Red Deer Lowest Mortgage Rates
We can get you the lowest mortgage rates in Red Deer. We have partnered with the top lenders and banks to make sure we can offer our clients the best mortgage rate. All the lenders compete on rate and our high volumes get you wizard status and therefor the lowest mortgage rates Red Deer has to offer. We will not only get you the best mortgage rate we will get you the best mortgage product. We will explain the difference between bank lenders and non-bank lenders and how the penalty calculation is four times higher with a bank. Sometimes a mortgage with the bank makes sense but it would depend on our situation. We will go over the variable and the fixed rate mortgages and the rates and discuss the advantages to each rate. We have not only the best rates but a team full of experienced mortgage brokers in Red Deer to offer you top notch service. We work around your hours to ensure getting a mortgage is a smooth transaction on your next Red Deer home purchase or your renewal of your Red Deer Mortgage.
|1 Year Fixed||6.04%|
|2 Year Fixed||5.69%|
|3 Year Fixed||4.89%|
|4 Year Fixed||4.79%|
|5 Year Fixed||4.48%|
|10 Year Fixed||6.00%|
Getting the best mortgage rate and product is very important and can save you thousands of dollars over your term. I encourage you to not only look at rate but also the mortgage product in Red Deer. Your top Red Deer Mortgage Brokers at Red Deer Whalen Mortgages understands this and we will explain any prepayment penalties or restrictions on the mortgage product. There are some low rate mortgages that come with high penalties. We promise to make sure you are never stuck in a bad mortgage product. Our team of mortgage experts will break down the mortgage jargon to make sure you understand the mortgage product you are getting. We believe in clear communication and treat each and every client like a family member. We work with you to get the lowest mortgage rate in Red Deer to help take away the stress of buying a home or simply renewing your mortgage. Mortgages are not supposed to be complicated and we help ensure that they are broken down and very simplistic helping you decide the best mortgage product.
Fixed mortgage rates give the ease of knowing the rate stays the same during the term of the mortgage. The fixed rate mortgages are often higher then a variable because of this comfort the banks and lenders make a little extra in interest off the client. Fixed rate mortgages are at an all time low and have been low for years. Variable rate mortgages have even a lower rate then a fixed mortgage but can fluctuate when the Bank of Canada changes its overnight lending rate. The bank’s prime moves up and down with the Bank of Canada’s overnight lending rate. The Bank of Canada can move rates up or down .25% increments every 6 weeks to correlate with our economy. If our economy is doing well they will increase the rate if it is not doing well they will decrease the rate. Because there is risk with the variable rate the banks offer lower rates on these products. A variable rate mortgage if broken early has a transparent penalty of 3 months interest. You can always jump from a variable rate mortgage to a fixed rate mortgage with no penalty. You cannot go from a fixed rate mortgage to a variable rate mortgage without a penalty. Fixed mortgage rates holds a penalty of the interest rate differential or 3 months interest whichever is greater. At banks they use the posted rates to calculate the interest rate differential often causing a larger spread and a penalty 4 times the amount of a non bank lender because banks have posted rates.
Our team of highly experienced mortgage brokers in Red Deer understands all the differences with mortgage products and lenders and promise to explain all the mortgage options. We have the lowest rates in Red Deer and the best mortgage brokers in Red Deer to help you pick the right mortgage and rate for your next purchase or renewal of your existing Red Deer Mortgage. We work for you Not the Banks. Call us today 587-315-3525 to start discussing your mortgage. Or apply online today to get your new Red Deer Mortgage started.