Tuesday, November 18, 2008 New property listed in Upper Delbrook, North Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have listed a new property at 377 VENTURA CR in North_Vancouver.
Big,unobstructed (no wires) view S+W from this Upper Delbrook executive home. Main flr has 3 bdrms,w/master ensuite, separate... Tuesday, November 18, 2008 New property listed in Out of Town, Out of Townby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have listed a new property at 1765 COWICHAN BAY RD in No_City_Value.
Let the gentle ocean waves relax you in your ultra modern, state-of-the-art floating home. Situated within the Bluenose... Tuesday, November 18, 2008 New property listed in Brackendale, Squamishby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have listed a new property at # 10 1589 EAGLE RUN DR in Brackendale.
Beautiful family home in sunny Brackendale. This 2 year old custom built house features; 4 bedrooms, 3 bathrooms,... Tuesday, November 18, 2008 New property listed in Central Lonsdale, North Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have listed a new property at # 205 701 W VICTORIA PK in North_Vancouver.
PRICED UNDER ASSESSED VALUE! 2 bed/2 bath condo in solid concrete building. 2 balconies, 2 parking and storage.... Tuesday, November 18, 2008 I have sold a property at LT4 FENWICK RD in No_City_Valueby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at LT4 FENWICK RD in No_City_Value.
Build your dream home on this 3/4 acre ocean view lot in the heart of Cowichan Bay. This prime lot is front & centre overlooking... Tuesday, November 18, 2008 I have sold a property at 804, 151, West 2nd Street in North Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at 804, 151, West 2nd Street in North Vancouver.
Fabulous One Bedroom and Den in the Sky Tower. Featuring Insuite Laundry, Floor
to Ceiling Windows, Built in Microwave,... Tuesday, November 18, 2008 I have sold a property at 14 1923 Purcell Way in North Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at 14 1923 Purcell Way in North Vancouver.
It's a delight to show this spacious & renovated 2 bdrm plus storage/den.
Includes new kitchen cabinets & granite... Tuesday, November 18, 2008 I have sold a property at 1986 Estevan Road in Nanaimoby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at 1986 Estevan Road in Nanaimo.
This cozy character home has a fenced backyard & circular driveway. W/2
bdrms, 1 bath, famrm, lge sunroom up. Original redone... Tuesday, November 18, 2008 I have sold a property at 303, 2288 West 12th Ave in Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at 303, 2288 West 12th Ave in Vancouver.
CONNAUGHT POINT. Very private Southwest corner 2-bedroom suite with large
balcony overlooking the quiet residential neighbourhood... Tuesday, November 18, 2008 I have sold a property at # 512 345 LONSDALE AV in North_Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at # 512 345 LONSDALE AV in North_Vancouver.
Welcome to "The Met" [Metropolitan], a building well known for its quality of construction. This super clean, well maintained... Tuesday, November 18, 2008 I have sold a property at # 403 1477 FOUNTAIN WY in Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at # 403 1477 FOUNTAIN WY in Vancouver.
This City of Vancouver leasehold unit is priced to move! A sunny open floor plan 2 bdrm home across the path from Granville... Tuesday, November 18, 2008 I have sold a property at Blueridge NV, North Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at Blueridge NV, North Vancouver.
This one is a '10'. Great family home just wating for you! Features include 3
bedrooms up, gleaming solid oak hardwood floors in... Tuesday, November 18, 2008 I have sold a property at 1101, 1500 Howe Street in Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at 1101, 1500 Howe Street in Vancouver.
WATERSIDE LOCATION, SPACIOUS, AFFORDABLE 1 BDRM IN RELIABLE BLDG, THE DISCOVERY.
NEW LAMINATE PLANK FLOORING & NEUTRAL... Tuesday, November 18, 2008 I have sold a property at 208, 214 East 5th Street in North Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at 208, 214 East 5th Street in North Vancouver.
The Hacienda: Sunny south-east corner unit with a wrap-around balcony. Freshly
painted & updated kitchen,... Tuesday, November 18, 2008 I have sold a property at 104 1516 CHARLES ST in Vancouverby Garth P Raven (Prudential Sussex Realty) on Tue, Nov, 18, 2008 05:06 AM 
I have sold a property at 104 1516 CHARLES ST in Vancouver.
