Your Mortgage Source Info Letter – July 2009 Edition
Courtesy of Alex Kotai, Senior Mortgage Advisor
yms Your Mortgage Advisor
This month’s feature: Key Findings from CMHC Survey.
CMHC recently conducted a survey of mortgage consumers in Canada. Below are some of the key findings of the study.
● Nearly 90% of mortgage consumers in Canada believe that home ownership is a good long term investment.
● 70% of purchasers feel that now is a good time to buy a home.
● 1/3rd of mortgage consumers plan to leave or sell their home in the next 5 years.
● More than 80% of consumers know what their credit score is and know what the debt service ratio is that lenders will
use to qualify them for a mortgage.
● 73% of first time homebuyers used their own resources for their down payment.
● 75% of purchasers have a goal to pay off their mortgage faster than their current amortization.
● 20% of recent purchasers have made a lump sum payment to their mortgage.
● 78% of mortgage consumers were satisfied with either their lender or broker.
● Getting the best rate on a mortgage was the driving factor for only 57% of clients.
● 76% of clients remain loyal to their existing mortgage lender; however with first time home buyers only 47% of them
got their mortgage with their existing financial institution. The younger the client the more likely they were to use a
mortgage broker versus dealing with their financial institution.
Finally, on average, about 25% of all mortgage transactions were facilitated through a mortgage broker.
We hope you all have a Happy Canada Day.
If you require any further information regarding this article or mortgage rates please give our office a call at 604‐556‐3893.
Our Best Rates as at July 1, 2009
Rates fluctuate daily and we may be able to obtain better rates than thoseshown below.
Please call our office for the most up‐to‐date Best Rates.
Terms Our Best Rates
Variable Rate Closed
- *(Prime + .40%) 2.65%
- 4 year closed 3.89%
*Based on current prime rate of 2.25%. All rates subject to change without notice. Some restrictions may apply. Rates above are best rates available and may vary depending on quality of the credit application. All mortgages are subject to credit approval.