Canadians are confident that home values are increasing and are optimistic about local housing markets, the Canadian Association of Accredited Mortgage Professionals said in a report.
An October survey conducted saw citizens reply with an average score of 6.56 out of 10 when asked if this was a good or bad time to buy a home in their community, said the report, released yesterday.
Citizens are also “highly satisfied” with the terms of their mortgages, it said. For those who renewed or refinanced a mortgage in the past 12 months, the average new rate was 1.12 percentage points lower than the previous one.
With interest rates at a low it is a great time to see if it is worth your while to switch to a new rate.
Source: Carla Wilson, Times Colonist
For any information call Charmaine Idzerda at 1.866.824.8057
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The simple fact of renewals is this: nearly 60% of people sign back renewal letters without even taking the time to see what else is available. As a result, there is little or no incentive for the financial institution to give their best offer. What makes things even more interesting is the fact that renewal letters usually only arrive about two to three weeks before the mortgage is actually up for renewal. This two to three weeks gives you very little time to arrange financing with another lender, or to take advantage of the lower rates that may have occurred in the three to four months before your renewal date.
Consumers should be pre-approving their renewals 90-120 days prior to their actual renewal date. This immediately gives you the benefit of the lowest rate on the market for the longest period possible before your renewal date. What makes this better is the fact that this is completely free and without obligation.
A mortgage is too big a financial decision to not take seriously. It makes sense to place your mortgage with the institution that gives you the best rates and service.
Using the services of a mortgage broker who shop’s the market to obtain the best rate and terms makes a lot of sense!
For more information about obtaining a mortgage renewal please call Charmaine at Verico Designer Mortgages Inc. Toll Free: 1.866.824.8057
Mortgages
Mortgage Renewal
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