The "NO FEE REFINANCE": save between $1,000-$2,000 and still get the best rates!

Wednesday, July 22, 2009
The "NO FEE REFINANCE": save between $1,000-$2,000 and still get the best rates!
Canadian homeowners looking to use the equity trapped in their homes now have an excellent, cost effective option. Alberta Mortgage is proud to be able to offer the new "No Fee Refinance" mortgage product to Albertan home owners, which is a program specially designed to reduce the cost(s) of refinancing a home.

In particular, this new program has been designed to eliminate the cost of: a lawyer, an appraisal, transfer fees and title registration at the time of refinance, saving homeowners anywhere from $1,000.00-$2,000.00 at the time of refinancing their home. The best part about this program, is that borrowers still get the best available mortgage interest rates on any available mortgage term!

At a time when money is tight, Alberta Mortgage is proud to be able to offer home owners yet another money saving home financing solution. Take into account the fact that mortgage interest rates remain well below historical averages, and homeowners can be looking at significant savings by simply by replacing their existing home mortgages and securing a historically low mortgage interest rate for the next 5 years. In combination, a terrific interest rate and the "No Fee Refinance" could save you thousands. Take it a step further, and home owners can save even more.

By consolidating their consumer debt (credit cards, car loans, personal loans) into their mortgages, homeowners can maximize their savings. Learn more about debt consolidation mortgages here.

To learn more about this amazing money saving mortgage financing solution, contact one of the qualified mortgage professionals at Alberta Mortgage at 780-479-2222 or visit www.albertamortgagecentre.com today.

New Mortgage Term Lengths

In an effort to provide your clients with even greater choice and product selection, Alberta Mortgage is proud to introduce the following mortgage term length options for prospective and existing home buyers:

1. 18 month term @ 2.75%. This option provides some rate security for home buyers who are not looking to stay in their homes for even 2 years.

2. 42 month term @ 3.75%. This option provides a home buyer with a great rate (0.34%) lower than a conventional 4 year term, and is only 6 months shorter.

Another excellent mortgage product allow for homeowners to get both a fixed and variable rate mortgage at the same time --allowing for a home owner to take advantage of the great variable rates on the market today in combination with the security of a fixed rate. For more information about any of these products, or to discuss any other financing related issue, call Anuj Gupta, AMP, BComm @ 780-479-2222 ext 14 or visit www.albertamortgagecentre.com.

Are we turning the corner? My predictions:

Over the past month, some interesting things have happened; the Canadian Mortgage Bond Market has inched its way up, the Canadian Dollar appears to be leveling off, real estate sales have strengthened across the country, Oil is up (from where it was in February), the financial indexes aren't moving as drastically as they had been earlier this year, and job loss numbers have decreased month over month. What does all this news mean? is Canada out of the woods yet, or is this just the type of statistical anomaly to be expected in the economic climate we live in today?

To be completely honest, I don't know what all this news means. However, what I believe is that many factors that would indicate prolonged stability returning to the Canadian economy are here. Many financial analysts around the Globe are forecasting that the Canadian economy should recover in late 2009. If we are in fact beginning to climb out of the chaos that was the later half of 2008 and first half of 2009, things will be changing --almost all for the better, but not only for the better. In Particular, a recovering economy could mean higher interest rates, and larger accompanying monthly mortgage payments for Canadians looking to purchase a home, and for existing homeowners with Variable Rate mortgages. We have already seen fixed rate mortgage interest rates move up by nearly 0.8% since May as some albeit muted confidence has returned to the market. For those with variable rate mortgages who are wondering when to lock in their mortgage interest rate --this may be a time to look at rates and evaluate their situation. Of course, what we are seeing could simply be that statistical anomaly many expected to see, meaning we maybe haven't reached the end of this 'gray rainbow' just yet. It would certainly seem to be a good time to prudently evaluate your finances.

For more information, or to discuss the pros and cons of locking in a variable rate mortgage at this time, call Anuj Gupta, AMP, BComm, Mortgage Associate with Alberta Mortgage at 780-479-2222 ext 14 or visit www.albertamortgagecentre.com today.

5 Year Fixed Rate Mortgage Interest Rates Fall...Slightly

5 year fixed rate mortgage interest rates have fallen slightly after experiencing upward movement by as much as 0.6% over the previous 45 days.

As of today, 5 year fixed rate mortgages are available with an interest rate as low as 4.29%, subject to qualification criteria.

For more information, call Anuj Gupta, AMP, BComm of Alberta Mortgage @ 780-479-2222 ext 14 or visit us online at www.albertamortgagecentre.com.