Find the Best Mortgage Rates: Calgary

As one of Canada’s most important cities, Calgary has a diverse population full of locals, tourists, newcomers, and temporary residents. Calgary boasts an active housing market that is constantly working to answer housing demands. From new builds to renovated homes to apartments and condos, Calgary can accommodate all lifestyles.

At Calgary House Finder, we help you do more than simply find a new home. We’re here to get you started with your new life, which means finding suitable mortgage rates at a bank or credit union, or with reputable mortgage lenders.

What is a Credit Union?

A credit union is similar to a bank. It’s a financial institution, except the members own the credit union. A credit union is a not-for-profit organization where any money made is reinvested into it. 

Its purpose is to serve the members and provide better financial products instead of making a profit. 

A credit union's operations are dictated by legislation that covers how members can lend, borrow, and invest. Some examples of credit unions include Servus Credit Union, connectFirst Credit Union. Calgary has quite a few if homeowners prefer this option.

What is the Mortgage Rate in Alberta Right Now?

The mortgage rate, which is the rate of interest charged on a mortgage by your lender, will depend on a number of factors. The rate can be fixed or variable, and will also depend on your credit score and history. See below for some examples.

5-Year Fixed Mortgage Rate

Across Canada, a 5-year fixed mortgage is the most common type of mortgage. A fixed rate is often preferred to a variable rate because the market interest rate (aka prime rate) won’t fluctuate during the agreed-upon term.

A five-year fixed mortgage rate indicates that homeowners are under contract to pay a certain rate per month for five years, and it will not change during that period. Some people confuse the term with the amortization period, which is the amount of time it takes you to pay off your mortgage. 

Many homeowners renew their mortgage to finish paying it off, thereby extending the amortization period and locking in another 5-year fixed mortgage rate. Generally, 5-year fixed mortgage rates in Calgary have a 25-year amortization period.

In Alberta, the average of the top five mortgage rates for a new home is currently offered at 1.97%. Here are the top five rates, but keep in mind, your rate may vary depending on the lender you choose and your particular credit profile.

  • CanWise Financial: 1.74%
  • 1.79%
  • Equitable Bank: 1.995
  • Motusbank: 2.09%
  • MCAP: 2.09%
  • CMLS Financial: 2.09% 

While these are current top five rates, it doesn’t mean they’re the best Calgary mortgage rates. Our real estate professionals can locate the right lenders and help you to save thousands of dollars.

Which Lenders Are Giving the Best Mortgage Rates in Calgary?

To help you compare mortgage rates, we’ve provided a few options. These lenders have some competitive Calgary mortgage rates worth considering:

  • 1.84% fixed rate for 1 year; 1.74% for 4 years; 2.39% for 7 years; 2.84% for 10 years.
  • CanWise Financial: 1.53% fixed rate for 2 years; 1.53% fixed rate for 3 years; 1.74% for 5 years.
  • Citadel Mortgages: 1.74% fixed rate for 1 year; 1.44% fixed rate for 2 years; 1.39% for 3 years; 1.49% fixed rate for 4 years; 1.58 % fixed rate for 5 years; 2.49% fixed rate for 10 years.
  • True North Mortgage: 1.79% for 5 years.
  • MCAP: 1.54% fixed rate for 3 years; 1.84% fixed rate for 4 years.

Found a home you want to buy? Use our mortgage calculator now.

Get the Right Calgary Mortgage for Your Dream Home

Should you look at fixed rates or variable rate mortgages? How much can you afford? Not everyone has a head for numbers, and if you’re new to real estate, you’ll need all the help you can get to make such an important decision. 

Calgary House Finder professionals know the housing market and can help you find lenders that provide Calgary mortgage rates you can afford. Browse our houses for sale and housing prices in Calgary and get a mortgage, or contact us today for more information.

Post a Comment