10 Year Fixed Rate Mortgage Offering Canadians Stability, at a Very Low Cost

10 year fixed rates haven't been an attractive option for most Canadian Homeowners at any point in the last decade. However, due to today's economic climate, many Canadian Homeowners are maximizing their savings with today's historically low interest rates, by selecting longer than normal fixed rate mortgage terms. Today's 10 year fixed rate mortgage at 3.89% provides a tremendous opportunity for Home owners to save thousands of dollars over the next 10 years in two ways: 1. As compared to renewing in 5 years with an interest rate of 5.00%, homeowners would save approximately $1,800 for every $100,000 left owing on their mortgage. 2. By selecting a 10 year term, homeowners can enjoy stability for a full 10 years, without experiencing a 'payment shock' at the time of renewal. When rates go up(as they are forecasted to at some point within the next 5 years), homeowners with outstanding mortgages and secured lines of credit will see their mortgage payments go up. If you have a 10 year term, you will not see that increase for 10 years --but if you've selected a 5 year term, you would likely see this increase sooner. For more information about interest rates, and mortgages, call one of the qualified Edmonton mortgage brokers at Alberta mortgage at 870-479-2222 or visit http://www.albertamortgagecentre.com.