Grande Prairie ATB Mortgages | Lowest Mortgage Rates
Grande Prairie ATB Mortgages | Lowest Mortgage Rates

 

Grande Prairie ATB Mortgages Lowest Rates!

Grande Prairie-Mortgages

Alberta Treasury Branch or ATB is a mortgage lender. They’re notable for the wide range of mortgage products they offer. For example, they’re willing to finance mobile homes, while most lenders won’t even consider it. You won’t be able to get a conventional 30 year mortgage with most mobile homes, but you could get a mortgage based on the expected remaining life of the unit. An interesting feature of mobile home mortgages is the mandate to have mortgage insurance even if you put 20% down on a single wide mobile. This is unique to mobile homes.

Do you want to buy a large piece of land? ATB is unusual in allowing you to finance a very large piece of land, whereas most mortgage lenders will only finance up to five acres along with the house. They may let you finance up to 160 acres if you have a large enough down payment 20% or more, though this is at their discretion. In contrast, ATB will finance up to a quarter of a hectare. Your top Grande Prairie Mortgage Brokers at Whalen Mortgages Grande Prairie understands all the products and are waiting to help you on your next mortgage. 

Alberta Treasury Branch also issues draw mortgages or mortgages for homes that you’re going to build. They’re willing to give you 4 draws for a stick built home and three draws for a “ready to move” home, and there’s a separate draw for paying off the land. The 25% you put down on the land is required however it becomes the 5% or more on the home mortgage that you end up with in total as you do not have to put more money down unless it does not equal the 5% of the total loan. There are costs like inspection fees and anything that goes over budget that will be your responsibility.

Alberta Treasury Branch offers cash-back mortgages at a higher interest rate to allow you to pull out up to $10,000. Whether you use that cash to pay off credit cards or renovate your home is your decision. Talk to a Grande Prairie mortgage broker to understand your options for financing a debt consolidation loan or home renovation.

Alberta Treasury Branch allows you to borrow a portion of your down payment. This is called a flex down mortgage. This will allow you to purchase a home sooner by borrowing your down payment. It will lower the amount you can spend as we have to include the borrowed down payment into the liabilities.  However, there are fees you’ll pay out of pocket like the legal costs and home inspection, you should have about $5000 to have fall back and ability to cover the extra costs. These loans require at least a 650 credit score and stable employment.

Alberta Treasury Branch stands out for its transparency. They don’t list a “best rate” that most people would never get. They post the actual interest rate they charge for various loans. They also have relatively low penalties and fees. They do not have posted rates like the big banks and hold way lower penalties.

Call us at Whalen Mortgages Grande Prairie to discuss your next Grande Prairie Mortgage. Remember we work for you not the banks!

 

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