in Red Deer might frown on borrowers with low credit scores, there are other options available for those with bad credit in Red Deer. Alternative lenders are available to those with less-than-perfect credit scores.

These lenders will place more weight on other factors aside from your credit score, including your income, assets, and most recent financial activity. Just note that bad credit mortgages in Red Deer typically come with much higher interest rates compared to traditional home loans from conventional lenders.

Improve Your Credit Score to Boost Your Odds of Mortgage Approval

While there are alternative lenders available to help you get a mortgage in Red Deer despite your bad credit, you may want to take steps to give your credit score a boost. This way, you can increase your chances of getting approved for a conventional mortgage, as well as any other type of loan or credit product available in Red Deer.

Take the following steps to give your credit score a boost:

• Be diligent about paying your bills on time every month
• Pay more than your minimum payment amounts on your credit cards
• Keep your credit card expenses to under 30% of your credit limit
• Reduce your debt load
• Avoid applying for additional loans or credit lines
• Don’t close old accounts, even if they’ve been paid off
• Don’t try to close credit accounts that still have a balance

Learn how to negotiate the best mortgage contract for your lifestyle and need.

Comparing Mortgages in Red Deer to Find the Best

If you were to shop around for a new car, you would likely take the time to compare different models, dealers, prices, and features. Well, the same goes for mortgages. Considering the different mortgage products and lenders in Red Deer, it makes sense to do a little comparison shopping to make sure you’re getting the best, most affordable mortgage possible.

When comparing lenders and mortgages in Red Deer, pay specific attention to the following:

• Interest rate
• Term
• Amortization period
• Fees
• Payment schedules
• Early repayment penalties

This can take some legwork, so you might want to leave the comparison shopping to a mortgage broker who will do all this work on your behalf. And since they’re typically paid by lenders, there is usually no fee associated for their services.

What is the true cost of borrowing? Take a look at this infographic to find out.

How to Save For a Down Payment in Red Deer

A major obstacle that buyers often face when trying to get a mortgage is coming up with a down payment. Saving up tens of thousands of dollars to buy a home can be a huge undertaking, which is why you should allow yourself enough time to come up with this massive amount of money.

Here are some tips to help you accumulate the funds needed for a decent down payment:

• Set up a savings account dedicated to your down payment
• Be diligent about putting a certain amount or percentage of your paycheck towards your down payment savings
• Set up automated savings so money is automatically and directly deposited into your account
• Pay off high-interest debt to free up cash for your down payment
• Consider debt consolidation
• Apply for the First Time Home Buyers Plan (HBP) by borrowing from your RRSPs

Looking to Apply For a Mortgage in Red Deer?

If you’re on the prowl for a new home and need a mortgage to help you finance this big purchase, let Loans Canada help. We have an expansive network of professionals that we deal with and can put you in touch with the right team to help you land a mortgage to finance a home purchase. Call Loans Canada today!