Your mortgage questions, answered

If you are considering switching to ATB at the time of renewing your mortgage, the best rate available will depend on your specific situation. If your current mortgage is default insured (for example, with CMHC), you will qualify for high ratio rates. When renewing your mortgage, it’s also a great time to consider accessing additional equity through a home equity line of credit for whatever you may need.

The best way to get an accurate quote and explore all your options is to connect with one of our mortgage experts. We can help you understand your current mortgage and find the right solution for you.

A spousal equity buyout is a type of mortgage refinancing. It's a complex process that involves accessing the equity in your home to buy out your former spouse's share. In Alberta, this also involves considering the Dower Act. Because of the legal and financial details involved, it's essential to speak with a mortgage expert as early as possible. They can walk you through the process and help you navigate your unique situation.

When you transfer your mortgage to a new lender, you will be required to re-qualify for the loan. This includes a review of your income and your existing debt.

The good news is that transferring your mortgage can be an opportunity to improve your financial situation. If you have enough equity in your home, you might be able to use it to consolidate and pay off higher-interest debts (like credit cards). This can be done in a few different ways, such as a mortgage refinance or a home equity line of credit (HELOC).

To find out what's best for you, the earlier you start the conversation, the better. Contact a mortgage expert to explore your options.

Yes, you can access additional funds for home improvements. While renewal is a great opportunity to access your home equity, you don’t have to wait until then to get started. We recommend exploring your options early enough to find the best fit for your needs. 

ATB provides mortgage solutions for residential outbuildings, as well as other offerings like the Home Equity Line of Credit or the Flex Home Equity Line of Credit.

You can book an appointment with an ATB expert to start exploring the best option for your goals.

Often a mortgage is available for early renewal, which can be upwards of 120 days. Most mortgage lenders will proactively reach out in that time to provide renewal instructions and information that's unique to your situation. It's important to keep in mind that renewing with your existing lender generally requires less information, and is a simpler process than your original mortgage application, especially if your mortgage is in good standing.

To help you navigate your renewal and explore your options, ATB has created a comprehensive mortgage renewal guide. This guide is a valuable resource designed to provide you with the detailed information you need regarding your mortgage renewal process and options. 

Yes, you can consolidate debt when renewing your mortgage. Evaluating your consolidation and outstanding debt typically requires a more in-depth conversation with an expert to review your full financial picture and ensure you get the advice and expertise that is right for you. A good place to start is to use our monthly budgeting worksheet to get a clear overview of your finances. Some options that may be available for consolidating debt could include refinancing your mortgage, a secondary mortgage, or a secured loan. It is best to connect with us as soon as possible as this process is uniquely tailored to you and requires some time. 

It is also possible to use your home equity for your child's education or any other purpose you choose. When it comes to post-secondary education funding, we recommend a government student loan and/or a Students First Line of Credit. You can also learn more about ways to pay for post-secondary education.

For both consolidating debt and utilizing your home equity, it is always best to get personalized advice from an ATB expert who can tailor solutions to your needs. You can book an appointment with an ATB expert to start discussing your goals in detail.

Even if your ATB mortgage was initially arranged through a broker, managing it and accessing your information directly with ATB is simple.

If you have ATB Personal credentials, you'll have easy access to your mortgage details, statements, and payment options, allowing you to manage your mortgage details. If you don't have ATB Personal credentials, we can set you up. You can  book an appointment or visit any ATB branch to start the process.

If you need help at any time with your mortgage, our team of experts at the branch are ready to help. 

Yes, ATB has an amazing mortgage offer designed specifically for those looking to switch their mortgage to us. You can take advantage of cash or our lowest rate, plus no fees to switch. Learn more about our switch to ATB mortgage offer. 

Yes, our ATB Flex Home Equity Line of Credit (HELOC) allows you to access the equity in your home as you pay down your mortgage. This revolving line of credit allows you to reborrow funds for any purpose. 

Many Albertans share your concerns about upcoming mortgage renewals, especially with today's interest rates. Depending on your remaining amortization and when you first qualified for your mortgage, several options are available to help you manage your payments:

• Understanding your qualification: If you obtained your mortgage in 2018 or later, you likely underwent a stress test. This means you qualified at a higher rate and payment (for example, 5.25%), which initially built in a buffer for rate increases. Learn more about the mortgage stress test.
• Extend your amortization: For second or subsequent renewals, you may have the option to extend your amortization period. While this can lower your monthly payments, it also means paying more interest over the long term.
• Access your home equity: If you've built significant equity in your home, exploring options to access it could provide financial flexibility.
• Blend and extend your mortgage: This option allows you to combine your current mortgage rate with a new rate and extend your term, resulting in a new, fixed payment.

