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Tag: Mortgage Canada

Reverse Mortgage Canada Pros And Cons

Reverse Mortgage Canada Pros And ConsLooking to get a reverse mortgage? Reverse mortgage calculator may have shown you a nice financial benefits; in deed its one of a valuable retirement planning tool that can show you a great increase in your retirement income against your asset being as a homeowner, but you have to carefully compare the benefits against all the reverse mortgage downsides in relation to your personal financial situation.

What is a reverse mortgage in Canada? A reverse mortgage Canada is a secured loan that is designed for the senior homeowners aged 55 years, and older. A reverse mortgage is secured by the equity in the home, which is the difference between the value of your home and the unpaid balance of any current mortgage. It allows homeowners to obtain cash without having to sell their home. Homeowners may be able to borrow up to 55% of the current value of their home. The agreement is a “life-term” loan, which is a loan for either the lifetime of the owners or the life of the ownership of the home.

Reverse mortgages have got very attractive and convincing claims that are being used by marketing campaigns like; enjoy your financial freedom, borrow tax-free, obtain the money now, remain independent, and renovate your house while staying in your home, where your home will continue to appreciate in value. Never make your decision to get your reverse mortgage loan before exploring your other suitable options; shop around, compare the costs and study its impact on your life. Moreover, don’t forget to ask questions to your lender about reverse mortgages in light of your own personal financial position and other doubts you may have prior to taking the loan. Government of Canada have already written down about the important questions that you should ask your lender that would help you in making decision, the link to the page is provided at the bottom.

Before you make your decision to get a reverse mortgage, make sure you consider the advantages and disadvantages carefully; following are some of the pros and cons of reverse mortgage Canada:

Pros

  • You don’t have to make any regular loan payments
  • You may turn some of the value of your home into cash, without having to sell it
  • The money you borrow is a tax-free source of income
  • This income does not affect the Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits you may be getting
  • You still own your home
  • You can decide how to get the funds

Cons

  • Interest rates are higher than most other types of mortgages
  • The equity you hold in your home may go down as the interest on your loan adds up throughout the years
  • Your estate will have to repay the loan and interest in full within a set period of time when you die
  • The time needed to settle an estate can often be longer than the time allowed to repay a reverse mortgage
  • There may be less money in your estate to leave to your children or other beneficiaries
  • Costs associated with a reverse mortgage are usually quite high compared to a regular mortgage

To get more in depth and up-to-date knowledge of the subject you should consult the Government of Canada website; get all the information about the reverse mortgages Canada.

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Annual State Of The Residential Mortgage Market In Canada 2011 Brief Introduction

7th Annual State of the Residential Mortgage Market in Canada (ACCHA) November 2011 Prepared for Canadian Association of Accredited Mortgage Professionals (CAAMP) By Will Dunning CAAMP Chief EconomistThe Canadian Association of Accredited Mortgage Professionals released their “Annual State of the Residential Mortgage Market in Canada – November 2011”. According to the report the average mortgage growth is expected to be 7.3 per cent in 2012, beside, it is increasingly expected about mortgage interest rates that will remain low for a prolonged period, so Canadian consumer can get best mortgage rates in coming future. Here is the brief overlook of this report.

Introduction and Summary

This is the seventh annual report on the State of the Residential Mortgage Market in Canada. It has been prepared for the Canadian Association of Accredited Mortgage Professionals (“CAAMP”) by Will Dunning, Chief Economist of CAAMP. It provides an overview of the evolving state of the residential mortgage market in Canada. Major sections of this report are:

  • Introduction and Summary
  • Consumer Responses to Topical Questions
  • Consumer Choices and Satisfaction
  • Outlook for Residential Mortgage Lending

Data used in this report was obtained from various sources, including an online survey of 2,000 Canadians. More than one-half of the sample (1,031 Canadians) were home owners who have mortgages and/or other debt on their property. The remainder included renters, home owners without debts on their properties, or others who live with their families and are not responsible for mortgage payments or rents. The survey was conducted for CAAMP by Maritz (a national public opinion and market research firm) from October 20 to 25, 2011.

