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Red Deer ATB Lowest Rate Mortgages
Alberta Treasury Branch or ATB is a mortgage lender specific to Alberta only. They provide a wide range of mortgage products. For example, ATB is willing to finance the purchase of mobile homes, something most lenders avoid. They do take the remaining economic life of the mobile home into account, so you may have to have a 15 year (or shorter) mortgage when you buy a used mobile home older than 25 years. The mobile home must still be insured through CHMC if it is a single wide or another organization even if you have put more than 20% down. In this regard, mobile home mortgages are different than townhouses or condos.
Do you want to buy a large piece of property? Call your Trusted Red Deer mortgage broker so we can find you a lender. ATB is willing to issue mortgages for very large acreage with 20% down or more, whereas most lenders will only finance up to five acres of land. Depending on how the loan is structured, you may be able to finance up to 20 acres with a conventional lender, assuming you put enough money down. This isn’t an issue with Alberta Treasury Branch. They’re willing to finance up to a quarter of a hectare in one loan. Note that working farms are generally classified as farm loans or commercial loans, and that probably won’t be handled by ATB.
Alberta Treasury Branch also stands out for providing affordable construction loans. If you’re building a ready to move home on land you’ve already purchased with a mortgage or are looking to purchase, they’ll allow 1 draw to pay off the land and 3 more to build the home. You’ll have to put 25% down or more to buy the land, but that equity gets rolled into the main mortgage when the home is built. A stick built home would result in 4 draws. Note that none of this addresses the complexity of deposits you give the builder and building costs you’ll have to pay if the project goes over budget. Ask your Red Deer Mortgage Brokers at Whalen Mortgages if ATB if they’re willing to let you build a new home, second home or your dream cabin.
ATB offers cash back mortgages with up to $10,000 cash back. Contact your trusted Red Deer mortgage broker to understand the rules and restrictions for these loans, whether you want to get the cash back for furniture or moving expenses.
ATB allows you to take out a flex down mortgage where you borrow your down payment. You can borrow up to 5% of the mortgage down payment. This can help you put enough down on a home to purchase one without having the down payment saved keep in mind there will be other costs such as lawyer fees. To qualify for these mortgages, you need a good job and a minimum credit score of 650 and should have $5000 saved for additional costs and fall back.
Alberta Treasury Branch posts the actual interest rates they charge not an inflated posted rate like the big banks. This is somewhat different from institutions that post a “best rate” that many borrowers would not qualify for. Their overall fees are low, and they have modest penalties as they do not have inflated posted rate’s they use in calculating interest rate differential should you end up breaking your mortgage prior to the end of the term. Apply now to get started!