Real Estate In Red Deer & Area
Real Estate in Red Deer, Jon & Denise Nichols Real Estate in Red Deer, Jon & Denise Nichols

Canadians Need Guidance With Their Mortgages

Clueless 759X500

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.

“Sounds about right. We know about what we pay attention to, i.e., The Kardashians,” he wrote to CMT. “The material concern in this is how easy it makes it for the government to over-regulate the industry, with clients blaming the banks—rather than the appropriate parties. This disconnect is deeply concerning.”

Click here to read more!

in Mortgage

<< Previous Next >>

Jon Nichols

Jon Nichols
Century 21 Advantage
Phone: 403.302.0800
Email:

Denise Nichols

Denise Nichols
Century 21 Advantage
Phone: 403.302.9498
Email:

Jez Nichols

Jez Nichols
Century 21 Advantage
Phone: 403.392.7002
Email: