Alterna Savings Mortgage Rates

About Alterna Savings Rates

Alterna Savings (& Credit Union Ltd.) is a credit union financial institution that covers a multitude of services (loans, mortgages, business banking, investments & full daily banking services). Before getting into Alterna Savings mortgage rates, are you familiar with what a mortgage rate is? A mortgage rate is the percentage of interest that is charged by a lender that loans you money for a home purchase. All lenders offer different mortgage rates, in other words, you will pay a sum of money on top of your mortgage loan principal amount for the 'privilege' of borrowing such a large monetary amount. Each lender (trust company, credit union, private financial institution, insurance company or major bank) has various ways of sourcing the money to loan out to home buyers, the mortgage products may be slightly different from other lenders (deals, cash back offers, etc.) and their prequalifying/preapproval criteria also varies. For example, a major bank has strict criteria that a borrower must meet in order to be approved for a mortgage loan (major banks are regulated by the government because they source their funding from the government, which translates usually into a lower mortgage rate). A private lender (that usually provides funding to mortgage brokers) have not-so-strict criteria to qualify for a mortgage loan but be prepared to pay a higher mortgage rate to offset their 'flexibility'.
Alterna Savings mortgage rates do compete with other lenders and as a credit union that is made of up of members, there are benefits to obtaining your mortgage loan here (credit unions are very community oriented). All lenders have helpful mortgage professionals that you can access for a more 'expert' perception of the mortgage market. The more you know about the variances between mortgage products and how they perform will be a huge benefit to you, especially for first time home buyers that are searching for a new mortgage. Even experienced home buyers (home equity loans, mortgage renewals, mortgage switching & mortgage refinancing) must be very selective with the mortgage product that is chosen. There are the top contenders that are popular amongst all level home buyers (fixed rate mortgage, variable rate mortgage, an adjustable rate mortgage, or a combination of mortgage products). How does one obtain the best mortgage rate possible? Negotiate... as the home buyer, you have the power to negotiate the mortgage product terms/conditions and the interest rate that you are prepared to lock yourself down with for a few years. Some lenders will bend and twist a mortgage product and mortgage rate to gain the home buyer's business (especially first time home buyers).

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