At KANETIX, we're committed to providing the best service in Alberta for all your mortgage needs. We are the only mortgage website in Alberta where you can find and compare the best mortgage rates, secure the rates and acquire your mortgage online! You have the choice of simply browsing to collect information, or if a specific rate interests you, KANETIX makes it easy to secure it electronically from the comfort of your home. We offer a completely free comparison service that includes some of the lowest and most competitive mortgage rates. Our service allows you to view rates for several mortgage products that are offered by different mortgage lenders and brokers.

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If you're acquiring a mortgage in Alberta, you will be excited to hear about our low mortgage rates from a variety of lenders and brokers, just for you.

We have a mortgage information centre which includes a wealth of information to keep you up to date on all things mortgage related. You can read detailed articles like the one about housing trends in Alberta, news articles like the new mortgage rules that affect the Canadian housing market or tips to pay off a mortgage sooner and mortgage insurance or life insurance? - questions & answers. Also, there's a mortgage glossary to aid you with finance terms you may not already know.

Read more about Alberta mortgages >>

What makes KANETIX different?

  • A large collection of mortgage lenders/ brokers and products at your disposal
  • The best rates in Alberta
  • Receive a mortgage guarantee certificate from the comfort of your home
  • It's fast, safe, secure and free!
  • Enables you to secure and  purchase a mortgage online
  • Experienced and helpful Alberta mortgage agents at our partner mortgage brokerages at your service

What is an Alberta Mortgage?

Alberta is one of the fastest growing provinces in Canada in terms of economic prosperity, standard of living and quality of life. For these reasons, it is clear why so many Canadians are choosing Alberta as the province to buy their first home (see: first time home buying tips). Homes in Alberta are assets that have had a history of appreciating in value over the long term. When purchasing a home in Alberta, a mortgage is often required to cover the difference between the down payment and the property purchase price. Some Albertans also take out additional equity out of their existing homes in a form of a mortgage. This is often done to pay off credit card debts, work on home renovations or send the kids to college, etc.

In Alberta, mortgages can be purchased through a chartered bank, credit union, trust company, mortgage broker, or other designated lenders.

The mortgage rate is the interest that is charged on the mortgage loan. When making a mortgage payment, some of it is applied towards the interest, and the rest covers the mortgage principal. Only the part of the payment designated towards the principal reduces the balance of the mortgage.

Important information on mortgage loans in Alberta

While low rates are important in many cases, they should not be the sole factor when you are ready to decide on a mortgage. Here's a list of features that you should take into account when making your mortgage decision:

  • Rate hold period- This is the period during which the lender will guarantee your rate. Usually, finding a mortgage with a longer rate hold period is ideal as it will provide you with protection from rate increases.
  • Pre-payment limitations(closed-mortgages) - Closed mortgages give you the ability to make annual payments at a fixed percentage of the mortgage amount and the option to increase monthly payments by a specific percentage. The higher the percentage of the limits, the more flexibility you have with your mortgage.
  • Amortization Period- This is the period of time over which the borrower is required to repay the mortgage in full. Some lenders provide longer amortization periods and the period best suited for an individual will depend on their personal circumstances.

Finding the best mortgage rate in Alberta

KANETIX allows you to compare Alberta mortgage rates from different brokers and lenders with ease. This enables you to choose the best mortgage with the lowest rate. KANETIX provides special discounted rates to residents in Alberta. Since, there are so many different types of mortgages to choose from which makes the process very overwhelming for some, KANETIX offers a stress-free alternative to mortgage-comparison as we do the shopping around on your behalf!

Our various partnerships with mortgage brokers in Alberta provide us with the ability to feature competitive rates to our customers in Alberta. Give our service a try and see how simple it is to secure your mortgage rate online. Once you're ready to secure the rate, you can simply complete our short application form online and you are on your way to being a homeowner. For those who do not wish to use our online application form, there is an option to call us to be connected to one of our friendly partner mortgage agents, who will help you obtain what you need.

KANETIX offers a variety of different mortgage rates available for comparison - you can choose from fixed rate mortgages, open mortgages, closed mortgages and variable rate mortgages.

  • Classify by: payment type, rate type, term, amortization, etc.
  • You can view both broker and lender mortgage loans
  • Best of all, it's safe, free and takes a few minutes of your time

KANETIX also has the most effective tools and tips to help guide you through the home purchasing process, first mortgage, second mortgage, mortgage renewal and mortgage refinancing. Our Alberta mortgage calculator lets you discover how your mortgage amount, rate, payment frequency and amortization period affects your mortgage payment. Want to know about how much total interest you will be paying over the life of your mortgage? Our Alberta mortgage calculator can help you find out how much you can save by switching to a rapid bi-weekly or rapid weekly payment frequency.

