CMHC (Canada Mortgage and Housing Corporation’s) 2011 Mortgage Consumer Survey found that Canadians conduct a high level of research prior to purchasing a home and Canadian homeowners have a high determination to pay off mortgages quickly.
The survey said 75% of respondents felt it “very important” to pay off their mortgages as soon as possible and that 39% had set payments higher than the required minimum in order to shorten their amortization and maximize interest savings.
As well, 20% had made at least one lump-sum payment since obtaining their mortgage and 39% planned to reduce their amortization periods at their next renewal.
Meanwhile, the survey found 80% of respondents had researched mortgage terms and conditions. 88% had a good understanding of how big a mortgage they could afford and 81% have some form of savings.
Use of a Mortgage Professional:
After deciding to look for information about mortgage options, half (51%) of recent mortgage consumers started with a mortgage or financial professional. The remaining half of respondents reported having started with family or friends, the Internet or a real estate agent. But, throughout the process of obtaining a mortgage, 81% of recent homebuyers, at some point, relied on a mortgage professional.