Consumer Responses to Topical Questions

In the Fall 2010 and 2011 editions of the CAAMP survey, consumers’ opinions were sought on several issues, related to housing and mortgages, that have taken on high profiles in the media. The consumers were asked to what extent they agree with various statements, on a 10-point scale: a response of 10 indicates that they agree completely with the statement and a response of 1 indicates they disagree completely. Average scores of 5.5 would indicate neutral opinions.

The table below summarizes the responses. Results are presented in substantially more detail in the body of the report (starting at Page 9).

For all of the questions, responses varied widely, and it is challenging to generalize about consumers’ attitudes. Highlights include:

  • The statement that found the highest degree of agreement (an average rating of 7.98 out of 10) is that “as a whole, Canadians have too much debt”. Almost one-half (46%) gave ratings of 9 or 10, showing very strong agreement with this statement. This, coincidentally or not, has been asserted repeatedly by senior government officials and other voices in the news media.
  • There is also agreement (average rating of 7.11 out of 10) that “low interest rates have meant that a lot of Canadians became homeowners over the past few years who should probably not be homeowners”.
  • However, different perspectives were found with several other questions.
  • There is a widespread opinion that “real estate in Canada is a good long-term investment”, which received the second highest rating, an average of 7.27 out of 10.
  • Furthermore, there was a high degree of agreement that mortgage debt is “good debt (7.07 out of 10).
  • In addition, in a statement that was asked for mortgage holders only, few agreed that “I regret taking on the size of mortgage I did”. The average score of 4.04 was well below neutral. Just 7% agreed strongly with the statement; 37% strongly disagreed.
  • Many Canadians believe that other people have taken on too much debt or have bought homes for which they are unprepared. But, when responses about their own situations are aggregated, most believe that they have been responsible. The contrast between these sets of responses is interesting. Actual behavior by people and their beliefs about their own behavior tells us more than does their beliefs about the behavior of other people: overall these responses suggest that prudence rules the land.
  • Meanwhile, data on mortgage arrears indicates that there are very few Canadians who are not meeting their mortgage obligations, and estimates developed in this report indicate that a vast majority of Canadian mortgage borrowers are well positioned to deal with potential increases of mortgage rates. Moreover, they are acting aggressively to pay off their mortgages, considerably more rapidly than they are required to.

Consumer Responses to Topical Questions
Average Responses (10 = Completely Agree)

Topic Fall 2011
Canada’s housing market is in a “bubble” 6.07
I am concerned about a downturn in Canada’s housing market in the next year 5.84
Canada’s superior banking system will shelter us from significant downturns like the one experienced by the United States 6.11
As a whole, Canadians have too much debt 7.98
House prices in my community are at a reasonable level 5.62
Low interest rates have meant that a lot of Canadians became home owners over the past few years who should probably not be home owners 7.01
I/My family would be well-positioned to weather a potential downturn in home prices 6.72
Real estate in Canada is a good long-term investment 7.27
I am optimistic about the economy in the coming 12 months 6.02
I regret taking on the size of mortgage I did 4.04
I am delaying my retirement until my mortgage is paid off 5.38
I would classify mortgages as “good debt” 7.07

Source: Maritz survey for CAAMP, Fall 2011.

Consumer Choices and Satisfaction

The survey found that Canadians remain highly satisfied with the terms of their mortgages, and their experiences in obtaining their mortgages:

  • 13% indicate they are completely satisfied with the terms of their mortgages (giving a rating of 10 out of 10) and a further 58% are satisfied (ratings of 7 to 9 out of 10). Combining these results, 71% are satisfied to some degree.
  • 21% give a neutral satisfaction rate (5 or 6 out of 10).
  • Just 8% are dissatisfied to some degree (1 to 4 out of 10).
  • On average, the satisfaction rate is 7.4 out of 10.

