RateSupermarket.ca to Boost the Mortgage Down Payment for One Lucky Home Buyer

$5000 Mortgage Giveaway up for Grabs

(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/09/12 -- It's a real estate jungle out there as Canadians are faced with longer-than-ever saving timelines, record-high home prices, and new mortgage rules that restrict affordability for first time buyers. Given these conditions, it's a formidable challenge for any prospective home buyer to enter the market. , Canada's independent financial rate comparison site, is easing the mortgage costs for at least one home buyer, offering the chance to win $5,000 cash towards their down payment.

"Existing house prices have increased over $60,000 on average since 2008 - despite the low current , it is getting harder for Canadians to get into the real estate market," said Kelvin Mangaroo, President of RateSupermarket.ca. "We wanted to give a home buyer a boost and help them buy a house."

The giveaway underscores the benefit of maximizing one's down payment, particularly in light of changes to mortgage rules earlier this year that decreased amortization periods for high-ratio borrowers. A $5,000 boost will save a homeowner thousands of dollars over the lifetime of a mortgage.

The average Canadian resale home is currently $368,000 (CMHC). Assuming a five-year fixed mortgage rate of 3.36% that stays constant, and a 25-year amortization period, the numbers would break down as follows:

Whether you are a first-time home buyer or already own a home, you are eligible to , which is now open and runs until November 10, 2012. To enter the giveaway, or for mortgage rate information, visit

(i)Average MLS® Selling Price as reported by CMHC.

(i) 5-year fixed mortgage rate based on 2011 average of 3.36%

About RateSupermarket.ca ()

Over 2.5 Million Canadians have found their best rate for personal finance products on . Launched in 2008, RateSupermarket.ca is Canada's largest and most comprehensive rate comparison site, offering visitors transparent access to the as well as , , and

Contacts:
Pointman Public Relations
Patrick McCaully
416-855-9427


Pointman Public Relations
Samantha Goldsilver
647-668-8140

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Bereitgestellt von Benutzer: MARKETWIRE
Datum: 09.10.2012 - 15:49 Uhr
Sprache: Deutsch
News-ID 190828
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