With so many mortgage brokers in London, Ontario, how can you decide which one is best for you? The most important thing is to find a quality broker who knows the industry and how to interpret the market. Mortgage interest rates have remained historically low for a while now, which means that we are seeing increasing numbers of first time home buyers coming into our office looking for information about getting that first mortgage for their London, Ontario home. The CAAMP has come out with report that investigates what the “new normal” is in today’s mortgage market, and here’s what they found:
- Over 55% of Canadian mortgages are for first time home buyers
- The average mortgage interest rate has gone down from 3.52% last year to 3.24% (3.02% for renewed rates)
- More first time home buyers are going with variable rates (20% as opposed to 13% in the previous study)
- Canadians are eager to consolidate and pay-down their debt: last year, the #1 reason for home equity loans was to consolidate debt and 35% of mortgage holders took advantage of opportunities to increase their mortgage payment frequency or amount or made lump sum payments to lower their mortgage amount.
- Only 9% of surveyed participants believe that the housing bubble in Toronto, Vancouver and Calgary will burst.
What these stats are saying is consistent to what we’re seeing here in London, Ontario and reflect an eagerness for first time home buyers to get into the market while mortgage rates remain low. In comparison to markets such as Toronto, Vancouver or Calgary, many first time home buyers can find a beautiful home in London, Ontario that fits well within their mortgage pre-approval amount. Even better news is that, once you purchase that home of your dreams, the low interest rates will help you pay down your debt faster and easier, with many lenders offering great, accelerated mortgage prepayment options.
There are a number of online resources dedicated to helping those interested in a real estate purchase, but in our current home financing climate, you can’t just hire any mortgage broker and expect the deal to work in your favour. Researching online for mortgage information is a good place for start (and we have a growing resource centre set up on our site to help you familiarize yourself with the pre-approval process), but you really need to find a dedicated team who is willing to guide you every step of the way, providing you with the best advice…and the best mortgage rates!
There are so many ways to structure a mortgage deal, and you need answers to questions such as whether a fixed or variable rate (or any number of other financing options) is good for you. Especially if you are looking for a low credit mortgage loan or have other unique financing needs, working with us means that we can help you avoid more expensive options such as private mortgage lenders if there is a better mortgage arrangement that is available.
In addition to being a division of Dominion Lending Centres, we have decades of experience in helping home buyers, just like you, get the house of your dreams.
Thanks for reading!
Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671