Property values all over Alberta have been steadily dropping since late 2007, and this change has had a dramatic impact on Albertan homeowners. In particular, with property values in some cases dropping by as much at 17%, homeowners who purchased homes with 0-5% down now owe more on their home than it is worth. As a result, they are no longer able to refinance their existing mortgage in full --meaning that they cannot take advantage of the lower fixed mortgage interest rates now available without first making a substantial prepayment on their mortgage.
To learn more about the affects of a declining market on your mortgage, call one of the qualified edmonton mortgage brokers at Alberta Mortgage at 780-479-2222, or visit www.albertamortgagecentre.com today.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment