Canadians in a hurry to pay off mortgage
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, canadian homeowners, Canadians March 20th, 2008Canadians who have recently purchased, renewed or refinanced a mortgage want to quickly pay off their debt, a survey by the Canadian Mortgage and Housing Corporation indicated Wednesday.
Seventy-eight per cent of respondents said they wanted to pay their mortgages off as fast as possible and one-third said they had made a lump-sum payment toward that end.
The results indicate a strong tendency among Canadians to take advantage of opportunities to aggressively tackle housing debt, a sign homeowners are “fundamentally cautious” about their housing debt, CMHCsaid.
Eighty-four per cent of homeowners who are making weekly or biweekly payments on their mortgages are doing so at an accelerated rate in order help to shorten their amortization period, according to the mortgage insurer…
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