Mortgage Rates for Grande Prairie & Northern Alberta
It’s Mortgage Rate Wednesday again! Here I update our best available rates, talk about our beautiful city of Grande Prairie and answer some common homeowner questions such as buying a second home.
” Do I need 20% down to buy a house if it’s my second house?”
Do I need 20% down to buy a house if it’s my second house?
How do you classify a second home? Here’s a couple of scenario’s.
Why are you buying a second house? Which of these situations describes you best?
Buying a Second home after selling my first home?
Buying a home here in Grande Prairie after selling your first home? Then this is considered your new primary residence. We can do 5% down.
Buying a Second home for my children to live in while going to school in another city
All lenders will let you do 5% down on a family home. So if you want to purchase college condo or home for your kids, give us a call.
Buying a second home, and keeping my first home as a rental property
If you plan to live in this home, then 5% down.
This second home will be a rental property, I’m still living in my first home
As a rental property, you’ll have to put at least 20% down anywhere you purchase it in Canada.
Repeat those Alberta Mortgage Rates?
Here are this week’s best rates for February 13th, 2019:
- 6 month at 3.30%
- 1 year at 3.49%
- 2 year at 3.54%
- 3 year at 3.24%
- 4 year at 3.64%
- 5 year rate Special at 3.39%
- 5 year variable rate mortgage at 2.95% P- 1.0%
- 7 year 3.64%
- 10 year 3.89%
Give us a call today to get a mortgage started for your second home!