A Mortgage Refinance is a Debt Consolidation Super Tool and it’s No Secret.
There are a variety of reasons why Canadian homeowners Mortgage Refinance their home. Simply put, a Refinance means renegotiating an existing mortgage loan agreement. This year, Mortgage Refinances accounted for 15% of respondents to CMHC’s Mortgage Consumer Survey.
The main reason for a Mortgage Refinance was to consolidate debt, followed by to fund home improvements. Here’s more of what can be learned about a Mortgage Refinance, powered by the 2018 Mortgage Consumer Survey:
- 24% are Generation Xers (35 – 44 years old) and 35% are baby boomers (55+ years old)
- 54% are married
- 61% are employed full time, 7% are self-employed and 17% are retired
- Mortgage Refinance individuals, along with repeat buyers, represent the highest proportion of self-employed mortgage consumers
- 72% own a single-detached home
- 23% have a household income of $60,000 – $90,000
Mortgage Refinance individuals go online to use a mortgage calculator and compare interest rates. Still, they’re the mortgage consumer segment most likely to conduct offline research only. About half indicated they’d feel comfortable using more technology to arrange their next mortgage transaction. However, face-to-face interaction was still rated as important.
Broker and lender share remained relatively stable among Individuals looking to Mortgage Refinance. Sixty-eight percent were satisfied with their broker and 79% were satisfied with their lender. When asked what type of additional information they’d have liked to receive from their mortgage professionals, the top answers were: information about mortgage or purchase fees, types of mortgages, closing costs and interest rates.
Almost one third of Mortgage Refinance indicated that their current level of debt, including their mortgage, is higher than expected. Additionally, more than one quarter don’t have a monthly budget. Still, 69% are comfortable with their current level of mortgage debt. What’s more, 63% indicated that if they run into financial difficulty, they have other assets (investments, other property, etc.) they can use to help meet their needs.
Mortgage Refinance also showed significant confidence in Home Ownership. A full 80% believe that Home Ownership is a good long-term financial investment and 74% feel emotionally attached to their home.
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