The Canadian Mortgage and Housing Corporation (CMHC) recently released its 2016 Mortgage Consumer Survey. The survey consisted of over 3000 Canadians who had undertaken a mortgage transaction in the last 12 months. Results show that 62% of respondents had renewed their mortgage in the last 12 months while only 18% refinanced their existing mortgage and 20% purchased a home.
Six or even nine months prior to your renewal date is the ideal time to start examining your options. This is the time to consider the money that could be saved by consolidating your existing debts, discuss strategies that will pay your mortgage off faster and save thousands, or what your home may be worth with some new renovations. It might even make sense for you to use the new money for investments outside your home.
Since Mortgage Professionals like us have the expertise and resources at hand to make all the opportunities available to you, it is no surprise that CMHC reported that the use of mortgage brokers for the purpose of refinances and renewals has increased. According to the survey, mortgage brokers are also the professionals of choice for first-time homebuyers.
With so many products and options only available through mortgage brokers, combined with the expertise that comes with being dedicated only to mortgages, it makes financial sense to use the services of a mortgage professional like myself.
Even if your mortgage is not coming up for renewal anytime soon, we are available to answer any questions about your current mortgage or your new mortgage. If you or someone you know need knowledgeable professional mortgage services please call or email us.
Click here for the full 2016 CMHC Consumer Survey Report.