Guide for Sudbury Mortgages

If you’re looking for a Sudbury mortgage, there’s good news! Sudbury is one of the most affordable cities to live in all of Canada, and is one of the booming metropolises that Ontario is so proud of. While housing prices all around the country are soaring, Sudbury remains strong yet steady, and with low income requirements and loan averages, it makes it one of the most attractive areas to own a home. Here’s a quick guide for Sudbury mortgages, for when you’re looking to relocate, or just need to know the averages for your own backyard.
• The average Sudbury mortgage is approved for $153,360. Compare this with Toronto mortgages, which average over $400,000 and Vancouver mortgages that are, on average, nearing the $1 million mark, and you can see just how affordable Sudbury mortgages are.
• The average applicant’s income for Sudbury mortgage is $63,343, which opens the door for many who are dreaming about becoming homeowners, but think that the lack of a six-figure salary is stopping them.
• Depending on an individual’s credit history and the amount of down payment they have, Sudbury mortgages can also often be approved if a co-signer also appears on the loan. The average income for a co-signer in Sudbury is $38,126.
• The average age for a Sudbury mortgage applicant is 37.
• Sudbury’s provincial ranking for the amount of mortgages they hold is 27.
• Sudbury’s national contribution to the mortgage market, as of 2012, is 0.02%.
• May is the busiest month for Sudbury mortgages, with 12.7% of mortgage inquiries coming at this time. Interestingly enough, the second-busiest time on the Sudbury mortgage market is January, with 10.9% of inquiries coming at this time. This is particularly note-worthy because it’s a time when mortgage markets throughout the rest of the country cool.
• A study over a 6-year period showed that Monday was the busiest day for the Sudbury mortgage market, with 19.8% if inquiries coming on this day. Thursday was typically the slowest day for interest levels, with only 10.4% of inquiries falling on this day. That could be useful information for homebuyers that are looking for a mortgage in Sudbury, and want to ensure that when they call their lender, they’ll have the time to speak with them and give them their full attention.
• Most mortgage inquiries in Sudbury (21.2%) are from first-time homebuyers, while only 0.9% are for Sudbury second mortgages. 12.3% of inquiries are about refinancing, while 7.1% are regarding renewals.

It’s clear from the low home prices, the low income requirements, and the fact that Sudbury attracts so many first-time homebuyers, that this is one of the best cities in the entire country you could choose to live. Whether you need to refinance, renew, or are moving to the city for the very first time, getting a Sudbury mortgage has never been more affordable. It’s clear that along with everything else the city has to offer, getting a great deal on a mortgage is just one more thing to add to the list!
Bryan J is the author of this article. For more information about Sudbury Mortgage Broker or Private Mortgage please visit canadianmortgagesinc.ca.

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