Fixed rate mortgage interest rates in Canada are currently at historical lows, meaning mortgage money is effectively cheaper than it had been at most any point in Canadian history. While the existing economic climate is not being welcomed by most Canadians --homeowners or not, the accompanying decreases in mortgage interest rates are certainly a welcome reprieve. Today, 3 year, fixed rate mortgages are available well below 4%, meaning that for any home owner who locked into a fixed rate mortgage at anytime in the past 4 years can potentially save thousands in interest and lower monthly payments over the course of their mortgage term.
Even after paying penalties, the benefits of replacing an existing mortgage with a new fixed rate mortgage can often far outweigh any associated costs. In particular, the greatest two benefits of refinancing to a lower mortgage interest rate are as follows;
A decrease in monthly payments, and therefore more discretionary income; and second, lowering the amount of interest that makes up each payment --meaning that at the end of your term, you will owe less on your home than you would with a higher rate mortgage!
To find out just how much you could possibly save, call one of the qualified Alberta mortgage professionals at Alberta Mortgage at 780-479-2222, Apply Online, or visit www.albertamortgagecentre.com.
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