Good News ! - Alberta Mortgage Arrears decreasing

Mortgage arrears data came out today. A very reassuring trend is developing. Mortgage arrears are decreasing. Arrears is when you are behind on your mortgage payments by 3 or more months. This is usually a sign of financial distress. Illness, loss of a job , or lossing your overtime hours can all create stresses in a family's finances. The graph here shows that while Alberta enjoyed low mortgage arrears in 2008 of .30% or 1/2 of 1% , this number "rocketed" up to .84% during the past couple of years. Down arrears are trending downward and now sit around .60%. This is a good sign of a recovering economy. People are back to paying their bills and mortgages on time. One thing that is helping is that people are renewing their mortgages are much lower rates today. If you would like to explore the option of renewing your mortgage early contact me to discuss the different ways I can help you. Alberta Mortgage Arrears