Your Mortgage Options when Moving to Alberta

Your mortgage options when you are moving to Alberta are tremendous and we are experts in working with our clients to ensure they receive the best rates and terms for their new home purchase.  The Alberta mortgage landscape varies from many of the western provinces in so far as the big five banks and trust companies along with Alberta Treasury Branches (ATB) do the majority of the business.  The difference in this is that many of the other western provinces have strong credit union and local lending options where as in Alberta, in large part this niche has been filled by ATB.  This difference is great news for our clients who are looking for mortgage options when moving to Alberta as it provides a lending landscape that is more centralized and competitive, versus regional and specialized.  This increased centralization allows us to work with our clients and obtain excellent mortgage rates and terms for them whether they are moving to Lethbridge in southern Alberta to Calgary, Red Deer, Edmonton, Ft McMurray in the North, or anywhere in between.  We work closely with our clients and our lenders to ensure our clients receive the very best mortgage options, rates, and terms for their move to Alberta.  I have included below a couple of check lists that we use with our clients to ensure their move an new home purchase is smooth and excellent:

Moving to Alberta mortgage check list:

• For your employment, are you being transferred by your current company? – if so a transfer letter confirming your position along with a recent pay stub
• If you are starting a new position in the same field, a new employment offer letter, pay stubs if available,  along with your previous two years T4s to confirm your previous industry experience.
• For your down payment, if you have sold your home – your sale agreement and current mortgage statement.  If from your own savings or down payment – three months of bank statements to confirm you have the funds available.

Mortgage decisions to be made when moving to Alberta if you have an existing mortgage:

• Your biggest question to answer when you are moving to Alberta from another province and you have an existing mortgage is “should I move my mortgage with me or should I obtain a new mortgage?”
• This is a great question and one that we work with all of our clients closely on when they are moving to Alberta.  Often times it comes down to calculating the cost of paying out the existing mortgage versus keeping and moving it.  Every existing lender is a little bit different in terms of how much time they will allow clients to move the mortgage, the areas they allow their mortgage to be moved to, and in the case of moving and increasing your mortgage – the rates and terms they will use to blend your new mortgage money with compared to the existing.