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Canadians want more flexible mortgage options

According to a recent survey conducted by Canada Mortgage and Housing Corporation (CMHC), 40 per cent of Canadian mortgage consumers are willing to make higher mortgage payments if it means they can buy a home sooner with a smaller down payment. Thirty per cent of Canadian mortgage consumers would also take longer to pay off their mortgage if it would improve their cash flow. The CMHC survey also shows that 75 per cent of Canadian mortgage consumers want to pay off their mortgage as quickly as possible, and 50 percent plan to use any extra money to pay down their mortgage principal. Today's mortgage consumers are extremely savvy shoppers who want the best product for their needs and sound advice as to what option is best for their financial situation.

Home sales increased in almost every province January, fuelling continued demand for flexible mortgage options that make buying a home easier for Canadians. Whether shopping for their first mortgage, renewing an existing mortgage or refinancing, Canadians are increasingly exploring their options.Seventy per cent of mortgage consumers are checking competitive rates, getting information from other lenders or shopping for options, and 27 per cent are turning to a mortgage broker for advice on what mortgage is best for them, according to the CMHC survey.

Comments

Anonymous said…
I agree...my mortgage isn't as flexible as I would have liked it to be. However, it is not that bad for my first mortgage.
Are you in UK? I would like to get a little more info. What are the mortgage rates in UK? If you know more about mortgages I would appreciate any more info.

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