Homeowners Accelerate Repayment of Their Mortgage and Plan to Renovate Their Property

According to a Scotiabank study on mortgages, 67 per cent of Canadian mortgage holders feel that they can repay their mortgage loan faster without affecting their lifestyle. In fact, 51 per cent of mortgage holders say they have already spoken with their financial institution about how they can become mortgage-free faster. In Québec, 63 per cent of mortgage holders believe they are able to accelerate their pace of repayment. Among mortgage holders surveyed who have already taken steps in this direction: 47 per cent increased the frequency of their payments, 29 per cent renegotiated their mortgage rate, 22 per cent increased the amount of their payments and 13 per cent made additional payments (these proportions take into account the fact that borrowers may have applied more than one measure to reduce the amortization period of their mortgage).

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Marlene Ofter

Marlene Ofter

Certified Real Estate Broker
CENTURY 21 Max-Immo
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