Types of ATB mortgages
- Conventional mortgage
Conventional mortgages from ATB are good for clients who can afford a 20% down payment and more. You can choose between a fixed and variable rate (based on the ATB prime rate) and between an open and a closed term. The mortgage term can range from 6 months to 7 years.
In the case of a fixed-rate mortgage, you can accelerate its repayment by either increasing your monthly payments by up to 20% per year or making a prepayment of up to 20% of the borrowed amount per year.
A 5-year mortgage loan amount of $400,000 and more qualifies for a $3,000 cashback bonus. If you opt for a fixed-rate mortgage, the featured interest rate will be 5.19%. In the case of a variable-rate mortgage, the featured rate will be 4.15%.
Conventional mortgages are subject to renewal or refinancing.
You can expand your conventional mortgage by getting financing for residential outbuilding (such as a residential shop or in-law suite).
- Insured mortgage
If the down payment you can afford is less than 20%, mortgage default insurance is a must for you. An insured mortgage from ATB can be both open and closed, with the terms ranging from 6 months to 7 years. You can choose either a fixed or a variable interest rate.
To accelerate your fixed mortgage repayment, you can grow your monthly payments by up to 20% once a year or make a lump-sum payment of up to 20% of your original mortgage amount.
With a 5-year closed mortgage loan of $400,000 and more, you can count on a featured fixed rate of 5.19% or variable rate of 4.15% and a cashback bonus of $3,000.
There is an opportunity to renew your insured mortgage for a new term — from 6 months to 7 years. Refinancing is not available for an insured mortgage.
Just like conventional mortgages, insured mortgages include approved residential outbuildings.
How to apply for an ATB mortgage?
You can start your home buying journey by getting a mortgage pre-approval. Once pre-approved, ATB will hold the interest rate for you for 120 in case of a resale and 180 days in case of a new build.
To get started with the pre-approval process, you need to fill out a quick form on the ATB website with your personal information and contact details. Once you do, ATB experts will check your information and verify your income. You can expect to get a pre-approval in 24 hours.
You can also start the pre-approval process in person at your local ATB branch. There is an option to book an appointment online before visiting an ATB office.
After getting a mortgage pre-approval and making an offer to a home seller, you can move forward to getting full approval from ATB. When processing your application, ATB Financial experts will further check your eligibility based on the property you want to purchase, the size of your down payment, and other criteria. Getting full approval can take 2-3 weeks.
Requirements
To apply for an ATB mortgage, you must be a resident of Alberta of at least 18 years old.
Conventional mortgages are available for clients who can afford a 20% down payment and more. Clients making a 5-20% down payment must purchase mortgage default insurance.
When applying for featured 5-year mortgage loans, the mortgage must be for your primary residence.
Pros and cons
The pros of ATB mortgages are:
- A variety of options for borrowers with different situations
- An opportunity to secure a pre-approved rate for up to 180 days
- Options to accelerate mortgage repayment
- Special offers for 5-year mortgages
- Easy mortgage management through online and mobile banking
Here are the cons to be aware of:
- ATB mortgages are available for residents of Alberta only
- Prepayment penalties with closed mortgages
- Making a down payment of less than 20% requires you to buy mortgage default insurance
How to make a payment?
ATB Financial offers several ways to make a mortgage payment:
- Transfer funds from your ATB bank account to your mortgage either online or ATB through mobile banking
- Pay at an ATB ATM
- Pay at an ATB branch
- Pay by phone
