Lloydminster Mortgage Brokers

If you’re looking for a Lloydminster mortgage broker that can bring you the best of a bank and the best of a broker, look no further! We have Mobile Mortgage Brokers who serve the Lloydminster area who can meet with you at a time and place that works for you. We can also do everything online or over the phone.

At True North Mortgage, we bring you five-star customer service and easy to reach office locations, while still offering the best rates. That’s because we believe that low cost shouldn’t equal low service. And you don’t have to take our word for it - just check out our reviews.

We know that your mortgage needs are unique to you. That’s why our highly trained mortgage specialists work to bring you the perfect fit.

Apply for your TrueRate in minutes.

Rules have changed. Everyone's rate is unique.

Canadian regulations have changed the way mortgages work. You must now qualify for your rate. Factors like equity in your home and personal credit will impact the rate.

Get Your Best Rate
Mortgage
Size
Term
Rates From
Payments as low as
1 Year Fixed
2.14%
$1678 /mo
2 Year Fixed
1.89%
$1678 /mo
3 Year Fixed
1.89%
$1678 /mo
4 Year Fixed
1.99%
$1678 /mo
5 Year Fixed
1.69%
$1678 /mo
5 Year Variable
1.60%
$1678 /mo
HELOC Open
2.95%
$1678 /mo

*Illustration purposes only. Use our Mortgage Calculator for accurate payments

How are mortgages regulated in Lloydminster?

Introduced in 2000, the Real Estate Act of Alberta serves to regulate mortgages for the area.

The Real Estate Council of Alberta (RECA) is the independent governing body that establishes, regulates, and enforces mortgage regulation in Lloydminster.

These regulations work on behalf of the customer to make sure that you receive nothing but the best service from banks, lenders, and mortgage brokers.

What mortgage insurance is available in Lloydminster?

Mortgage insurance is required if you are buying a home with less than a 20% down payment. This is a Canada-wide rule, which is often referred to as CMHC insurance, although there are other insures to choose from.

This insurance serves to protect lenders should there be an issue with repaying your mortgage. However, it also serves to offer you lower mortgage rates, and lower down payment requirements.

Mortgage insurance is applied to the amount of your mortgage and is paid through the same monthly repayments.

Currently, there are three mortgage insurance providers in Lloydminster: the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial, and Canada Guaranty.

Historic mortgage rates

Canadian regulations have changed the way mortgages work, and the rates you can enjoy. Today you must qualify for a rate, which is factored by the equity in your home, and your personal credit.

See below for the historic mortgage rates in Lloydminster:

Variable Rate

2019 - 2.71%

2018 - 2.32%

2017 - 1.95%

2016 - 2.03%

5 Year Fixed Rate

2019 - 2.81%

2018 - 3.15%

2017 - 2.59%

2016 - 2.25%

Historic overview of the Lloydminster real estate market.

With a population of around 31,000 and a small-community feel, Lloydminster enjoys many of the amenities that make big-city life appealing.

According to an RBC market study, the Lloydminster real estate market is one of the most affordable in Canada. Lloydminster homes cost 31.2% of average household income, which makes it one of the lowest in the country.

Even with the slight drop in income over recent years, Lloydminster’s affordability and prices continue to stay relatively stable.

Lloydminster Mortgage Rates

Mortgage Rates are different across Canada. Rates are shown based on your location. If you are planning to purchase out-of-province, be sure to choose rates where the property will be located.

Canada Wide Mortgages

True North Mortgage can complete mortgages anywhere in Canada efficiently over the phone.