Satisfaction with mortgage experiences was very similar, and the average rating was fractionally higher, at 7.6 out of 10. Older age groups are more satisfied with their mortgages and their mortgage experiences than are younger age groups. There are some variations across different groups.

About one-third (32%) of home owners with mortgages had some form of mortgaging activity during the past 12 months: taking out a new mortgage (9%), or renewing or refinancing an existing mortgage (23%). The remainder (68%) did not have any mortgaging activity during the year.

Among those who renewed or refinanced an existing mortgage during the past 12 months, 21% changed lenders and 79% remained with the same lender. The rate of switching has edged upwards – two years ago it was 12%.

Concerning types of mortgages, fixed rate mortgages remain most popular (60%). A significant minority (31%) are variable and adjustable rate mortgages. For mortgages originated or renewed during the past year, an increased share (37%) has variable or adjustable rates. This shift may be due to the large spread between rates for fixed rate and variable rate mortgages (close to 2% during the past year). As well, it is increasingly expected that mortgage interest rates will remain low for a prolonged period. Both of these factors are encouraging borrowers to accept the risk that the payments will increase for variable rate mortgages.

With regard to mortgage amortization periods, 22% of mortgages in Canada have amortization periods of more than 25 years. The share is higher (38%) among home owners who, during 2011, took out a new mortgage on a newly-purchased home or condominium.

Looking at interest rates, the CAAMP/Maritz data indicates that:

  • The average mortgage interest rate for home owners’ mortgages is 3.92%, a drop from 4.22% a year earlier.
  • For borrowers who have renewed or refinanced a mortgage during the past year, their current average interest rate is lower (by 1.24 percentage points) than the rates prior to renewal. Among borrowers who renewed, a large majority (78%) saw reductions, a smaller proportion (13%) saw their rates rise, and 9% had no change. Based on the survey data, it is estimated that among 1.35 million mortgage borrowers who renewed or refinanced in the past year, the combined saving was $2.7 billion per year.

Mortgage rate discounting remains widespread in Canada. During the past year, the average “posted” rate for 5-year fixed rate mortgages was 5.38%. Discounted rates are estimated at an average of 3.92%, implying an average discount of 1.46 points.

Given concerns that have been expressed about consumers’ abilities to cope with potential rises in interest rates, this issue of CAAMP’s “Annual State of the Residential Mortgage Market” asked mortgage holders to indicate “the amount at which, if your monthly mortgage payment increased this much, you would be concerned with your ability to make your payments”. The average amount of room is $750 per month on top of their current costs. A vast majority of mortgage holders has considerable capacity to afford rises in mortgage interest rates. There is a sizable minority (12%, or about 650,000 out of 5.80 million) who would be challenged by rate rises of less than 1%. However, most of these have fixed rate mortgages: by the time their mortgages are due for renewal, their financial capacity will have increased and the amount of mortgage debt will be reduced. Moreover, most of these borrowers (88%) have 10% (or more equity) in their homes. There are about 75,000 borrowers who are susceptible to short term moves of interest rates and have limited home equity – less than 2% of the 5.8 million mortgage holders in Canada.

This study asked questions that generated estimates of home owners’ equity.

  • The total value of owner-occupied housing in Canada is estimated at $3.017 trillion. Mortgages and lines of credit on these homes total $982 billion, leaving $2.035 trillion in home owners’ equity. The equity is equal to 68% of the total value of the housing.
  • Among home owners who have mortgages and/or lines of credit on their homes, 2% might have negative equity, and a further 4% have estimated equity of less than 10%. More than three-quarters (78%) have 25% or more equity.

The survey data indicates that 10% of mortgage borrowers took equity out of their home in the past year. The average amount is estimated at $49,000. These results imply that the total amount of equity take-out during the past year has been $28.5 billion. The most common use for the funds from equity take-out is debt consolidation and repayment, which accounted for $11 billion. This part of the total equity take-out would result in corresponding reductions for other forms of consumer debt. Home renovations accounted for about $5 billion of the equity take-out, with $6 billion for education and other spending, $3.5 billion for investments, and $3 billion for “other” purposes.

