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mortgage rates
Don’t Waste Your Pre-qualified Mortgage Rate

After rates on new home loans jumped half a percentage point in recent weeks, the Source Mortgage team went into high gear, contacting clients who already had pre-approval. That’s because, although many of them might not have known it, their approval locks in the older, historically low mortgage rate for a period of up to [...]

By Lori on July 23, 2013
in Mortgage Broker Services
mortgage rates
What do Higher Rates Mean for Canadian Mortgages?

If you’ve been keeping a close eye on Canadian mortgage rates, then you probably already know we recently saw a fairly large jump – half a percentage point – in new home loans. Naturally, this type of rate spike has lots of people concerned, especially when mortgage rates have been at historic lows for quite [...]

By Lori on July 11, 2013
in Mortgage Broker Services
House mortgage.
How to Stop New Debt Servicing Guidelines From Killing Your Home Purchase

In a recent post, we looked at how changes to the way Canadian banks are calculating mortgage requirements (in coordination with the Finance Minister’s office) are dramatically altering the amounts that homebuyers can actually qualify for. These shifts have taken many of us – even those of us within the industry – by surprise. That [...]

By Lori on June 26, 2013
in Mortgage Broker Services
What You Need to Know About New Canadian Debt Servicing Guidelines

In recent months, big changes have been made to the way Canadian banks look at your available income and debt servicing for the purposes of loan qualification, and those changes could have enormous effects on your ability to qualify for a home. The changes reflect the decision of the Ministry of Finance to tighten borrower [...]

By Lori on June 13, 2013
in Mortgage Broker Services
Five strategies to keep peace of mind in a fluctuation housing market

1. Plan to live in your home for at least 10 years. It you are planning to remain in your home for 10 years, there is a good change that the market will recover from any declines. 2. Make lump-sum mortgage prepayments. “Money you use to pay down a mortgage goes directly against your outstanding [...]

By Lori on June 3, 2013
in Uncategorized
What You Need to Know About "Zero Down" Mortgages
What You Need to Know About “Zero Down” Mortgages in Alberta

Owning your own home can be an enormous achievement, and a big financial step forward. But, finding 5% or more for a down payment can be a challenge, especially if you have other bills or savings goals to take into account. For that reason, so-called “zero down” mortgages, in which 100% of the purchase price [...]

By Lori on May 17, 2013
in Mortgage Broker Services
Is Paying Off Your Alberta Mortgage Safer Than Investing the Money?

For all the studies that suggest Canadians are having a tough time paying off their mortgages, our Alberta mortgage brokers found an interesting article  by Jim Yih on why this might be. In a nutshell: “If the return on investment is greater than the interest cost on the mortgage, then the math would tip toward [...]

By Lori on May 13, 2013
in Mortgage Broker Services
Why You Shouldn't Ignore Historically Low Mortgage Rates... Even if Your Current Mortgage Has a Payout Penalty
Don’t Ignore Historically Low Canadian Mortgage Rates… Even if Your Mortgage Has a Payout Penalty

As you may have already heard, Canadian mortgage rates are near all-time record lows, with rates of 3% and below available on some home loans. That means that now is a great time to act, whether you already have a home loan or are currently in the real estate market. One fear a lot of [...]

By Lori on May 2, 2013
in Mortgage Broker Services
Alberta Mortgage Brokers Support Teaching Your Children About Money

As Alberta mortgage brokers we talk with clients about money… a lot. We also recognize that some people are inherently uncomfortable discussing their finances. Recently, we found an article that speaks to the importance of teaching your children about money by Miranda Marquit and in it she states: “Let Your Kids See What You Do [...]

By Lori on April 17, 2013
in Mortgage Broker Services
Why Your Neighbourhood Bank Might Not Have the Alberta Mortgage For You

Although a quick look through our Alberta mortgage blog might make it seem like we are on a mission against neighborhood banks, that’s not the case. In fact, we work with many of the same banks that you do, matching our clients with their home loans and mortgage products. The difference, though, is that we [...]

By Lori on April 16, 2013
in Mortgage Broker Services
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Heartwarming Stories

Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013

Chad and Jenelle Richards
Added January 23rd 2013

Interest Rates

6mth Term 3.95%
1yr Term 2.99%
2yr Term 2.69%
3yr Term 2.99%
4yr Term 3.39%
5yr Term 3.04%
V.R.M. Prime-.65 or 2.35%

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