The four types of Alberta mortgages - Variable, Fixed, Open, Closed

The interest rate isn't the only thing that needs to be considered when shopping around for a mortgage. It is also important to take the type of mortgage into account. A variable mortgage rate comes with a rate that will be adjusted with the prime lending rate, which could change throughout the mortgage term. A fixed mortgage is the opposite, as it has a set rate which won't change throughout the term of the mortgage.Choosing between fixed and variable rates usually depends on your tolerance for risk, expected mortgage rate changes and the current level of interest rates.

Mortgages are also classified as open or closed. Choosing between the two lends itself to speculation about your projected cash flows and future payment behaviour. Usually, open mortgages are only recommended if you expect to make pre-payments above what is allowed with a closed mortgage. With an open mortgage, you can pay off your balance at any given time. A closed mortgage however, has some payment restrictions. If you pay more than the limit stipulated in your mortgage agreement, a penalty could be incurred. Closed mortgages are not as limiting as they appear - you can still increase your monthly payment and make lump some payments up to a specific percentage.

Use our comparison service to discover the best: Alberta mortgage rates, Alberta mortgages, Alberta mortgage lenders, Alberta mortgage brokers, and Alberta mortgage deals.

Conventional vs. High Ratio mortgages in Alberta

The classification of your mortgage as either a high ratio or conventional mortgage in Alberta, and the rest of Canada, is determined by the size your down payment when buying your home, or the amount of equity there is in your property when refinancing. If your down payment/home equity is less than 20 percent of the property value, you would have to take a high ratio loan. In the case of high ratio loans, mortgage default insurance has to be purchased to protect the lenders from borrower default. The cost of mortgage default insurance is usually between 1.75 and 2.75 per cent of the mortgage amount. You can learn more about high ratio and conventional mortgages by visiting these resourceful websites: Genworth Capital, Canada Guaranty and Canada Mortgage and Housing Corporation.

Mortgage Brokers in Alberta

The biggest mortgage brokers in Alberta work with Kanetix to bring you the best mortgage rates available. Browse through our low rates and when you're ready, go ahead and secure a rate on line or over the phone. If you have any questions or concerns, our partnered mortgage brokers will be more than happy to give you a helping hand.

The mortgage deals that are listed on include full descriptions of their features. Visit our mortgage rate comparison page and discover the best mortgage rates in Alberta.

Variables that affect the lowest mortgage rate in Alberta

Throughout your mortgage rate comparison experience, you will come across varying rates that differ from lender to lender and different mortgage products. That being said, there are some other factors that lenders will consider when providing you with the rate:

  • Credit Score- Some lenders will offer different rate tiers across groups of people with certain credit scores.
  • Mortgage Timing- If you obtain a mortgage within a certain time period (within 30 days, etc.) you may be eligible for a discount, depending on the lender.

As an Albertan mortgage buyer, you need to be informed about the types of factors that lenders consider when offering you a rate. It is also important to be completely honest and transparent about the information you are providing to ensure the efficient and effective approval of your mortgage.

Go ahead and use our mortgage rate comparison service today to look for different mortgages and secure rates so you can get approved for an Alberta mortgage loan quickly and efficiently.

The KANETIX mortgage shopping service is also available in Ontario, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Newfoundland and Prince Edward Island

Looking for Calgary mortgage rates or Edmonton mortgage rates? Or you're looking for rates from Red Deer, Lethbridge, Medicine Hat, Saint Albert, Grande Prairie, Fort McMurray or Airdrie? Compare today's best Alberta rortgage rates from top brokers and lenders in the province.

Spruce Grove, Cochrane, Camrose, Leduc, Okotoks, Brooks

Province of Alberta General Information

  • Population (2011): 3.6 million (10.9 per cent of Canada)
  • Population Makeup (2006): 83.8 per cent Canadian born; 16.2 per cent foreign born
  • Average annual population growth (2001 - 2011): 2.5 per cent
  • Projected population growth: 25.8 per cent, or almost 800,000 over the next 25 years
  • Median family income (2010): $85,380
  • GDP (August 2012): $295 billion (16.7 per cent of Canada)
  • Unemployment rate (August 2012): 4.5 per cent
  • CPI Inflation (August 2012): 2.4 per cent

Sources: Stats Canada.

The Alberta Real Estate Market

  • Housing starts (2011): 25,704
    • Year-over-year change: -5.1 per cent
  • Average Residential resale price (Q4 2012 YTD): $363,208
    • Year-over-year change: 2.8 per cent

Sources: CMHC

This summary is for informational purposes only and should not be relied upon without verification by contacting a mortgage professional.

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