The Canada Mortgage and Housing Corporation has released its Mortgage Consumer Survey, which looks at the behaviours and perceptions of Canadians when they are obtaining or renewing a mortgage.
- Over half (60%) of mortgage renewers did so before the scheduled date.
- 55% of those who renewed in advance said the reason they did so was to avoid an increase in rates.
- 49% of those who renewed have their mortgage payments set higher than the minimum required.
“CMHC’s mortgage consumer survey provides valuable information around the habits of active Canadian Mortgage Consumers,” said the Vice President of Client Relationship Management, Nathalie Fredette. “These insights allow mortgage professionals to better understand their customers resulting in a better mortgage experience.”
When it comes to mortgage brokers, the survey also found that people who are buying a home are twice as likely to use a broker than homeowners who are renewing or refinancing.