Immaculate completely renovated large one bedroom in a quiet, solid, dry buildin g, just steps to the heart of Commercial Drive!... Categories: Ambleside, West Vancouver Real Estate | Blueridge NV, North Vancouver | Brackendale, Squamish Real Estate | British Properties, West Vancouver Real Estate | Calverhall, North Vancouver Real Estate | Canyon Heights NV, North Vancouver | Canyon Heights NV, North Vancouver Real Estate | Central Lonsdale, North Vancouver | Central Lonsdale, North Vancouver Real Estate | Cowichan Bay Cobble Hill, BC, Islands-Van. & Gulf Real Estate | Deep Cove, North Vancouver Real Estate | False Creek North, Vancouver West | False Creek, Vancouver West | Grandview VE, Vancouver East | Hastings, Vancouver East Real Estate | Indian River, North Vancouver | Indian River, North Vancouver Real Estate | Islands-Van. and Gulf | Kitsilano, Vancouver West | Kitsilano, Vancouver West Real Estate | Lower Lonsdale, North Vancouver | Lower Lonsdale, North Vancouver Real Estate | Lynn Valley, North Vancouver Real Estate | Lynnmour, North Vancouver | Lynnmour, North Vancouver Real Estate | Mission BC, Mission Real Estate | Mount Pleasant VW, Vancouver West Real Estate | Out of Town, Out of Town | Out of Town, Out of Town Real Estate | Pemberton NV, North Vancouver Real Estate | Roche Point, North Vancouver Real Estate | Sicamous Real Estate | Steveston South, Richmond Real Estate | Upper Delbrook, North Vancouver | Upper Delbrook, North Vancouver Real Estate | West End VW, Vancouver West Real Estate
Who's Doing High Fives Now? SEPTEMBER/OCTOBER, 2007
If you think lenders make too much money, you are not alone........ However, it's very likely that you, the borrower, are an eager participant in all those profits. Billions of dollars are literally given away to the banks each year because of consumer pathy. Lenders know this and in fact they "bank" on it. What do we mean?
Well, a recent survey conducted by Canada Mortgage and Housing Corporation reveals that despite all the new mortgage products on the market, people looking to renew their mortgage will more often than not, revert back to their current lender. In fact, according to the report, 81% of them did. Does this make sense when the competition could be offering lower interest rates and better terms? It doesn't. There is some good news though. This same survey indicates that consumers are shopping around slightly more than they were in the past. People that were renewing their mortgage were faithful to their financial institution to the tune of 88% in 2000. By 2006 this dropped 7 percentage points.
This decline in lender loyalty was also very evident in repeat home buyers and people that refinanced their mortgage because of wanting extra cash to make home enovations or consolidate debt. In 2006 only 65% of these consumers went back to their current provider – well down from what it was in previous years. The only category that remained relatively stable was first-time home buyers.
57% of these buyers financed through their banking institution in 2000 and this remained almost constant - 58% in 2006. It would appear that first-time buyers are savvy and cautious when it comes to mortgage debt. Initially, they do their
research diligently when it comes to comparing lenders and what they can offer. However, these very same buyers that were so careful at the start, oon join the ranks of those that are "too busy" at mortgage renewal time to check out and compare lenders. Most people know that banking is a business. However, not all acknowledge that bank
employees are paid to look after the bank's best interests – not yours. In fact these employees have quotas to fill – big quotas! It is amazing that people will go to seminars sponsored by Lenders and expect to be told how to negotiate the best mortgage deal for themselves. Puh-leeze! That's like inviting a fox to the chicken coop to tell the chickens how to avoid getting eaten by him. It makes no sense whatsoever, yet that is exactly what people do. Even more remarkable is the fact that these potential customers believe they are getting sound and unbiased information and actually act on the
advice given by the fox. This can be a very costly mistake.
However, let us explore mortgage renewal in greater detail.
Mortgage funding is extremely competitive. Lenders spend an enormous amount of money just to get mortgage business in the first place and they certainly don't want to lose customers now or at any time in the future.
If homeowners would just take a few hours and shop around for several proposals from different lending institutions when their mortgage term is up, they might be pleasantly surprised about their findings. The chances are that they would quite possibly receive an offer from another Lender that is better in both interest rates and/or terms provided.
Lenders may even pay for all the set-up, transfer and legal fees when the mortgage business is transferred to them. Once a homeowner has different options in hand, the power to choose becomes theirs. They can accept this new favorable proposal or have their current lender match or better it. Odds are, your lender isn't going to be
willing to give up your business without a fight.
How much actual cash could be saved by keeping Lenders honest? Well, let's figure it out. A $300,000 mortgage calculated at 6% over a 25 year amortization period works out to monthly payments of $1,919.42. Conversely, at 5.5% and using the same criteria, the payments are $1,831.18. The difference is $88.24 per month. Now multiply that by 60 (five years of monthly payments) and you will see that by negotiating a better rate, rather than blindly accepting the first offer, you have saved $5,294.40. Really, with a little investigative effort, you could have put a stash of cash in your jeans or made a handsome contribution towards paying off your mortgage. Instead of the Lenders' CEO's counting profits and doing high fives around the boardroom table because of consumer apathy, you could be going on vacation. You may be trained to be loyal but hopefully, not tamed! Next time . . . shop around! |
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