Among borrowers who have taken out a new mortgage during the past year, 52% obtained the mortgage from a bank, 32% from a mortgage broker, and 16% from other sources.

Outlook for Residential Mortgage Lending

Gradual recovery from the recession of 2008/09 has brought stabilization of housing activity, but at lower levels than pre-recession. The consensus of forecasts is for a continued moderate rate of job creation, which is expected to result in housing activity similar to recent levels, for both resales and new homes. These levels of activity are strong enough to support stable or slowly rising housing values: the average of forecasts is for house price growth of about 1% in 2012, a slowdown from the very strong growth of 7.7% expected for 2011.

As of this August, there is $1.079 trillion of residential mortgage credit outstanding in Canada. This includes both owner-occupied and investor-owned residential properties.

Based on the housing market forecasts, the volume of residential mortgage credit outstanding is forecast to continue expanding. Growth is forecast at about 7.7% during 2011 ($80 billion) and 7.3% in 2012 ($81 billion). A preliminary look at 2013 suggests growth of 7.0% ($83 billion).

While the forecasts for the economy, housing market, and mortgage market are encouraging, there is, as always, uncertainty about the outlook. In Canada, the largest risk factor for the mortgage market is “loss of ability to pay” (that is, job loss or a reduction of wages).

Data published by the Canadian Bankers Association shows that the gradual recovery from the recession is resulting in a gradually falling rate of mortgage arrears.

An increasing level of uncertainty about economic prospects is creating uncertainty about the outlook for the housing and mortgage markets.

The risk factor that gets the greatest amount of attention in Canada might be characterized as “an unaffordable rise in mortgage costs”. CAAMP’s research has repeatedly found that this is a negligible risk factor for Canada at present.

Thus, there are risks of outcomes worse than these forecasts. If that occurs, the cause will have been events in the broader economy. The US’s enormous economic difficulties started in the housing and mortgage markets. That will not be the case in Canada.

Looking for the full report, click here to download it from its official location (Canadian Association of Accredited Mortgage Professionals), its 34 pages PDF ebook that requires an Adobe Acrobat Reader to open the report. Source: Annual State of the Residential Mortgage Market in Canada, Nov 2011, CAAMP.

Disclaimer! This report has been compiled using data and sources that are believed to be reliable. CAAMP, Maritz, Will Dunning, and Will Dunning Inc. accept no responsibility for any data or conclusions contained herein. The opinions and conclusions in this report are those of the author and do not necessarily reflect those of CAAMP or Maritz.

Compare and Find Best Mortgage Rates in Canada!


Lowest Mortgage Rates In Canada With Best Mortgage Strategies

Looking for the lowest mortgage rates in Canada with best mortgage strategies? Is the best mortgage deals! Do you know your saving depends on adopting the best Mortgage Strategies along with the lowest mortgage rates. Internet usage has become strongest finding media among first-time home buyers today and according to survey results that shows numbers of consumers looking for mortgage information have been increased from almost one-in-four to one-in-three in relation to previous year. Despite of the fact about its availability to find a mortgage online, the majority of consumers feel that establishing a personal relationship is an important part of mortgage negotiations. It’s a highly appreciated and positive trend that carries a great advantage of getting best mortgage deals for those consumers who thinks that way.

Lowest Mortgage Rates = Best Mortgage Rates
Best Mortgage Strategies = Lowest Mortgage Rates

Why and how to compare mortgage rates?

Lower rates may be available in certain regions, people with higher credit scores or higher net worth but it still require as an important and preliminary factor that every person applying for a home mortgage loan should compare mortgage rates first. According to a study found by The Canadian Association of Accredited Mortgage Professionals (CAAMP), the national association for mortgage Canada brokers about Canadian consumer behavior when obtaining their mortgages, they received an average of 1.94 mortgage quotes that is very low beside there are only 3% received more than 4 quotes. It’s shocking behavior that people are not doing more to compare mortgage rates in Canada. Today when national average price for a standard 2-story house has been reached over $400,000 that could result in thousands of dollars in extra payments over the life span of your home loan with just a little higher in interest rates.

