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Mortgage Freedom 10 years away for 37% of canadians

General Angela Calla 3 Apr

The dream of mortgage freedom is less than 10 years away for 37% of Canadian mortgage holders, according to Scotiabank’s Mortgage Landscape Study released yesterday.

More than two-thirds (68%) of mortgage holders have taken steps to pay off their mortgage faster, including increasing the frequency of regular payments (39%), increasing regular payment amounts (25%), and making additional lump sum payments (24%).

Of mortgage holders who agree that being mortgage-free faster is important (80%), the top cited reasons are to have more disposable income (30%), to pay off debt or to pay less interest (both 17%), and to save for retirement (11%).

The Angela Calla Mortgage Team puts a plan together to help every borrower become mortgage free as soon as possible with our on going mortgage plans and proactvie managment that is included with every mortgage done directly throught our team at no cost. Contact us today at 604-802-3983