"There’s lots of consumers not happy with their banks right now for bad advice,” said Vince Gaetano, vice-president of Monster Mortgage. CP quotes Gaetano as suggesting that banks pushed homeowners to lock in their variable rates last fall by indicating rates would rise.
York University’s Moshe Milevsky on when to refinance: “If it’s only a couple of bucks a month, it may not be worth the hassle of going to the bank…But I would say if you can save $20 or $30 a month on the mortgage, why not spend an hour in the bank and go through the paperwork?" (CTV)
"Buying a home is still a good investment, with an average 4% increase in value compounded, without taxes." — Canadian Home Builders Association VP, Victor Fiume (CNews)
Did you know? Some lenders will not allow you to refinance with them if you are less than one year into your term at your existing lender.
A big down payment doesn’t necessarily mean a lower interest rate. That’s because mortgages with 20%+ equity are usually uninsured, and lenders often prefer insured mortgages. Mortgage Architects’ Lawrie Thom explains further.
Foreclosures are up notably in Alberta and BC. According to the Globe & Mail’s classification system, 56% of Alberta foreclosures in 2008 were with subprime lenders. 33% were with the big 5 banks. In BC, the Globe attributed 42% of foreclosures to subprime lenders. (Globe story / Map view of BC and AB foreclosures)
27% of Americans have mortgages that are greater than the value of their homes. (Source: BNN)
First-time homebuyers account for 38% of buyers in Canada. (RE/MAX via AM770 News)
Alberta is leading the way in YOY home price declines. (Globe)
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