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    « RE/MAX Housing Report: First-Time Buyers Moving Ahead of Higher Interest Rates | Main | Oakville By-Laws and Building Permits »
    Friday
    Mar252011

    Mortgage Facts

    I recently received an update from Laurie Furness, a local Oakville mortgage agent with The Mortgage Centre.  Laurie provided me with the following notes from a recent Genworth Financial presentation which I thought was interesting food for thought.  Genworth is one of Canada's largest mortgage insurance suppliers.  

    • 91% of Canadians feel home ownership is a good investment
    • Consumer confidence is at a 12 year high
    • 26% of Canadians view their house as the principal resource for retirement
    • 75% of Genworth deals were for 35 year amortization – 80% of those would have qualified for 30 years showing that there isn’t a huge concern around the reduction in the amortization affecting a large number of purchasers*
    • 95% of Genworth deals were 5% down.  If the government had chosen to increase the minimum down payment to 10%, it would have had a larger impact on the market.

    *Note that many traditional mortgages (typically those with a minimum of 20% down) don't require mortgage insurance.  These stats only pertain to deals which were worked on by Genworth Financial.

    If you are thinking about buying or selling, it is absolutley key to understand your finance and mortgage options.  Speaking with a mortgage expert such as Laurie Furness is critical and a must-have for all my clients.  You can reach Laurie at 905-337-7375 or laurie@lauriefurness.com.

    As always, if you are ready to make your Oakville dream home a reality, I would love to hear from you.  I can be reached at lindsay@remaxaboutowne.com or 905.484.5162.

    Happy Friday!

    Lindsay

     

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