How to compare mortgage rates in Canada to get the best mortgage deals! Internet is the best available resource today to compare bank mortgage interest rates as well as private mortgage lenders and brokers offerings through its search engine utility. You will find individual lenders as well as the web sites that compare rates from variety of lenders including major banks. You may use the Internet as a guide for picking a good mortgage interest rate. In Canada, mortgage rates tend to have lower interest rates in relation to the United States that’s due to economy runs in a different cycle. Beside online platforms you can also go directly to your nearest Canadian banks and mortgage brokers and if you are not satisfied with their mortgage offering, expenses or fee driven structure that you’re not comfortable with, you can then go to other competing banks or brokers in the market because you can get advantage of the competition of this tight business, hopefully it will result in a better comparable rate for you.

Why and how to adopt best mortgage strategies?

Online media really helps in finding and shopping for the best mortgage rate, because every online lender here are trying to give you the best mortgage rate you are looking for, yes its the first important factor for you as a consumer to stop there who offers you opportunity to save money. The advent of smart and the best mortgage brokers and the Internet has forced the mortgage loan industry to become highly competitive. Although the interest rates advantage that you will get from 0.5% to 1% of the rates of major banks. Although its your saving in a way you are getting lower rates but the best rates alone doesn’t provide you the opportunity of huge saving according to your large investment on your mortgage. Then where is the great advantage lies? Its in your negotiation with your lender that provide you the best mortgage reduction strategies you deserve to achieve that may be in thousands of dollars in saving, that may include the timely advantage, variable vs. fixed mortgage rates, historical trend and your own financial position and budget.

Why and how to consult mortgage brokers?

As a first time home buyer its really hard for you to find the best mortgage strategy because you need to consider your long term objectives while analyzing the current interest rates, you also have to study the historical record to find out about the financial benefits for the next 10 to 20 years through predictions. Finding a best mortgage strategy is a hard job, you need a mortgage broker that don’t even provide you the best mortgage rate but help you in finding the best mortgage strategy for you and once you have found a good mortgage consultant, ask him to provide you mortgage strategies along his recommendations in your specific case and current financial situation. This way you could get savings in thousands of dollars.

Conclusions and recommendations in getting best mortgages deals!

Best mortgage deals mean combining mortgage strategies with lowest mortgage rates in Canada! If mortgage starts with finding for a best rates but it ends adopting a strategy that holds great saving. Mortgage rate comparison is a hectic job that has made easy some of the online mortgage lead generating companies that offer impartial and independent mortgage rate comparison, these companies hold network of mortgage lenders, brokers and consultants that offer opportunity to compare mortgage rates in Canada.

While searching for Lowest mortgage rates in Canada, you will get hundreds of interest rates not even from private mortgage lenders but from big banks, through their mortgage broker and lender search utility that will help you finding in a closest expert, it’s a great resource in Canada that compares the entire market in this way that makes it so easy and fast to compare mortgage rates in Canada. You may select from following kind of lenders in your local area as bellow:

  • Specialty lenders – PC Financial, ING DIRECT and else.
  • Credit unions – First Calgary Savings, FirstOntario, Comtech, DUCA and else.
  • Mortgage brokers – Dominion Lending Centres, Centum, True North Mortgage and else.
  • Banks – National Bank, Scotiabank, CIBC, RBC, BMO, TD and else.

And after getting your favorite lender with best rates you should go and ask for their recommendations while getting your payment structure about three to four mortgage strategies for lowest mortgage rates they may have for you. You may also check one of the important strategy your self that has resulted in the best mortgages deals for most of the people looking for their home mortgage loan: Canadian Mortgage Strategy Choosing Between Fixed or Variable Mortgage Rates.

Find Best Mortgage Rates! Compare more than 500 mortgage rates in one search!


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