Question: Given advantageous mortgage rates, is this a good time to buy for homebuyers? Answer: Anyone thinking of purchasing at this time should consider a few important factors.

Know your reason to purchase. If it’s for a place to live, then make sure you can comfortably meet the payments and the property has what you will need in terms of neighbourhood, square footage and the home’s features.

The recent decrease in values means you can buy a much larger house for the same money.

If you are purchasing as an he following is some advice for homebuyers from Frank Hickey, president of the Alberta Mortgage Brokers Association: of these rates is to have a good credit rating. But I advise all my borrowers to consider not just the rate, but all the terms of the mortgage. It has to fit your needs. Question: How do they assess what kind of home they should be looking for, and at what price?
Answer: Really, most people should get professional help with this assessment. It’s complicated and people can benefit from the knowledge of objective, unbiased info, which is why I recommend that they sit down with a licensed mortgage broker, someone who will walk you through a needs analysis, confirming your lifestyle goals and your goals for home ownership.

Contact the Alberta Mortgage Brokers Association for a list of qualified licensed mortgage brokers who can determine what you need and what you can afford. investment, remember that home values in Alberta are not expected to increase in the near future. Lending rates are very low now for applicants with excellent credit ratings, good cash flow and stability — and the selection of homes is terrific.

Question: What kind Tax breaks of mortgage rates are first help hometime buyers realistically owners looking at? And what about those who already have mortgages and are looking to renew or buy up?

Answer: Mortgage rates for existing homes and new homes are now at historic lows, but only for qualified applicants.

The variable rate is about 3.30 per cent or, on a fixed five-year it is around 3.95 to 4.04 per cent.

The key to taking advantage