Renewing a home loan shouldn’t be too painful for the next six months
according to a new report from The Canadian Association of Accredited
Mortgage Professionals. It’s predicting that the low rates should
continue well into 2015 and that means those that have been used to
paying at a higher rate can look forward to savings and that will be
good news for the economy as a whole. CAAMP
says that of the 1.35 million homeowners that have renewed or
refinanced their loans during this year 1.05 million are now paying at a
lower rate. Their figures also show that 16 per cent of those with a
mortgage have increased the level of their monthly payments or paid a
lump sum to pay down their loan faster. Another 7 per cent have
increased the frequency of their loan repayments to fortnightly. Around
11 per cent have taken equity out of their home for other purposes
including debt consolidation, home renovation or investments. Among
first-time buyers the average down payment is 21 per cent with 11 per
cent of respondents being gifted the money from a relative and 6 per
cent receiving a loan from a family member.
Thursday, November 20, 2014
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