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Medicine Hat ATB Lowest Rate Mortgages
Medicine Hat ATB
ATB stands for Alberta Treasury Branch. They offer a wide range of mortgage products, far more than other mortgage lenders. For example, they offer mobile home mortgages when most Medicine Hat mortgage lenders won’t touch them. They won’t give you a thirty year mortgage on a mobile home, because all lenders limit that to the expected life of the unit.
ATB provides acreage loans. For example, most Medicine Hat mortgage lenders won’t finance land deals when there are more than five acres involved. ATB considers acreage loans for parcels up to 160 acres. The down payment, though, will vary based on the borrower’s profile and the marketability of the particular property. With a large parcel of land you may be required to put 20% or more in the down payment.
Alberta Treasury Branch funds construction mortgages, also called draw mortgages. They provide up to four draws if you’re building the property and three draws for a “ready to move” home; this is on top of the initial draw used to pay off the land loan. Ready to move homes are also called inventory homes. They’re either complete or nearing completion. These loans could be used to complete a home that’s in progress. The equity in your land can be rolled over into the real estate deal, giving you the five to ten percent equity you need in the mortgage. Note that you’ll be on the hook for any excess charges, such as when your contractors go over budget.
ATB offers cash-back mortgages. They set a limit of ten thousand dollars on cash-back mortgages. How you use the money is your decision. You could use the money to renovate the house or pay off credit cards. Talk to a Medicine Hat mortgage broker to determine what mortgage products are the best choice given your financial needs.
ATB sometimes offers flex down mortgages. These loans allow you to borrow part of your down payment. This allows you to buy a home sooner rather than later. You can start building equity immediately. On the other hand, you are obligated to pay the closing costs, inspection fees and legal fees out of pocket. Budget several thousand dollars more to cover the expenses associated with moving in and any last minute repairs and purchases required to make the home perfect. This cash reserve will eliminate the need to go deeper into debt just as you’re moving in. If you don’t need the money, you can pay down your debt.
Talk to Whalen Mortgages Medicine Hat to find out if ATB truly offers the best rates for the Medicine Hat real estate purchase you’d like to make. We can shop our network of lenders, including Alberta Treasury Branch, to find the best mortgage rates for you.