Protect the Equity in Your Home

With real estate values having declined by as much as 20%, some Albertan home owners are finding themselves carrying mortgages that are equal to and in some cases even larger then their property values. In this type of scenario it is very important for home owners to bring down the principal portion of their mortgage as fast as possible in order to create some equity in their homes in order to build a nest egg or even refinancing opportunities for the future. There are many strategies that home owners can use to quickly and effectively bring down the size of their mortgages. Below, we will outline a few simple strategies that can pay dividends for years to come.

1. Increase the frequency of your payments
When choosing a payment scheme, make accelerated bi-weekly payments in order to get a "free" principal reduction which would be equivalent to one full mortgage payment every year, painlessly.

2. As income rises, raise your mortgage payments.
While disposable income is fun to spend, putting it towards your mortgage will save you a lot of money in interest payments which will be even more fun to spend in the future.

3. Round your payments up, instead of down.
Over time, by making even extra nominal payments of $20 to the principal, the amount of interest that you will be saving yourself from will amaze you.

4. If mortgage rates fall, don't reduce you payment scheme
If so far, you the payment amount has not been an issue of concern, then there is no benefit in reducing the payment amount. However there is a downside to reducing your payment being that interest payments will grow.

By taking advantage of these easy to use options available in most mortgages (as well as some other simple strategies)arranged by the mortgage professionals at Alberta Mortgage, home owners can save themselves hundreds and even thousands of dollars in interest on their mortgages. In addition to these simple strategies, with the help of one of a qualified mortgage professional at Alberta Mortgage you can save tens of thousands of dollars in interest without making any significant changes to your existing spending patterns. To find out more, call one of the mortgage professionals at Alberta Mortgage at 780-479-2222, or visit www.albertamortgagecentre.com.

Fixed Mortgage Interest Rates Drop...Again

For the first time in a very long time, 5 year Fixed Mortgage interest rates in Canada have fallen below 4.00%. Falling mortgage interest rates provide an excellent opportunity for home owners to reduce their monthly living expense and actually pay off their mortgages faster.

To find out if you qualify, call one of the qualified mortgage professionals at Alberta Mortgage @ 780-479-2222 or Apply Online at www.albertamortgagecentre.com.

Reducing Monthly Living Expense in Uncertain Times

In an uncertain financial climate, all of us are looking for ways to cut our monthly expenses. One of the single largest monthly expenses for many Albertans is the cost of monthly mortgage payments. With the Global Recession now appearing to be deeper and more prolonged than previously forecasted, an opportunity to reduce monthly living expenses for many Albertans appears to now be on the horizon. Variable rate mortgages are currently sitting at historical lows, and coupled with 35 year amortizations --homeowners can see reductions in monthly mortgage payments of hundreds of dollars.

One question many homeowners have is "how long will the benefits of a variable rate mortgage last?" While lower payments today are great, many homeowners worry about the days ahead when the World Economy finally does recover and interest rates accordingly rise --meaning their monthly payment on their variable rate mortgage rises. One excellent feature of most Variable Rate Mortgages is that they allow for homeowners to convert their existing variable rate mortgage into a mortgage with a fixed mortgage interest rate at any time, at no cost.

While interest rates are low today take advantage of the tremendous savings potential offered in these markets, and converting into a fixed rate mortgage when you feel that the available interest rate is suitable.

to find out how much you could save by switching from a Fixed Rate Mortgage to a Variable Rate Mortgage, call one of the qualified mortgage professionals at Alberta Mortgage today @ 780-479-2222 or visit www.albertamortgagecentre.com.

Falling mortgage interest rates create opportunity for Albertan homeowners to lower their monthly mortgage payment expense

While many sectors of the Albertan economy have been negatively impacted by lower oil prices and a relatively weakened Canadian economy, recent drops in Prime lending and Fixed mortgage interest rates have created an opportunity for Albertan homeowners to reduce their monthly mortgage payment expenses by refinancing their mortgage.
Many Albertans are starting to feel the effects of a slowing global economy at work, at home, and in their bank accounts. In these trying economic times, it is important for Albertans to look for ways to reduce expenditures. For many people, monthly mortgage/home equity line payments make up the single largest ongoing expenditure encountered. As homeowners face reduced working hours and even job loss, a reduction of even a few hundred dollars each month provides significant financial relief. With recent reductions in the Prime lending rate in Canada, as well as reductions in fixed mortgage interest rates opportunities have arisen for Albertan homeowners to significantly reduce their monthly mortgage expense while creating more equity in their homes.

For Albertan homeowners with at least 10% equity remaining in their homes, there is now a way to reduce monthly mortgage expenses while at the same time creating more equity in their home with each monthly payment. The concept is simple --with a lower mortgage interest rate mortgage payments are lower, and the interest portion of each payment made is smaller.

To learn more about ways to reduce mortgage expenses, or to learn more about the refinancing process, contact one of the qualified mortgage professionals in your area or visit http://www.albertamortgagecentre.com.

Pay off your debt faster without changing your lifestyle --is it just a myth?

Becoming debt free has just become a little bit easier.

Alberta Mortgage is proud to now be able to offer a revolutionary debt elimination system for Albertans -home owning or not, that will help people eliminate their debt in as little as one third the scheduled time it would take to be debt free. If you have a mortgage, credit cards, student and vehicle loans, or any other form of personal debt, the mortgage associates at Alberta Mortgage can show you how you could possibly see a dramatic reduction in the amount of interest you pay on your debt without making any significant changes to your lifestyle.

To learn more about this product, and see how much you could save, contact one of the qualified mortgage associates at Alberta Mortgage at 780-479-2222, or visit www.albertamortgagecentre.com.

How do decreasing property values affect my mortgage?

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.

If my mortgage currently carries a large prepayment penalty, is it worth refinancing?

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.