Canadians Need Guidance With Their Mortgages

Canadian Mortgage Trends - October 3rd, 2019

That’s the takeaway from a national survey released this week by Rates.ca, which found half of Canadians aren’t aware of the mortgage options available to them.

Not only that, but Canadians are lacking in some other basic mortgage trivia, with an astounding 9 out of 10 respondents not knowing that mortgage interest is charged semi-annually:

    28% think interest is compounded monthly;
    17% think it’s bi-weekly;
    17% think it’s annually;
    28% just have no idea.

Should we be concerned?

Dustan Woodhouse, President of Mortgage Architects, and a former active broker who has written multiple educational mortgage books, thinks so.

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