Edmonton, the capital of Alberta, is one of the largest cities in the province and serves as the economic centre of the Albertan north. It’s a city well-known for its picturesque landscapes and strong sense of community. Edmonton, along with many other cities across the world, saw a slight recession in the past couple of years due to global economic conditions. But things are on the rise again, both in the city and all around the province, with the advent of renewed interest in the unconventional natural resources (such as the Alberta oil sands) from major producers, as well as an influx of jobs from the federal government.

Because of this economic surge, Alberta is seeing the end of its recession days and is on the edge of an economic revival. What does this mean for you? Well if you were planning on acquiring a mortgage in the near future, now might be the time to do it. Increased capital means more credit availability which tends to lead to lower interest rates on home loans and mortgage products. This is good news for anyone looking to do some home improvements or real estate acquisition.

It’s at times like these that a mortgage broker can be a major asset, and someone you want on your side, navigating the complex marketplace and finding the best rates from the best lenders. While a general trend of lower rates might be sweeping across Edmonton in the new year, a mortgage broker’s expertise is essential to finding exactly where the lowest rates are, and which bank is offering the best products.

They can also save you time and stress during the acquisition process, tailoring your application so that it stands the best chance of acceptance and being your link and advocate to the banks. This means that not only can you be taking advantage of the low mortgage rates being forecast, you can do so without costing yourself undue stress or frustration.

If you’re looking to find a mortgage in the new year and want a quality mortgage broker on your team, now is the time to start looking. We’ve done the research and found the best mortgage brokers Edmonton has to offer, and we’re happy to share what we know with you.

Refinance

Before you refinance your mortgage, make sure you’ve got a good reason to do so. Lenders are scrutinizing applications more closely than ever, and if they don’t like the reasons you’re looking for more money, they may decline your request. Be sure you can accommodate the terms of the new mortgage, and be sure you look responsible with the motivations for the loan.

A fixed-interest mortgage loan is almost always the best choice for new homeowners. Although most of your payments during the first few years will be heavily applied to the interest, your mortgage payment will remain the same for the life of the loan. Once you have earned equity, you may be able to refinance your loan at a lower interest rate.

Try going with a short-term loan. Since interest rates have been around rock bottom lately, short-term loans tend to be more affordable for many borrowers. Anyone with a 30-year mortgage that has a 6% interest rate or higher could possibly refinance into a 15-year or 20-year loan while still keeping their the monthly payments near around what they’re already paying. This is an option to consider even if you have slightly higher monthly payments. It can help you pay off the mortgage quicker.