To better understand how different scenarios might affect your new payments, our mortgage payment calculator for homeowners can help. It allows you to see how changes to payments, interest rates, or terms impact your total cost, repayment speed, and cash flow.

We encourage you to reach out and have a conversation today with a mortgage expert. We're here to help you assess your financial situation and explore all available options to find the best solution for you.

If you're selling your current home and buying a new one, you have a few options available:

1. Port your mortgage: This option allows you to transfer your existing mortgage terms to the new property. However, there are specific conditions that apply to this feature.
2. Obtain a new mortgage: This option is when you pay off your existing mortgage with the sale of your property and obtain a new mortgage on the new property. This option comes with various implications such as prepayment charges and down payment requirements.

It's always best to speak with a mortgage expert to determine which option is the right choice for your situation. Learn more about your next home options and connect with an expert.

When you renew a mrotgage, you pay interest on the outstanding principal balance at the time of renewal, not on the initial mortgage amount.

Here's a breakdown of how it works:

• Initial mortgage: When you first take out your mortgage, interest is calculated on the full original principal amount.
• During the mortgage term: As you make payments, a portion of each payment goes towards reducing the principal balance, and a portion goes towards interest.
• At renewal: When your mortgage term ends and you choose to renew, the "new" loan's interest calculations are based on the principal amount that you still owe.

Any interest that accumulated and was not paid off during the previous term would typically have been added to the principal balance, so you would also be paying interest on that.

It’s easier than you may think. Just get in touch with us to start the process. Our team of experts can connect virtually or in person, ensuring your mortgage transfer goes smoothly every step of the way.

Renewing your mortgage happens when your current mortgage agreement (also called “term”) ends, you enter into a new agreement with the same lender to keep your existing mortgage.

Refinancing your mortgage means replacing your existing mortgage with a new one, with more funds and possibly different terms. A full credit application is required, which can take time and add costs. While you can refinance anytime you should consider there may be extra costs like prepayment penalties and/or appraisal charges.

Learn more about renewing or refinancing.

That's an excellent question, and the best place to start can depend on where you are in your home buying journey.

For a simple overview and to understand the foundational steps, first-time home buyers is a great place to begin.

If you're looking for more detailed information on home buying in Alberta, we encourage you to download the ATB Home Buying Guide. 

Both resources are designed to help you confidently navigate the path to homeownership no matter where you are in your home buying journey.

Yes, you can typically get a mortgage for a modular home. Here at ATB, we have a history of providing mortgages to Albertans for modular home purchases.

When exploring a mortgage for a modular home, several key factors are considered:

• Property status: Do you currently own the land where the modular home will be placed, and is it free and clear of any existing mortgages?
• Age of the modular home: The age of the modular home can influence lending criteria.
• Foundation: Will the modular home be placed on an approved, permanent foundation? This is often a crucial requirement for mortgage approval.

It's best to connect with a mortgage expert to discuss your specific situation. They can assess your individual needs and help tailor the right mortgage solution for your purchase.

When buying a home in Canada, you’re required to have a minimum down payment of the following:

• Properties up to $500,000 require a minimum of a 5% down payment
• Properties over $500,000 and under $1,499,999 require 5% down payment on the first $500,000 and a 10% down payment on the portion over $500,000
• Properties $1,500,000 or more require a 20% down payment as they don’t qualify for mortgage default insurance

If you are putting less than 20% down, you will require mortgage default insurance.

For a conventional mortgage, a down payment of 20% or more of the home's purchase price is required. Mortgage default insurance is not typically required for conventional mortgages.

This depends on a number of factors including your income, expenses and debts, as well as your down payment. Our Mortgage Affordability Calculator makes it easy to get an estimate of the maximum home price you may qualify for, so you can start your home buying journey

Our online mortgage pre-approval provides a more accurate picture of your purchasing power. Online pre-approval can be done in two business days. You can also connect directly with a mortgage expert to get pre-approved.

In Canada, if you buy a home with a down payment of less than 20%, you are required to get mortgage default insurance. ATB works with three mortgage insurers who set insurance premiums: CMHC, Sagen and Canada Guaranty. To find out more about insurance premiums and their programs, visit their websites directly.

Mortgage default insurance lets you get a mortgage for up to 95% of the purchase price of a home. It can also help you get a lower interest rate on your mortgage.