Category Archives: Mortgages

How to Avoid Financing Declines – Lunch and Learn

Realtor Lunch & Learn

SOLD! How to avoid financing declines!

Join us this month for our FREE Lunch & Learn at the Guelph Cutten Club on Thursday May 20th from 12:30 – 1:45pm.

This month we will be reviewing the new mortgage rules and how they are changing the way you need to qualify your buyers and sellers.

In this session, we’ll show you:

– how to ensure your clients don’t get turned down for financing

– what you can do to better prepare your clients and get them the best deal

– how to stay in control of your deal and ensure it doesn’t fall apart on financing.

Register quickly!

Seating is limited to 40 Realtors so register quickly by replying to this email or call 519-763-3900 ext. 1000 and speak with Amy.

We look forward to seeing you there!

The Mortgage Centre in Guelph

Complementary Real Estate Services Inc.
Licence Number: 10242

343 Waterloo Avenue, Guelph, Ontario, N1H 3K1
Phone: 519-763-3900
Fax: 519-763-5233
Toll free: 866-838-4366
Toll free Fax: 866-812-8565

Each Mortgage Centre office is independently owned and operated.

Canadian Mortgage Borrowers Spring 2010 Stats

Significant Statistics: Prudence Paying Off For Canadian Mortgage Borrowers – Spring 2010

• There are approximately 9.3 million homeowners in Canada, including about 5.55 million with mortgages.

• Almost 80 per cent of young borrowers have opted for a fixed rate mortgage or a mortgage that combines fixed and variable rates.

• A small number of mortgage consumers (17 per cent) have amortization periods of more than 25 years and the share of mortgages with extended amortizations has stabilized – a year ago the share was also 17 per cent.

• Among borrowers who have renewed a mortgage in the past 12 months, almost three-quarters received a reduction in their interest rate. On average, interest rates were reduced by 1 percentage point on mortgages renewed in the past 12 months.

• 16 per cent of mortgage borrowers have increased their monthly payments beyond required amounts. Combining the data obtained in the survey, the total increases amount to about $150 million per month or $1.8 billion per year if those increased payments are sustained.

• 13 per cent of mortgage borrowers made lump sum payments, with an estimated total of $7.8 billion, equivalent to 1 per cent of the total outstanding mortgage principal.

• For new mortgages, 50 per cent were obtained from a bank, 30 per cent from a mortgage broker, and 20 per cent were obtained from another source.

• Mortgage brokers are used most often in Alberta (32 per cent), B.C. (29 per cent) and Ontario (26 per cent) compared to the Maritimes (19 per cent), the Prairies (17 per cent) and Quebec (14 per cent).

• The total volume of the residential mortgage market is expected to pass the $1 trillion mark mid-year and by the end of 2010 would be in the range of $1.04 trillion. By the end of 2011, the forecast is $1.13 trillion to $1.14 trillon.

Courtesy of Canadian Association of Accredited Mortgage Professionals (CAAMP).