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Are the banks doing an incredible job of retaining customers or are Canadians just too lazy to shop around when renewing their mortgages?
Consumers are more aggressive shoppers when they are seeking a mortgage to buy their first home than they are upon renewal. Only 57% of first-time buyers took out their mortgage with their existing financial institution.
On a $250,000 mortgage at 4.04% paid monthly and amortized over 25 years, the monthly payment would be $1,320.48, with the interest cost during a five-year term at $47,014.79. Chop the rate down to 3.59% and the monthly payment drops to $1,260.09 ,with the interest over the five years falling to $41,658.85.
If you were crazy enough, or lazy enough, to take the posted rate, you would pay $1,510.01 monthly for the same mortgage and your interest cost would jump to $63,201.92.
Let’s just say it pays to shop around. So why don’t more people do it?
There is a perception that it’s difficult to switch banks, plus it will cost you some money to switch. it’s not a hassle and to save $5,000-plus, count me in.
Consumers are more aggressive shoppers when they are seeking a mortgage to buy their first home than they are upon renewal. Only 57% of first-time buyers took out their mortgage with their existing financial institution.
On a $250,000 mortgage at 4.04% paid monthly and amortized over 25 years, the monthly payment would be $1,320.48, with the interest cost during a five-year term at $47,014.79. Chop the rate down to 3.59% and the monthly payment drops to $1,260.09 ,with the interest over the five years falling to $41,658.85.
If you were crazy enough, or lazy enough, to take the posted rate, you would pay $1,510.01 monthly for the same mortgage and your interest cost would jump to $63,201.92.
Let’s just say it pays to shop around. So why don’t more people do it?
There is a perception that it’s difficult to switch banks, plus it will cost you some money to switch. it’s not a hassle and to save $5,000-plus, count me in.
Due to Changes in Insurer Regulations this page is under construction
Please check this page often for up to date information
| New Mortgage Rules Jan 2011.pdf |
| Your Home Value.pdf |
Whether you are purchasing a home or looking to refinance, determining a property's value is an essential step in the mortgage application process. You can help by providing precise and accurate information about your property to your Mortgage Professional
| business_for_self.pdf |
This program is for self-employed borrowers who cannot provide traditional income verification.
| cashback_programs.pdf |
A program for home buyers who have established an excellent credit history but have not yet saved the required down payment or have chosen to use their savings to build assets in different ways.
| refinance_programs.pdf |
This program helps qualified home buyers take equity out of their home for asset enhancing purposes, investments or significant life cycle events.
| investment_property_program.pdf |
Rental program accessible to qualified borrowers with 20% down payment.
| family_plan_program.pdf |
Mortgage default insurance for buyers who are purchasing properties for immediate family members to live in with as little as a 5% down payment. (For example, buying a home for a child to live in while at a post secondary institution, or a home for parents to live in.)
Giuseppe Strazzeri, AMP | Mortgage Broker
Tel: 905-778-8100
Dominion Lending Centres YBM Group
