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The Canadian Western Bank is a bank that is based in Edmonton, and which operates primarily in western Canada. The bank serves personal and commercial clients in Western Canada.

Buying a home can really be a complicated process, especially with every mortgage broker claiming to be better than the rest by offering the best services and lowest mortgage rates. It can be hard to distinguish between the mortgage brokers that are the real deal and which ones are a waste of time and money. One of the most time-consuming aspects of purchasing a home is figuring out what mortgage rates are the best and what exactly to look for in a good mortgage. Reading over some of the reviews here may cut down on some of your research time and give you some real insight.

canadian western bank

Sometimes it helps to hear from people who have been in your shoes and know what you are going through. Here, you can find the information that you need to make an informed decision about which mortgage rates suit your financial situation based on reviews from folks who have been in your position before. The good, the bad, and the ugly are what you need to know about in order for you to either learn from the mistakes of others or share in their good fortune. This is place for experienced home buyers to give their reviews on the experience that they had with their mortgages and give advice to first-time homebuyers. If you have had any experience purchasing a home and working with mortgage brokers, now is your chance to give a full review that includes the pros and cons about your experience.(goodmortgagebadmortgage.com)

Picking a mortgage is like buying a diamond. It’s an expensive purchase; you don’t want to screw it up; and getting started can be confusing. The first thing most people choose is theirterm.  Here’s a Twitter-length review of several terms to get you thinking in the right direction.

Popular Fixed Terms…

  • 1-year fixed:  With rates under 3%, they’re a good alternative to 5-year variables—which should hopefully be at prime by the time these puppies mature next May.
  • 2-year fixed:  If convertible, then they’re another decent alternative to 5-year variables. You get an extra year of rate security for ~0.20% more than the best one years.
  • 3-year fixed:  A nice combination of risk and reward. Versus a 5-year, you’ll save significant interest the first three years. The tradeoff is more risk in years 4 and 5.
  • 4-year fixed:  The ugly baby that no one wants. There’s no value here. Go 3 or 5 instead, unless you plan to break in four years and want to avoid a penalty.
  • 5-year fixed:  Canadians love their 5-year terms. Now may be the time for the risk averse to grab one, with rates expected to jump later this year or next.

Longer Fixed Terms…

mortagages western canada bank

  • 7-year fixed:  A rate near 5% isn’t as exciting as 3.79% for a 5-year, so 7-years don’t sell very well. If you’re that concerned about risk, take a 10-year for the same price.
  • 10-year fixed:  The decade mortgage is available under 5% for the first time in modern history. Nonetheless, you may pay thousands more in interest versus a 5-year.

Variable Terms…

  • 5-year closed variable:  They say prime isn’t going any lower. So why gamble with prime+ variables? Get a convertible 1- or 2-year and wait for prime- to return.
  • 5-year capped variable:  You’ll get 3.25% today and never pay over 5.25%. Sounds good, but if you’re that worried, why not pay a little more for a fixed now?
  • 5-year open variable:  Closed variables are portable and have just 3-month interest penalties. So, unless you’re going to terminate early, save 0.30% and go closed.

Other Terms and Features…

    • 5-year $0 Down:  Despite posted rates falling to 5.25%, the cost of cash-backs is still atrocious. If you can’t put down 5% then renting sounds good in comparison.
    • 5-year no-frills:  If there’s any chance you’ll need over 5% pre-payment privileges you’ll be sorry for choosing one. If not, you’ll save some money (0.30% or more).
    • Open HELOC: :  The All-in-One is our favourite. It has interest offsetting and automatic everything. We just wish the LOCwas at prime again like in December.

Readvanceables:

      Love’em. Gotta have’em. Everyone with 20% equity should own one. They make you liquid, and you can’t put a price on liquidity.

Source(canadianmortgagetrends.com)


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