With mortgage rates in record-low territory, a considerable number of Canadians reacted by refinancing or renewing their mortgages this year, a new survey reveals.
In its Annual State of the Residential Mortgage Market report, the Canadian Association of Mortgage Professionals indicates that nearly 25 percent of homeowners renewed or refinanced their mortgages in 2011. Nearly 80 percent of homeowners who modified their mortgages saw a reduction in their rates.
"Despite less than positive feelings towards the economy, or maybe because of that, Canadians are showing a level of prudence in their decisions that is inspiring," said Jim Murphy, CEO of CAAMP. "They are planning ahead [and] aggressively paying down their mortgage in advance of any further economic jolt."
In addition to refinancing and renewing, the survey also revealed that many borrowers switched lenders in 2011.
Competition is what leads to many people switching mortgage provider – or any other good or service – as companies work to achieve consumers' business by offering inexpensive prices. Jiffy Self-Storage does the same, as we offer cheap storage without sacrificing quality.