mortagesandforeclosures

CMHC recently surveyed 2,507 new mortgage consumers.  Here's what they found: 70%:  Feel now is a good time to buy a home in Canada 1/3:  Expect to move in the next five years 73%:  Used their own resources (savings, equity, or RRSP) for their down payment. 1/3:  Have previously requested their credit score from a credit bureau.  (Wow.  2/3 have not?) 87%:  Believe that 40% is the maximum ratio of monthly gross income that one should spend on debts and housing (It's interesting that so many people know this. This 40% figure is, of course, a general lender guideline for maximum TDS.) What matters to homeowners: "Getting the best rate":  This was the number one thing that made customers satisfied with their lender or broker. "Service":  The top reason driving customer satisfaction with brokers. "A good relationship":  The top reason behind customer satisfaction with lenders. Other interesting market share stats: 90%:  The number of people up for renewal who stayed with their existing lender.  That compares to 83% in 2007.  (This is absolutely stunning. Either lender retention departments are getting much better or people are getting more complacent.  In this competitive market, you've got to shop around—or, better yet, get a professional to do it for you.) 25%:  The number of mortgages originated by mortgage brokers. CMHC said it was 27% in 2007 (See CMHC's 2007 Mortgage Survey).  (The banks seem to be making a comeback for the time being. They're most definitely getting more competitive. In addition, we're seeing a lot of smaller lenders harness the power of the net to drive new business.) 44%:  The number of first-time buyers who got their mortgage through a broker.  (This is up sharply from 35% in 2007.) Click to enlarge.  Source:  The chart and all data are courtesy of CMHC.  For a summary of CMHC's complete findings, click here.

Get all the information and photos:: http://mortgagewide.info/cmhcrsquos-2009-mortgage-consumer-survey/