While mortgage money offers a relatively low cost solution for Canadians to own real estate, pay for renovations, and take vacations, mortgage related interest debt represents a substantial portion of all Canadian debt and mortgage payments make up a significant proportion Canadian homeowners' gross monthly income.
Over the life (amortization period) of a mortgage, many Canadians are surprised to learn that interest costs can add up to more than the purchase price of their home, regardless of their interest rate. For example, over the life of a $310,000.00 mortgage with an average interest rate of 6.00% and an amortization of 30 years, a mortgage borrower will pay $353,824.46 in interest costs alone. Imagine cutting the amortization of this same mortgage in half and suddenly you have an extra $100,000 to spend, save or invest. This new product offered by Alberta Mortgage is a tool that will help Canadians save money, and reduce the life, and interest costs of their mortgage.
The mortgage professionals at Alberta Mortgage are proud to now offer a product that will help Canadians save tens of thousands of dollars in interest on their mortgages without making any additional payments --simply by reducing the amortization of the mortgage loan.
"This new product will help Canadian homeowners save hundreds of thousands of dollars in interest over the life of their loan" says Anuj Gupta, AMP, of Alberta Mortgage when describing one of the newest additions his company has made to an already vast selection of products designed to help Canadians own and manage real estate. "I'm just surprised it didn't exist before."
The new product offered by Alberta Mortgage teaches and instructs mortgage borrowers to pay down their mortgage in less than half of the scheduled mortgage amortization without making any additional payments. In essence, the product makes every dollar you spend worth nearly two without doing any additional work.
To learn more about this exciting new product, and apply please contact one of the qualified mortgage professionals at Alberta Mortgage.
