Client Services
Search For Property
Buying A Home
Selling A Home
Investors
Mortgage Info/Rates
Information Videos, Audios & Podcasts
Our Business Directory
Personal Information
Important Resources
Careers
Walter's Real Estate Blog
rss feed
Dallas Texas Video Marketing Roundup
Posted on Sun, 12 Dec 2010, 10:38:55 PM  in Marketing strategies
Tags:,  ,    

       comment on this
Mortgage Stats
Thursday, 25 November 2010, 09:53:10 AM
Tags:  

ANNUAL STATE OF THE RESIDENTIAL MORTGAGE MARKET IN CANADA

November 2010

Significant Statistics

35% of all mortgage holders have either increased their payments or made a lump sum

payment on their mortgage in the last 12 months

Vast majority of Canadians have ability to afford higher mortgage payments. 84% said

they could handle monthly increases of $300 or more in their monthly payments

90% of Canadian homeowners have at least 10% equity in their homes, 81% have over

20% equity

70% of Canadians are satisfied with their mortgage terms

Despite low Bank of Canada interest rates reflected in low variable rate mortgages, a

majority (66%) of Canadians still have a five year fixed mortgage, 29% have variable

mortgages and 4% a combination

Overall, 22% of mortgages have an amortization of greater than 25 years compared to

18% last year

Overall home equity is 72%. For homeowners with mortgages, equity level averages

50%

Mortgage rates continue to drop. Average mortgage rate is 4.22% versus 4.55% last

year. For those who took out a mortgage in the last year, the average rate was 3.75%,

72% of those renewing saw a decrease in their mortgage rate

Overall, mortgage brokers account for 25% of all mortgages, for new mortgages in the

past year this number rises to 40%

As of August 2010, there was over $1 trillion in outstanding residential mortgage credit in

Canada

Mortgage arrears rate remains stable at 0.42%, lower than for most of the 1990s

       comment on this
Be Mortgage Free Faster
Posted on Wed, 15 Sep 2010, 03:35:42 PM  in Financing Tips
Tags:,    

Paying your mortgage off the traditional way takes 25 to 40 years and costs about TWICE the purchase price of your home. Here are some effective ways to pay off your mortgage sooner, build equity faster and save thousands in interest.

• Change your payments. Simply increasing your payment frequency to bi-weekly or weekly costs nothing and can save thousands of dollars over the
life of your mortgage. If you can afford to pay a little extra, consider accelerated bi-weekly or weekly payments—these are equivalent to making one extra monthly payment per year which results in substantial savings. Or you can make a lump sum payment which can realize savings several times as great over the life of your mortgage.

• All-in-one mortgage. Instead of making extra payments, consider switching to a mortgage that pays off the principal faster without costing you anything more. All-in-one mortgages combine a line-of-credit mortgage with a chequing account to reduce interest costs and pay off your mortgage in as little as half the time, without changing your spending habits. You deposit your pay into the all-in-one account and pay bills as you normally would. While you’re not using your money, it’s used to reduce your daily loan balance. Over the life of the loan, this can save hundreds of thousands of dollars in interest!

• Merged account mortgage. If you’d rather not refinance your existing mortgage to switch to an all-in-one mortgage, consider a merged account mortgage. This system uses your existing mortgage (any type of first mortgage will work), an advanced line-of-credit (ALOC), and specialized software that makes a connection between your bank account, ALOC and mortgage. Each time you deposit income into your account, the software automatically generates an interest cancellation on your mortgage. The result is that a 30-year mortgage can be paid off in about 8 to 11 years, with no change to your lifestyle or refinancing of your existing mortgage.

To help decide which of these options is the best way for you to become mortgage-free sooner, call us today for a free analysis at 1-877-904-9222 or apply online at http://www.mrfinancial.ca

       comment on this
adminlistingsprivacy policycontactsite map
Coldwell Banker Maximum Results Real Estate Services; Brokerage. Independently owned and operated.
Copyright © 2002-2018. All rights reserved.
Realtor Web Site Design by Lone Wolf Technologies.
Lone Wolf Technologies