In the existing financial market, if my mortgage is coming up for renewal what should I do?

The collapse of the financial markets around the World has and will continue to impact nearly every facet of Albertan life. Oil prices have eased, real estate activity has slowed, lending practices have changed, food prices are expected to drop, and many industry experts are even beginning to speak about the Credit Crunch’s impact on professional sports. Accordingly, homeowners who have paid their mortgages on time for the past 3 or 5 years and maintained an excellent credit history are not being left immune. Financial Institutions have experienced traumatic losses over the past 24 months, and it is becoming increasingly clear that their costs are going up. As a result, mortgage lending practices are changing, and interest rates are starting to move.

In today’s market homeowners must remain vigilante, and exercise their ability to minimize their home ownership costs –including the cost of their mortgage. The easiest way to ensure that Albertan homeowners get the best deal is to consult a qualified Alberta Mortgage Professional.

As a mortgage nears renewal, most financial institutions send out offer letters to their clients –indicating prevailing mortgage rates, and offer a series of mortgage terms. At this time, it is important for homeowners to shop around –the same way they did when they first got their mortgage. By taking an active role at the time of renewal, homeowners can take advantage of new products, deal with more suitable lenders, and get the best available mortgage interest rates.

For more information about changes occurring in the mortgage market or if your mortgage is coming up for renewal, contact one of the qualified Alberta Mortgage Professionals at Alberta Mortgage @ (780)479-2222 or visit www.albertamortgagecentre.com.