[Source - CNW Group - ING Canada Survey]
TORONTO, March 24 /CNW/ - A mortgage is one of the biggest expenses a Canadian will take on during their lifetime, yet close to half wait less than 30 days before their home's closing date to secure a rate, according to are cent Angus Reid poll. The poll, commissioned by ING DIRECT, found that 40 per cent of Canadian mortgage holders waited only 30 days or less in advance of the home's closing, while another 27 per cent waited nearly two months.
This last minute behaviour indicates that many Canadians are not taking advantage of the savings inherent in securing rate guarantees which are available as early as 90 to 120 days before a home closes. Analysis shows that those who used the full rate guarantee period of 120 days, saved 0.18 per cent on average or about a $1,800 over five years. These savings are based on a $200,000 mortgage with a 25 year amortization, five year fixed term at 6.96% (average posted five year fixed rate over last 10 years) and paid monthly.
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Your business is important to me. That’s why I want to do everything I can to help you choose the right mortgage. Saving you time and effort.
Please let us know the date of your mortgage renewal — even if it is years away.
I will call you a few months before your renewal date to discuss the alternatives available to help you choose the mortgage that best suits your needs.
Simply click this link: gbarrow@dominionlending.ca to send me an email and include your Name, Email Address, Mortgage Renewal Date.
I would be happy to answer any question you may have regarding your upcoming renewal.
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