Compare The Best Providers For Mortgages Red Deer October 2021

Written By Lisa Rennie
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Afterpay
Varies 0% 6 or 8 weeks
Varies
Spring Financial
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
LM Credit
$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
Moves Financial
$2,500 15.65% AIR 13 - 26
$2,500
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 19.99% 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
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 18.99% - 24.99% 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%+  6 - 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 Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
Fairstone Financial
Up to $50,000 19.99% - 39.99% 6 - 120 Months
Up to $50,000
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
LoanMeNow
$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% to 47.72% 24 - 60
$300 – $35,000
CashMoney
$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
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
TD Bank
- - 12 - 60
-
Accord Financial
$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
Loop
- - -
-
Core Capital Group Inc
- - -
-
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 Fee-Based: Starting at 9% 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 Capital
$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
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
SafeLend
Up to $50,000 8.99 + 12 -72
Up to $50,000
Auto Credit Deals
Up to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
Helium Loans
$500 - $50,000 - 24 - 60
$500 - $50,000
Alphera Financial Services
- - -
-
Go Auto
- - 12 - 96
-
Eden Park
- 11.9% - 22.9% Up to 84
-
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 Savings
- Starting at 4% Up to 84
-
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
Up to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
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
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Fast Access Financial
$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
$25,000 - $150,000 1% monthly 12
$25,000 - $150,000
N/A N/A N/A
N/A (Referrer)
N/A
Peoples Bank
- 1.94% - 2.45% 12 - 60
-
Spring Financial
Up to $15,000 - -
Up to $15,000
Mogo Finance
$300 – $35,000 2.20% - 2.54% 36 - 60
$300 – $35,000
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 Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 3.89.% - 4.84% 12 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Capital Direct
$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Alpine Credits
- - -
-
Provider Services Rating
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
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 ...

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.

Cost of Buying a House in CanadaDo 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.

Canadian Credit ScoreCheck 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.

The True Cost of BorrowingWhat 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!

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