Now that the Alberta real estate market has finally become a true buyers market, and with 5 year fixed residential mortgage rates nearing all time lows there is really no reason to continue renting. Today, mortgage payments are equal to and in some cases even lower than market rent rates for similar properties. Why rent when you could own for the same monthly payment?
Consider this, the average rent in Edmonton in 2008 was $930.00. At the same time, the average purchase price of a two bedroom apartment condo in Edmonton is $195,000. With a 5% down payment, on a purchase price of $195,000, you, as a home owner could be looking at a mortgage payment of $815.49 a month. Why pay your landlord's mortgage and let them reap the benefits of property value appreciation instead of you?
To find out if you could qualify for a mortgage loan, call Anuj Gupta, AMP, BComm of Alberta Mortgage at 780-479-2222 ext 14 or Apply Online at www.albertamortgagecentre.com.
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