Q:

How do you find the current ATB mortgage rates?

A:

Quick Answer

To view current ATB mortgage rates, visit ATB.com. Under the Personal tab, select Resources. Click on Mortgage Rates to view the current mortgage rates. ATB offers closed fixed-rate mortgages for terms of one to seven years, and open fixed-rate mortgages for terms of six months to two years. ATB also offers open-variable rate mortgages. The rates on ATB's website may change without prior notice, and the company updates rates as it receives new information.

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Full Answer

As of August 2013, ATB Financial began posting the mortgage rates that customers are actually responsible for should they take out a mortgage loan with the company. These loans, which the company designates as No Bull mortgages, offer borrowers a smaller prepayment fee, explains ATB Financial.

When a buyer breaks a mortgage loan before the term ends, he typically must pay a prepayment penalty, reports ATB Financial. In the case of a fixed rate mortgage, the lender determines this fee to be the equivalent of three months' interest or the interest rate differential, depending on which is the larger amount. When a lender determines these fees, it usually bases the calculations on the posted mortgage rates along with any borrower negotiated discounts. With a mortgage from ATB, the prepayment penalty is determined by the actual market rate, which is the same rate that ATB posts, allowing the borrower to save money on these fees.

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