Owning a home to become more affordable in the coming months, predict Red Deer Mortgage Brokers

CALGARY, AB, CANADA, December 16, 2010 (Press-News.org) The Red Deer Mortgage brokers ( http://reddeermortgagebrokers.org ) have predicted that houses are to be become more and more affordable. Research from the RBC, has stated that the proportion of pre-tax income that it takes to own a home has declined in the Q3 of 2010. Experts attribute this to low home prices and mortgage rates.

"The Canadian mortgage industry is all set to stabilize after a long time. For the past two years we've seen the mortgage rates, on a roller coaster ride. 2011 however seems to be a little stable. Although there might be a downward pressure on prices, this is likely to stabilize by the next year. Although we did see the mortgage rates increase in the past few weeks, the increase has been largely due to the decline in the stock markets. This saw a number of people taking their money out of the stock market and investing them in the bond market. Thus the interest rates for fixed mortgage rates increased. The market however has now stabilized and mortgage rates have increased from 3.39 to 3.69 %-still at their all time low rates," says, Mr. Ken Faminoff, of reddeermortgagebrokers.org, a website that's dedicated to help consumers in Alberta to find a competent Red Deer Mortgage ( http://reddeermortgagebrokers.org ) broker with the best mortgage rate.

"In fact the Canadian Association of Accredited Mortgage Professionals (CAAMP) has predicted a 6.5% increase in the mortgage growth for 2011. The Canadian market is much safer than its American counterparts. This is mainly because of the government's efforts to ensure that the problem does not spread to its neighboring country. Besides, unlike the American government that encourages people to own homes by offering them tax incentives, the Canadian government's decision to disallow such practices encourages only those who could afford a loan to go ahead and buy a home. Also unlike in the US, homeowners who owe 80% or more of the value of their property should purchase mortgage insurance from a government run agency. So if the owner is unable to pay back, the government steps in to help people work out a payment plan or simply sells the house and cover the coverage to ensure that the lender does not suffer," he adds.

About Mr. Ken Faminoff: Mr. Ken Faminoff runs a website reddeermortgagebrokers.org, that's dedicated to help people looking for homes with the best possible rates. To know more, http://reddeermortgagebrokers.org/