Three in fiveCanadians say they do“a lot” of research before choosing their mortgage, according to a recentIpsos poll. But when it comes to mortgage renewals, too manyput in too little effort. Only 42% of renewal customers claim to do a lot of mortgage research. A disappointing1 in 5 (22%) admit to doing no research at all. That’s a real problem...
If you got a mortgage last year and paid less than 2.76%, you beat the averages. That was the typicalrate for a new mortgages in 2016, according to Mortgage Professionals Canada’s (MPC’s)annual mortgage survey. Itwas a good year for those renewing a mortgage. A majority (64%) switchedinto a lower rate, with theaverage being 2.70%. This data confirms the obvious, of...
When it comes to getting the lowestmortgage rate, where you live matters. Someone searching RateSpy.com from Halifax, for example, sees 2.49% astoday’slowest5-year fixed mortgage rate.Meanwhile, someone in Vancouver with the exact same qualifications sees2.32%. Both of those rates are clearlyexceptional, but 0.17 percentage points is still0.17 percentage points. We’re talking about $1,593 of interest differential on a standard $200,000 five-year...
One of the worst things amortgage shopper can do is assume that alender’s rates are competitive. For evidence of that, look no further than the latest data from ournation’s largest default insurer, CMHC. Itreportsthat borrowers who closed insured 5-year fixed mortgages in the thirdquarter of 2014 paid an average rate of 3.37%. That’s somewhat remarkable when you realize that the...
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