ATB Financial
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
ATB Financial:
Your Trusted Mortgage Lender in Canada
History as a Mortgage Lender in Canada
ATB Financial is a prominent financial institution that has served the people of Alberta and beyond since 1938. Originally founded by the Alberta provincial government to provide banking services to rural and underserved communities, ATB has grown into a fully integrated financial institution with a strong presence across the province. Known for its customer-first approach, ATB Financial is now a significant player in the Canadian mortgage market, offering a wide variety of products to help homeowners and businesses achieve their goals.
With years of experience, ATB has developed a reputation for offering competitive mortgage rates and excellent customer service. As a financial institution, it remains dedicated to providing affordable, reliable, and accessible home financing options for all Canadians.
Types of Mortgage Products & Programs
ATB Financial offers a variety of mortgage products designed to cater to the needs of different customers, from first-time homebuyers to seasoned investors. These products include:
Fixed-Rate Mortgages: ATB offers fixed-rate mortgages that provide long-term stability, allowing you to lock in an interest rate for the duration of the mortgage term. This can be ideal for those who prefer predictability in their monthly payments.
Variable-Rate Mortgages: With variable-rate mortgages, the interest rate can fluctuate based on market conditions. These are an excellent option for customers looking for potentially lower rates and more flexibility.
High-Ratio Mortgages: ATB Financial provides high-ratio mortgages, making it easier for first-time buyers or those with limited savings to purchase a home. These mortgages are typically insured by the Canada Mortgage and Housing Corporation (CMHC).
Home Equity Line of Credit (HELOC): For homeowners looking to tap into the equity of their property, ATB offers HELOCs. These flexible loans allow homeowners to borrow money as needed, making them a great choice for renovations or debt consolidation.
Self-Employed Mortgages: ATB understands that self-employed individuals may face unique challenges in providing income documentation. As such, they offer mortgage products tailored to the needs of self-employed workers, including more flexible underwriting criteria.
Commercial Mortgages: ATB also offers commercial mortgage products for businesses looking to purchase or refinance commercial real estate. These include both fixed and variable-rate options tailored to the needs of business owners.
Minimum Credit & Income Requirements
ATB Financial is committed to helping a wide range of customers access homeownership. Here are some of the typical requirements for mortgage approval:
First-Time Homebuyers: First-time buyers typically need a minimum credit score of 600 and a down payment of at least 5%. However, a higher credit score and larger down payment can improve your chances of approval.
Salaried Employees: If you are employed full-time, ATB requires proof of stable income (e.g., pay stubs, tax returns). A credit score of 600 or higher is usually required to qualify for a mortgage.
Contract Employees: Contract workers can still qualify for a mortgage with ATB, though they may need to provide additional documentation, such as recent tax returns or a history of contract work.
Self-Employed Individuals: Self-employed borrowers are required to provide more extensive documentation, such as business financial statements, personal tax returns, and proof of consistent income. ATB Financial offers specialized mortgage solutions for self-employed individuals to ensure they are not excluded from homeownership.
Stated Income Programs: For applicants who may not have traditional forms of income documentation, ATB offers stated income mortgage programs. These are designed for borrowers who can prove their ability to repay the mortgage but may not have the typical employment or income verification.
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Mortgage Underwriting Criteria for Approval
ATB Financial uses a detailed and thorough underwriting process to assess mortgage applications. Key criteria include:
Credit Score: Lenders typically look for a credit score of 600 or higher for most mortgage products, though some specialized programs may accept lower scores.
Income Verification: Proof of income is a crucial part of the approval process. For salaried individuals, recent pay stubs and tax returns are required; for self-employed individuals, financial statements and tax filings will be necessary.
Debt-to-Income Ratio: Lenders evaluate how much debt you have relative to your income. This ensures that borrowers are not overextended financially.
Down Payment: A larger down payment can help you secure better mortgage terms and interest rates, while also decreasing the amount of insurance required.
Property Appraisal: A home appraisal is conducted to determine the property’s market value and ensure it aligns with the loan amount.
Locations Serviced and Branch Presence in Canada
While ATB Financial has a robust presence throughout Alberta, with over 150 branches and numerous ATMs across the province, its digital banking services provide access to mortgage products and services nationwide. Through online and mobile banking, ATB serves customers beyond Alberta, making it easy for clients to access their mortgage services from virtually anywhere.
Mortgage Application Checklist
To apply for a mortgage with ATB, make sure to gather the following documents:
Proof of identity (e.g., passport, driver’s license)
Proof of income (e.g., pay stubs, tax returns)
Proof of down payment (e.g., bank statements, gift letters)
Employment history and details
Authorization to pull your credit report
Property details (e.g., MLS listing, sales agreement)
How to Start a Mortgage Pre-Approval
To begin the mortgage pre-approval process with ATB, you can either visit one of their branches, apply online, or speak with a mortgage advisor. Pre-approval allows you to determine how much you can afford, giving you a clear idea of your budget before you start house hunting.
How to Get Mortgage Rates
ATB Financial offers competitive mortgage rates, which are updated regularly on their website. You can also speak directly with a mortgage advisor to get personalized rate quotes based on your financial profile and mortgage needs. ATB offers both fixed and variable mortgage rates, allowing you to select the best option for your budget and preferences.
Mortgage Pre-Payment Options
ATB Financial offers several pre-payment options to help you pay off your mortgage faster and save on interest:
Extra Payments: You can make lump-sum payments on your mortgage to reduce the principal balance.
Increase Payments: ATB allows you to increase your regular payments, helping to pay off the mortgage sooner.
Double-Up Payments: You can double your regular payments, effectively reducing your loan balance faster and saving on interest costs.
These pre-payment options provide flexibility, enabling you to reduce your mortgage term and pay less interest over the life of the loan.
ATB Financial is an excellent choice for Canadians looking for reliable, flexible, and competitive mortgage solutions. With a variety of products for first-time homebuyers, self-employed individuals, and commercial buyers, ATB stands out as a trusted partner in the mortgage lending space. Whether you are buying your first home or refinancing, ATB offers the resources, expertise, and competitive rates to make your homeownership dreams a reality.Footer Logos
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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